Politics & Government Removing foreign currency from circulation (coins)

[Moonwatcher]

Whenever I receive damaged notes as change at a store, instead of palming it off to the next person i exchange money with, I take it to the bank and remove it from circulation. I learnt today that I may not get the full value of the note and I have no issue with that.

However they would not accept foreign coins i have collected as change along the way (obviously I wasn't expecting any financial compensation in return as for with notes). What do I do to remove these from circulation? It would be absurd to throw the valuable metals in the bin.

 

[powerful girl]

Whenever I receive damaged notes as change at a store, instead of palming it off to the next person i exchange money with, I take it to the bank and remove it from circulation. I learnt today that I may not get the full value of the note and I have no issue with that.

However they would not accept foreign coins i have collected as change along the way (obviously I wasn't expecting any financial compensation in return as for with notes). What do I do to remove these from circulation? It would be absurd to throw the valuable metals in the bin.

Give them to someone who is flying qantas, they collect foreign coins and donate them to World Vision ( i think??) there will be an envelope in the seat pocket and you drop it in a container when you get off the flight.

No bank changes foreign coins to australian currency.

 

[tandino]

I learnt today that I may not get the full value of the note and I have no issue with that.

It's still legal tender though. That shouldn't be right.

 

[Moonwatcher]

They give full value if only 20% or less of the note is missing. One of my notes was accepted no questions asked. The other was missing less than 25% but more than 20% and they will evaluate what they want to pay me

 

[Moonwatcher]

Flying qantas next thursday, thanks for the heads up. Expensive way to recycle though

 

[Sepoy]

Whenever I receive damaged notes as change at a store, instead of palming it off to the next person i exchange money with, I take it to the bank and remove it from circulation. I learnt today that I may not get the full value of the note and I have no issue with that.

However they would not accept foreign coins i have collected as change along the way (obviously I wasn't expecting any financial compensation in return as for with notes). What do I do to remove these from circulation? It would be absurd to throw the valuable metals in the bin.

Not a very economical business you are running if you don't care about receiving full value for notes your get

 

[Moonwatcher]

I am talking about notes I get outside of work. This is the first time I haven't recieved full value. At least now I know not to accept such damaged notes.

 

[Wallaby]

I know some airports have a 'collection bin' where you can put your foreign currency to donate to charity (similar to the Qantas thing).

You also have to give your young neices and nephews a couple of foreign coins. It's part of growing up.

 

[Kram]

I've very rarely seen a damaged Australian polymer note apart from the first run of $5 ones which were weak and often ripped.

A question though, does anyone know why only banks give out 100s and not ATMs?

 

[Sepoy]

I've very rarely seen a damaged Australian polymer note apart from the first run of $5 ones which were weak and often ripped.

A question though, does anyone know why only banks give out 100s and not ATMs?

Only time I get 100s is from the TAB

 

[morri]

Sure you havent got a central bank that accepts them? If yes(like south Astralia staate bank) they should accept them.

Also it is ridiculous that you won't get the full amount of money for a ripped banknote- unless you only have half and come up with it, there is no reason why, if you produce a complete yet ripped- old looking note that you won't get the whole value...

 

[poweredup]

I've very rarely seen a damaged Australian polymer note apart from the first run of $5 ones which were weak and often ripped.

A question though, does anyone know why only banks give out 100s and not ATMs?

Because ATM's only have capacity for 2 different note types, and the most efficient and useful denominations are $20's and $50's.

 

[Moonwatcher]

Sure you havent got a central bank that accepts them? If yes(like south Astralia staate bank) they should accept them.

Also it is ridiculous that you won't get the full amount of money for a ripped banknote- unless you only have half and come up with it, there is no reason why, if you produce a complete yet ripped- old looking note that you won't get the whole value...

If I gave them both pieces then yes they would give me the full amount. I guess If i walked in with the other 21 % of the note they would give me a dollar making it even, but that would be embarrassing. The bank gave me the $4 in the form of a cheque. There is no way i am walking into a bank to bank a $4 cheque.

 

[morri]

Because ATM's only have capacity for 2 different note types, and the most efficient and useful denominations are $20's and $50's.

Youve got funny atms- here the atms give out whatever you want- 5-10-20-50-100-500.

 

[SugarShane]

If I gave them both pieces then yes they would give me the full amount. I guess If i walked in with the other 21 % of the note they would give me a dollar making it even, but that would be embarrassing. The bank gave me the $4 in the form of a cheque. There is no way i am walking into a bank to bank a $4 cheque.

You can bank most cheques in ATMs. That what i do when i get cheques from stupid places for stuff like $3 or whatever.