Best way to convert £500 high st vouchers to cash?

r8frazer

Been awarded £500 as a gift at work which I must use to purchase vouchers via the company's intranet (can't have cash or would have to pay the tax).

The most notable options are Bonus Bond vouchers (www bonusbond dot com) and M&S.

I've got nothing in mind to spend them on and would ideally like to convert them into as much cash as possible... but if I sell them on eBay for £450 I'll be lucky to finish up with £400 after eBay's fees and postage costs.

Any thoughts?

cidergirl

r8frazer wrote: »

Been awarded £500 as a gift at work which I must use to purchase vouchers via the company's intranet (can't have cash or would have to pay the tax).

The most notable options are Bonus Bond vouchers (www bonusbond dot com) and M&S.

I've got nothing in mind to spend them on and would ideally like to convert them into as much cash as possible... but if I sell them on eBay for £450 I'll be lucky to finish up with £400 after eBay's fees and postage costs.

Any thoughts?

can you not have grocery store vouchers/ gift cards ir tesco sainsburys morrisons would be much easier to use yourself as we all need groerys lol or sell on x

myusernamehasgone_2

was going to say ebay sell them in smaller lots though not all in one go. and you should add your fees in with the p&P cost

r8frazer

cidergirl wrote: »

can you not have grocery store vouchers/ gift cards ir tesco sainsburys morrisons would be much easier to use yourself as we all need groerys lol or sell on x

Only ones are Iceland - not somewhere I shop!

Re the ebay suggestion... if I added the ebay fees to the cost it wouldn't make much of an attractive deal for the buyer! Ebay fees would be £40 in total to sell all these vouchers.

Wouldn't like to sell them for less than £440ish

ali-t

OP, how much would you be taxed if you took them in cash? TBH I would be weighing up the hassle of selling them and the effort involved in comparison with the hassle free cash you could get. But it would depend on how much of a hit you would take with the tax.

r8frazer

20% so would get £400 cash.

The frustrating thing is you just know that let's say someone's about to buy a new tv or something large like that.. They'd definitely snap these up for £450!

libra10

You could do your grocery shop at M & S, but that would probably work out expensive.

Good luck

no_choice_now

How about making a list of all the possible vouchers you could get them converted to and find buyers BEFORE you get them? Ask around friends and even work colleagues. See who spends money at these places and who would do a quid-pro-quo swap for cash. If you're generous knock off a few % for their troubles.

anna_grant

There are websites that will buy giftcards off you or sell them on your behalf - here's one http://www.giftcardconverter.co.uk/content/sell abd there are many others. It might get you 90% off the total back.

karl_a

Can you get shopping centre vouchers?

The Trafford Centre (for example) will pay you the balance on their gift card in cash for a small admin charge (around £5 i think).