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.
The fact of being authentic, real, not counterfeit. At Leftover Currency we check the security features of banknotes and coins to verify their authenticity.
Also known as ‘wire transfer’, a bank transfer is a method of transferring money from one bank account to another one.
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.
The beneficial owner is the person who will enjoy the benefits for the exchange of the currency.
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.
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.
Money that is readily available.
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.
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.
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.
Currently in use as a means of payment, and therefore in circulation.
The act of conforming to regulations aimed at preventing money laundering from occurring.
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.
A fee for services provided, calculated as a percentage on the exchange value. At Leftover Currency we do not charge a commission.
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.
Fraudulent imitation of a banknote or coin, commonly referred to as ‘fake’ or forged.
Aimed at or to do with companies, also known as incorporated bodies.
Being in use at the moment, circulating, generally accepted as a means of payment.
Vandalised, disfigured, for example by drawing, writing or graffiti. In many countries, defaced banknotes and coins are deprived of their value.
The face-value that is shown on at least one side of a bank note or coin.
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.
No longer issued, having been replaced by a more recent equivalent or withdrawn from circulation altogether.
To present as a gift, supporting a good cause.
The reasonable steps that must be taken to comply with money laundering regulations to avoid money laundering or terrorist financing from occurring.
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.
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.
Also known as ‘bureau de change’, an exchange office is a type of business where customers can exchange foreign money.
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).
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).
Currencies prominently shown on the Leftover Currency home page, either because they are the most exchanged, recently added or most searched for.
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.
To raise or collect money, mostly through activities and gifts, to fund or support a good cause.
FX stands for Forex, which is an acronym for foreign exchange. Forex (FX) is the market in which currencies are traded.
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.
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.
IBAN stands for International Bank Account Number. It can be found on your bank statements.
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.
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.
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).
KYC is the abbreviation for Know Your Customer. It is an industry term in the finance sector. Financial institutions and bureaux de change are required by law to gather information about their customers in order to avoid money laundering or terrorist financing from occurring.
Anything left over or remaining from a larger amount, unused.
Banknotes and coins recognised by law to be a valid means of payment.
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.
A coin-sized metal disc made to commemorate an event or awarded as a distinction.
Middle market rate
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.
Banknotes and coins are considered mutilated if they are damaged to such an extent that they are unfit for use.
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 is the study or collection of coins, banknotes, tokens and medals.
A numismatist is a person who collects or has expertise in coins, banknotes, tokens or medals.
The ‘heads’ side of a coin or banknote, also referred to as ‘front side’, usually featuring a portrait.
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.
No longer in use as a means of payment.
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.
The currency in which the customer wishes to receive payment. We offer the following payout currencies: Pound Sterling, Euro, and US dollar.
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 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/
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.
Denotes the old national currencies of countries that are part of the Eurozone. These currencies were replaced by the Euro.
This involves the following steps: opening post, sorting, counting, authenticating, documenting and storing.
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.
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.
The unique number a customer receives during checkout using the online wallet.
The ‘tails’ side of a coin or banknote, also referred to as ‘back side’.
The rightful owner is the person who most recently obtained the currency in a legal way.
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.
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.
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.
Bringing currency in person to the Leftover Currency office. For more information, see our FAQs.
The sell rate is the exchange rate at which a bureau de change sells a unit of foreign currency.
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.
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.
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.
The spread is the difference between a bureaux de change’s buy rate and their sell rate for a currency.
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.
A token is a coin-like disc used as a substitute for money.
Postal delivery service whereby the delivery status of the item can be traced by means of a tracking code.
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.
A widely-used website that publishes independent online customer reviews of businesses. Here is a link to TrustPilot for Leftover Currency reviews.
Some banknotes and coins can be hard to identify. If you have unknown currency that you can’t find listed on our website, feel free to send a photo of it to [email protected] or give us a call, and we’ll help you to find out what it is and what it’s worth.
Accepted, in use, current, in circulation.
Also known as ‘bank transfer’, a wire transfer is a method of transferring money from one bank account to another one.
No longer in use as a means of payment, and recalled by the issuing authority to be redeemed and/or destroyed.
Any day, other than Saturday, Sunday or a public holiday.
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.
Year of issue
The year of issue is the year that a note or coin is produced and/or is put into circulation.
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.