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9 Smart Uses for Leftover Foreign Currency

By U.S. News & World Report

Traveling internationally?

Unless you’re meticulous at forecasting travel costs and only withdraw the precise amount of cash you’ll need, it’s likely you’ll return stateside with a pocket full of euros or yen. Most foreign exchange services don’t accept smaller denominations, so you could blow your change on an airport latte or keep foreign coins in a drawer awaiting your next overseas adventure (if it’s a common currency like the euro, that may not be a bad idea).

Here’s a look at some savvy alternatives.

1. Apply it to your hotel bill. Before you leave for the airport, “apply whatever currency you have remaining to your hotel bill, and then cover the rest with your credit card,” suggests Patti Reddi, the founder and writer behind TheSavvyGlobetrotter.com.

2. Exchange for gift cards. If you’re in California, you can exchange Canadian dollars, Swiss francs, Japanese yen, euros and British pounds for gift cards in U.S. dollars to retailers including Shutterfly, Staples and Overstock at the Leftovercash kiosk at the South Bay Galleria mall in Los Angeles (the company plans to expand into other locations in the future). There’s a flat transaction fee of $3.99. “We’re trying to make it economical and feasible to do the conversion,” says Leftovercash founder Ferdinand Poon. “We’re able to take five different currencies at once, and it’s really unique in this business to be able to deal with coins.”

3. Load it on a Starbucks card. If you don’t live near the Leftovercash kiosk, but you’re a coffee lover, you can stop at a Starbucks toward the end of your trip and load your leftover currency onto a Starbucks card. “Once you get home, the money converts back to the currency you normally use, and you don’t pay any additional fees,” says David Bakke, an expert at the financial blog MoneyCrashers.com. Note that Starbucks cards can be used interchangeably at most stores in North America, Australia, Hong Kong, Ireland, Mexico and the U.K., but stores in some European and Asian countries only accept cards issued in that country. (If you’re in one of those countries, you could leave extra coins in the tip jar.)

4. Share with kids. Giving foreign coins to kids (either as a souvenir or a gift from the tooth fairy — no more comparisons to schoolmates who get $5 per tooth!) can help open their eyes to the wider world. “I bring foreign coins and small bills home to my children,” says Holly Johnson, a U.S. News travel contributor and founder of the blog TravelBlueBook.com. “It helps them learn about other cultures and piques their curiosity about governments and lifestyles abroad.”

5. Give to local teachers. If you don’t have kids or your kids aren’t the right age to appreciate foreign currency, consider giving small amounts to a local teacher. “With globalization and the current political situation … it seems really critical to foster understanding and appreciation of foreign cultures,” says Sally Elizabeth, a mother of two who works for online dispute resolution company PeopleClaim.com and receives unusual foreign coins when the company’s CEO travels for business. “It’s particularly great when you have currency from an uncommon destination like Oman [or] Mongolia or the Seychelles. And teachers are always happy if you’ll accompany the money into the classroom and give a quick talk. Personal experiences trump everything.”

6. Donate at the airport or in-flight. Many airlines and airports collect currency as donations. About a dozen airlines participate in the Change for Good program, which raises funds for UNICEF.

7. Make magnets. Glue a magnet to the back of a coin to remind yourself of all the exotic places you’ve been — or give as gifts for that hard-to-shop-for jetsetter on your list. “Our favorite thing to do with leftover foreign coins is to make magnets out of them for the refrigerator,” says Karilyn Owen, who founded the family travel blog NoBackHome.com. “In the past 15 years of travel, we now have many coins from countries [that] no longer have their own currency and coins that have since been updated. It’s a beautiful collection!”

8. Find someone traveling to that destination. You could give a small amount of pesos to a friend planning a trip to Mexico or sell larger amounts if you have them. “I work at a large corporation and have a standing offer that I’ll buy leftover euro notes and coins from anyone who is coming back from Europe,” says Lance Longwell, who writes the TravelAddicts.net blog with his wife, Laura. “My wife and I travel frequently to Europe, so we’re always using them. It’s really a win-win: colleagues can get rid of excess currency, and we buy it off them at very favorable exchange rates.” Online travel forums are another way to connect with travelers looking to buy or sell excess currency, and coin shops may be interested in unusual foreign coins as well.

9. Save for crafts. When Monica Williams, who now works in digital marketing in Philadelphia, returned from a two-year around-the-world trip, she amassed quite a collection of foreign currency. She used some of it make wine charms and jewelry which she sold on Etsy.com and sold some to other crafters. “After friends of mine started using some to make more elaborate art projects than I’m able, I started selling my currency on online sites to others who might want to do the same,” she says, “so I wound up making a few dollars.”

The best use for you depends on how much currency you have and whether you’re likely to return to that country. But having options beyond throwing coins and bills in a drawer for later means you can get more value out of money that might otherwise go to waste.

More from U.S. News

12 Frugal Ways to Save on Vacation

50 Ways to Improve Your Finances in 2016

10 Ways to Teach Your Kids About Finance

9 Smart Uses for Leftover Foreign Currency originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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