Exchange foreign currency at Rabobank

What You Need to Know About Exchanging Money at Rabobank

For people going on vacation or doing international business, exchanging money is an important part of their travel preparations. Although more and more payments are being made digitally, exchanging foreign currency remains necessary in certain situations.

Rabobank offers a service for obtaining foreign currency, but if you find yourself with unused foreign currency after your trip, exchanging it can be a lot more complicated than you think.

In this article, we discuss Rabobank’s role in issuing foreign currency, their partnership with Travelex for exchanging foreign currency, and offer alternatives such as the Cambio Foundation.

Rabobank’s Role in Foreign Currency

Rabobank offers customers the option of obtaining foreign currency through their local bank branches or online platforms. This is convenient for travelers who want to bring cash to destinations where digital payments are less common. The bank provides foreign currency for a wide range of countries, from the US dollar to the Japanese yen and the South African rand. This service is available to both personal and business customers and can be requested through your bank, provided you order in advance.

An important point to keep in mind is that Rabobank only issues foreign currency and does not accept it. This means that after your trip, you cannot return to Rabobank to exchange your remaining foreign banknotes for euros. This can come as a surprise to many people, especially if they return from their vacation with a large amount of unused banknotes. Fortunately, there is a solution in the form of a partnership with a third party: Travelex.

The Partnership between Rabobank and Travelex

Rabobank has partnered with Travelex, an international specialist in currency exchange. This means that customers who want to exchange foreign currency for euros can do so through Travelex. Travelex has offices in various locations, including airports and major cities, and offers the option of exchanging your foreign currency.

Travelex Limitations

While Travelex may seem like a convenient solution for exchanging foreign currency at first glance, there are some important limitations that travelers should be aware of:

1. Only the most widely traded currencies are accepted: Travelex only accepts the most common currencies, such as the US dollar (USD), the British pound (GBP), the Swiss franc (CHF), and the euro (EUR). This means that if you are returning from a country with less common currencies, such as the Turkish lira or the South African rand, Travelex may not accept them. This can be problematic for travelers to exotic destinations where the local currency has little value abroad.

2. Banknotes only, no coins: Another significant limitation of Travelex is that they only accept banknotes. Coins, even common currencies like euros or US dollars, are not accepted. This can be a disappointment for people who return from their trip with a bag full of foreign coins. Coins are often more difficult to exchange because they are physically heavier and worth less compared to their face value.

3. High commissions: Travelex is known for charging significant commissions for exchanging foreign currency. These commissions can be as high as 50%, depending on the amount and the currency you want to exchange. This means you only get a fraction of the actual value of your foreign money back when you exchange it for euros. This can be an unpleasant surprise for many people, especially if they don’t know of any other alternatives.

Alternative: Donating Foreign Currency to the Cambio Foundation

For those wondering whether exchanging foreign currency at Travelex is worth it, or who are faced with coins and unusable currency that aren’t accepted, there’s a noble alternative: donating your remaining foreign currency to charity. In the Netherlands, the Cambio Foundation is one of the best-known organizations focused on collecting unused currency to use for charitable purposes.

What does the Cambio Foundation do?

The Cambio Foundation is a Dutch organization dedicated to reusing unused foreign currency. They accept both banknotes and coins of all currencies, and the proceeds are donated to various charities. This offers travelers a great way to dispose of their unused money, without the inconvenience and high fees of currency exchanges like Travelex.

The foundation has various collection points throughout the country, including at airports, banks, and other public locations. Cambio accepts a wide range of currencies, even the least tradable and exotic currencies, which are often difficult for individuals to exchange. This means you can donate even the smallest amounts, knowing they’re being used to make a difference.

Why donating to the Cambio Foundation is a good alternative

There are several reasons why donating your unused currency to an organization like the Cambio Foundation can be an attractive alternative:

1. Convenience: Instead of having to search for a Travelex office or another exchange that might accept your currency, you can simply donate your money to Cambio. The foundation has several collection points across the country, making the process very easy.

2. No fees or commissions: While Travelex charges high commissions, Cambio allows you to exchange your foreign currency without fees. This means you don’t lose value through transaction fees and that every note and coin is converted into a valuable donation.

3. Supporting a good cause: By donating your unused currency, you contribute to good causes. The Cambio Foundation uses the proceeds of collected currency for various charitable projects, such as supporting humanitarian aid and development work. This means your unused money is put to positive use to help others.

4. Widespread acceptance of coins and uncommon currencies: While many currency exchanges, such as Travelex, don’t accept coins or less common currencies, Cambio accepts virtually anything. This means even the smallest amount can make a difference.

Practical tips for exchanging or donating foreign currency

If you’re left with foreign currency after your trip, it’s important to consider your options and plan what to do with it. Here are some practical tips to help you manage unused currency:

1. Check the acceptance policy beforehand: If you plan to exchange your money at Travelex or another exchange office, check beforehand whether they accept your currency. This can prevent disappointment if you later discover your money can’t be converted.

2. Consider donating small amounts: If you only have a small amount of currency or coins left over, donating it to Cambio can be an excellent option. This saves you the hassle and expense of exchanging, and you contribute to a good cause.

3. Plan your travel expenses: Another way to manage unused currency is to plan your travel expenses in advance. Try to keep as little cash as possible by spending it locally or exchanging your money for euros on the last day of your trip.

4. Save your currency for a future trip: If you regularly travel to the same destination, it can be helpful to save your leftover currency for a future trip. This will save you exchange fees and time the next time you travel.

Conclusion

Exchanging foreign currency can be a complex process, especially because Rabobank doesn’t offer this service, and you’re forced to rely on third-party providers like Travelex. While Travelex is convenient, be aware of limitations, such as accepting only the most readily available currencies and not accepting coins. Moreover, Travelex’s fees can be substantial.

For travelers who don’t know what to do with their unused money, the Cambio Foundation offers an attractive alternative: donating foreign currency to a charity. This not only eliminates your exchange worries but also contributes to a better world.

If you have any foreign coins or banknotes lying around that you no longer need, please consider donating them using the instructions below.

How to donate to Charity Cambio?

• We accept all types of foreign currency, both coins and banknotes.
• This also includes currency that is generally no longer exchangeable.
• You can drop off your donation yourself at the reception desk at the address below. Opening hours are Monday-Friday, 9:00 AM-6:00 PM.
• You can also mail your donation. Please be sure to cover the shipping costs yourself. Please include your information (IBAN and email address) in a note inside the envelope, and we will reimburse the shipping costs.
• If you provide an email address, you will always receive a response. Please be patient, as we are volunteers and process received currency quarterly.
• Send your foreign currency to the address below:

Locations of donation boxes for donating foreign money