A  B  C  D  E  F  G  H  I  J  K  L  M  N  O  P  Q  R  S  T  U  V  W  X  Y  Z

A

AML

AML stands for Anti Money Laundering. The term is mainly used in American English. It is the equivalent of the British English term MLR, which stands for Money Laundering Regulations. Both AML and MLR refer to a set of procedures, laws and regulations that aim to prevent money laundering from occurring.

Authenticity

The fact of being authentic, real, not counterfeit. At Leftover Currency we check the security features of banknotes and coins to verify their authenticity.

B

Bank transfer

Also known as ‘wire transfer’, a bank transfer is a method of transferring money from one bank account to another one.

Banknote

Issued by a central bank, a banknote is a piece of paper or polymer plastic that instructs to pay out a stated sum to the bearer. Whilst coins have been used since around 3000BC, the earliest use of paper money is believed to be from the 7th century in China.

Beneficial owner

The beneficial owner is the person who will enjoy the benefits for the exchange of the currency.

BIC

BIC stands for Bank Identifier Code. It serves to identify a bank. The SWIFT code is an example of a Bank Identifier Code.

Bureau de change

Also known as ‘exchange office’, a bureau de change is a type of business where customers can exchange foreign money.

Buy rate

The buy rate is the exchange rate at which a bureau de change buys a unit of foreign currency. The Leftover Currency buy rates are shown on the Exchange Rates page.

C

Cash

Money that is readily available.

Central bank

Also known as ‘national bank’ or ‘reserve bank’, a central bank is a country’s public financial institution, responsible for issuing money and setting out monetary policy.

Charity

An organisation aimed at giving help to those in need. In the UK, charities register with the Charity Commission. Customers can donate the value of their leftover currency to charity. We add 5% extra to all charity donations. Here is the list of charities you can donate to.

Cheque

Also known as ‘check’, a cheque is an order written on a pre-printed form with the issuing bank’s branding, instructing the bank to pay out money from the signatory’s account.

Circulating

Currently in use as a means of payment, and therefore in circulation.

Compliancy

The act of conforming to regulations aimed at preventing money laundering from occurring.

Coin

Issued by a Mint, a coin is a flat piece of metal, usually in a round shape, that is authorised by a government for use as money. The first use of coins is believed to be around 3000 BC when they were used in place of a barter system in Mesopotamia.

Commission

A fee for services provided, calculated as a percentage on the exchange value. At Leftover Currency we do not charge a commission.

Confirmation email

Email sent by Leftover Currency to a customer. A first confirmation email confirms receipt of the currency sent by the customer. A second confirmation email confirms that payment has been made to the customer.

Counterfeit

Fraudulent imitation of a banknote or coin, commonly referred to as ‘fake’ or forged.

Currency

Aimed at or to do with companies, also known as incorporated bodies.

Currency

A medium of exchange used as a means of payment in a particular country. The Pound Sterling, Euro, US Dollar and Australian Dollar are examples of currencies. You can find a list of all exchangeable currencies on our exchange rates page.

Current

Being in use at the moment, circulating, generally accepted as a means of payment.

Defaced

Vandalised, disfigured, for example by drawing, writing or graffiti. In many countries, defaced banknotes and coins are deprived of their value.

Denomination

The face-value that is shown on at least one side of a bank note or coin.

Demonetised

Deprived of all its face value: no longer considered as money. Some demonetised banknotes and coins may have value as collectible items, whilst others may be worthless. Leftover Currency gives cash for many demonetised notes and coins that other bureaux de change won’t accept. Examples include French francs and Italian Lire banknotes.

Discontinued

No longer issued, having been replaced by a more recent equivalent or withdrawn from circulation altogether.

Donate

To present as a gift, supporting a good cause.

Due diligence

The reasonable steps that must be taken to comply with money laundering regulations to avoid money laundering or terrorist financing from occurring.

E

Eurozone

The group of countries that have adopted the Euro as their national currency. Currently the countries of the Eurozone are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.

Exchange

The act of giving something to someone and getting something in return. In the context of foreign exchange, it is the act of trading one currency for another, e.g. exchanging Euros for Pound Sterling.

Exchange form

Also known as the postal form, the exchange form is a PDF form that our customers can print, fill out and send in along with their currency. The exchange form is a more traditional, pen & paper alternative to the online wallet.

