Foreign currency exchange fintech Bidwedge launches
Bidwedge, a new fintech platform which exchanges small amounts of unused cash currency, launched last week.
A survey conducted by M&S Bank in November last year found that an estimated £3 billion in unused foreign CASH currency is sat in drawers of UK households.
M&S Bank also found that each year, on average, travellers return with £1bn in various denominations in CASH, plus around £1bn is spent each year by UK travellers ‘using up’ currency in their departure airport before returning home.
Bidwedge allows this proble to be solved.
At Bidwedge, you create a free account, state the amount of currency you have and then Bidwedge will tell you the price they will pay for your currency. If you agree, post your currency to Bidwedge and the agreed amount will be paid direct into your bank account. There are no additional fees, postage is free, and all transactions are insured.
Bidwedge’s Currency Buy Back is currently available for Euros and US Dollars and starts as low as 10Euros or $10.
Shon Alam, founder of Bidwedge, said: “By offering great rates, being willing to take small amounts, and deducting the fee from the payment, rather than asking for an upfront amount, we aim to make it easy for people to change their unused cash back into Sterling. Just imagine how much money you might have stashed away in drawers or plastic currency envelopes – and just imagine what you could treat yourself to if you changed it all back to Sterling.”
Bidwedge is independent of both banks and currency wholesalers, putting their community of users at the centre of the platform.