Exchanging U.S. dollars into British pounds.Will I get a better conversion rate or avoid fees if I use a London bank? Do most British banks allow conversion
You will not save fees of any kind by exchanging money there, whether you use a bank or an exchange. The best way to avoid fees is to withdraw money from an ATM there. Your bank may still charge you some fees (many don't) but they will be less than exchanging money.
hi, just an for your information (fyi) everyone but you will be making $$$ out the transaction. the only thing you can do is to minimize the bleeding. check your banking/credit union for rates and such using your card overseas. happy trails.
Here is a page of links to Rick's excellent money tips: http://www.ricksteves.com/plan/tips/money-travel-tips.htm. Read all of them, and you'll be a pro. The short answer is, don't exchange cash if you can help it, as you get poorer rates. Use your ATM card to withdraw pounds at a London ATM. If asked whether you want the transaction processed in dollars or pounds, choose pounds. As Ray said, there's no free money, but using an ATM reduces the costs greatly.
Some London exchange bureaus offer competitive rates. Thomas Exchange Global currently buys dollars for $1.57233/£ versus the interbank rate of $1.5452/£, a markup of only 1.8%. This beats many credit card and debit card rates. Note that other exchange bureaus may rip you off to the tune of 20% or more. Exchange wisely. http://www.thomasexchangeglobal.co.uk/exchange-rates-check-exchange-rates.php