Exchange office

Also known as ‘bureau de change’, an exchange office is a type of business where customers can exchange foreign money.

Exchange rate

The value of a currency against another currency. At Leftover Currency we pay out using the exchange rates on the exchange rates page. Our exchange rates are shown against three different payout currencies: the Pound Sterling (GBP), the Euro (EUR) and the US dollar (USD).

Exchange value

The value of banknotes and/or coins, based on their currency’s exchange rate, shown on the exchange rates page. The exchange value is expressed in Pounds sterling (GBP), Euros (EUR) or US dollars (USD).

F

Featured currencies

Currencies prominently shown on the Leftover Currency home page, either because they are the most exchanged, recently added or most searched for.

Fees

Costs charged for services provided. At Leftover Currency we don’t charge fees for the exchange services we provide.

Free of charge

Not subject to any fees or commission.

Fundraising

To raise or collect money, mostly through activities and gifts, to fund or support a good cause.

FX

FX stands for Forex, which is an acronym for foreign exchange. Forex (FX) is the market in which currencies are traded.

G

Good cause

A worthwhile cause to support, helping people or animals in need. Many of our customers donate the value of their leftover currency to support a good cause. The list of charities that we support can be found on our charity page.

H

Holiday money

Commonly referred to as ‘travel money’, holiday money is the foreign currency people buy to spend during their trip abroad. It can be in the form of cash, traveller’s cheques or prepaid currency cards.

I

IBAN

IBAN stands for International Bank Account Number. It can be found on your bank statements.

Issued

Printed/minted and put into circulation.

International bank transfer

A method of transferring money from a bank account to another bank account that is located in another country.

J

Jargon

Also known as industry terms, jargon is a collection of technical phrases and words used by a group or profession, where the meaning may not be widely understood by others.

K

Kilogram

A kilogram is a metric unit of mass, often referred to simply as a ‘kilo’, abbreviated as kg. Kilo comes from the Greek language, and means a thousand. There are 1,000 grams in a kilo, and one kilo is equivalent to 2.2 pounds (lbs).

L

Leftover

Anything left over or remaining from a larger amount, unused.

Legal tender

Banknotes and coins recognised by law to be a valid means of payment.

LOC

The abbreviation for Left Over Currency. When sending currency to our office for exchange, we advise to use ‘LOC’ instead of Leftover Currency as the addressee. This way you don’t give away information about the contents of your letter/parcel.

M

Medal

A coin-sized metal disc made to commemorate an event or awarded as a distinction.

Middle market rate

Also known as the mid-market rate or interbank rate, the middle market rate is the mid point between the buy and sell rates of two currencies being exchanged. This is typically the rate you find on sites like xe.com or Google Finance.

Mint

A mint is a public or private institution where coins are manufactured.

Money Laundering Regulations

Also known as MLR, Money Laundering Regulations are a set of procedures, laws and regulations that aim to prevent money laundering. The term is mainly used in British English, and is the equivalent of the American English term AML, Anti Money Laundering.

Mutilated

Banknotes and coins are considered mutilated if they are damaged to such an extent that they are unfit for use.

N

National bank

Also known as ‘central bank’ or ‘reserve bank’, a national bank is a country’s public financial institution, responsible for issuing money and setting out monetary policy.

Numismatics

Numismatics is the study or collection of coins, banknotes, tokens and medals.

Numismatist

A numismatist is a person who collects or has expertise in coins, banknotes, tokens or medals.

O

Obsolete

An obsolete currency is a currency that is no longer in use. The pre-Euro currencies, such as the Spanish Peseta and the French Franc, are examples of obsolete currencies.

Obverse

The ‘heads’ side of a coin or banknote, also referred to as ‘front side’, usually featuring a portrait.

Online wallet

Located in the top right corner of every page on Leftovercurrency.com, the online wallet shows how much money a customer will receive as payout for the coins and banknotes submitted for exchange.

Out-of-circulation

No longer in use as a means of payment.

P

Payment method

Method of receiving payment for the banknotes and coins submitted for exchange. Available payment methods at Leftover Currency are bank transfer, cheque and PayPal. Customers can also choose to donate their leftover currency to charity.

Payout currency

The currency in which the customer wishes to receive payment. We offer the following payout currencies: Pound Sterling, Euro, and US dollar.

PayPal

An online payment system that allows users to send and receive money online. A PayPal account can be opened free of charge on https://www.paypal.com/

PDF

PDF stands for Portable Document Format. It is a file type for documents that ensures a consistent viewing experience regardless of the type of hardware, operating system or software used to open them. To open a PDF document, a user needs a PDF reader, which can be downloaded free of charge at the Adobe Acrobat website: https://get.adobe.com/uk/reader/

Postal form

Also known as exchange form, the postal form is a PDF form that customers can print, fill out and send in along with their currency. The postal form is a more traditional, pen & paper alternative to the online wallet.

Pre-Euro

Denotes the old national currencies of countries that are part of the Eurozone. These currencies were replaced by the Euro.

Processing currency

This involves the following steps: opening post, sorting, counting, authenticating, documenting and storing.

Q

Quick

Also referred to as ‘fast’. The turnaround time at Leftover Currency is quick. Our customers get paid for their banknotes and coins within 5 working days of receipt.

R

Recorded delivery

A postal delivery service, also known as Signed For, offered in the UK by Royal Mail. This allows the sender to track a sent item and have proof of delivery.

Reference number

The unique number a customer receives during checkout using the online wallet.

Reverse

The ‘tails’ side of a coin or banknote, also referred to as ‘back side’.

Rightful owner

The rightful owner is the person who most recently obtained the currency in a legal way.

Reserve bank

Also known as ‘central bank’ or ‘national bank’, a reserve bank is a country’s public financial institution, responsible for issuing money and setting out monetary policy.

Routing number

A bank routing number or routing transit number (RTN) is a nine digit number used in the U.S. to identify a financial institution in a transaction. Customers can find their routing number on their cheque book.

S

Security features

Security features  are design and production elements used to prevent counterfeiting. With banknotes, this may include watermarks, metallic threads, raised (intaglio) print, holograms, micro printing, ultra-violet features, and hidden patterns to prevent scanning and digital reproduction of banknotes.

Self-deliver

Bringing currency in person to the Leftover Currency office. For more information, see our FAQs.

Sell rate

The sell rate is the exchange rate at which a bureau de change sells a unit of foreign currency.

Signed-for

Also known as recorded delivery, signed-for is a tracked postal delivery service that provides the sender with proof of delivery. The receiver needs to sign when they take delivery of the item sent.

Specimen

In the context of currencies, a specimen banknote is a kind of banknote that is usually printed in very restricted quantities for use by central banks to assist in the identifying banknotes from other countries. A specimen banknote has no legal tender value. Every country has legal restrictions on the reproduction of banknote images, and some national banks require the word ‘SPECIMEN’ overlaid across them.

Spot rate

The spot rate is the rate quoted for immediate settlement in a currency exchange, and is based upon the value of the currency at the time the quote is given. At Leftover Currency, when you use the online wallet, we fix the payout amount shown for 14 days.

Spread

The spread is the difference between a bureaux de change’s buy rate and their sell rate for a currency.

Submission

Submission of currency means sending, or self-delivering, currency to the Leftover Currency office for exchange.

SWIFT bank code

SWIFT code stands for Society for Worldwide Interbank Financial Telecommunication code. The SWIFT bank code identifies banks around the world.

T

Token

A token is a coin-like disc used as a substitute for money.

Tracked delivery

Postal delivery service whereby the delivery status of the item can be traced by means of a tracking code.

Travel money

Travel money is a term used in British English, referring to the foreign currency people buy to spend during their trip abroad. It can be in the form of cash, traveller’s cheques or prepaid currency cards.

TrustPilot

A widely-used website that publishes independent online customer reviews of businesses. Here is a link to TrustPilot for Leftover Currency reviews.

V

Valid

Accepted, in use, current, in circulation.

W

Wire transfer

Also known as ‘bank transfer’, a wire transfer is a method of transferring money from one bank account to another one.

Withdrawn

No longer in use as a means of payment, and recalled by the issuing authority to be redeemed and/or destroyed.

Working day

Any day, other than Saturday, Sunday or a public holiday.

X

X serial

On Euro banknotes, X is the national identifying code for notes issued by Germany. The national identifying code is a single capitalised letter that precedes the serial number on the banknote.

Y

Year of issue

The year of issue is the year that a note or coin is produced and/or is put into circulation.

Z

Z serial

On Euro banknotes, Z is the national identifying code for notes issued by Belgium. The national identifying code is a single capitalised letter that precedes the serial number on the banknote.