Converting GBP to USD In The States

Hi guys.
I have a considerable amount of GBP and tried to exchange it for USD at my local U.S. bank but the rates for selling GBP were very low in my opinion. I know the daily echange rates vary.. but does anyone know where i can get the best possible rates for selling my GBP ? My bank is offering to buy at $1.79 but they charge almost $2.10 when selling GBP. I guess the reason for their $1.79 offer is because they have to get a cut. Anway if anyone suggests a place i can go please let me know.

cheers
Saycheese

Hopefully someone else can pop in and give you some advice... Its very difficult in the states to find places to change money (except perhaps in New York or the like, I'm not sure). Its just not needed nearly as much. Have you done a google search or anything? That's all I can suggest.

I noticed on our last trip that when we changed cash we got a very poor rate but when I got my bank statement and credit card bill we got a very good rate. I'd say don't exchange money if you can help it - either take it out of a cash point or use a credit card and pay it when you get back.

I noticed on our last trip that when we changed cash we got a very poor rate but when I got my bank statement and credit card bill we got a very good rate. I'd say don't exchange money if you can help it - either take it out of a cash point or use a credit card and pay it when you get back.

Yeah, I believe that purchases through your credit card are valued at the business exchange rate, whereas if you exchange cash, you'll only get the tourist rate. So, you might get £1 = $2.00 on a credit card transaction, but £1 = $1.90 if you exchange the cash directly at a beureau de change.

Don't limit yourself

See if you can consider a third currency.

For example, you convert pounds to another currency, Currency X, let's say. Than you convert Currency X to dollars.

You may end up making a lot more. Need a bit of research though.

well if somehow you could get it back into your uk account you could use XEtrade to transfer it to your US account. It is much better than the banks.  You will lose alot with other alternatives.  That's what I did and it saved me hundreds of pounds.

big up everyone...guess i will try and google for more info and see what happens.I just called my bank today and they are offering only $1.86 for the sterling pound...but they will sell it to you for $2.10. I´ll have to do more research and look into the "3rd currency" suggestion.

Cheers
Saycheese

big up everyone...guess i will try and google for more info and see what happens.I just called my bank today and they are offering only $1.86 for the sterling pound...but they will sell it to you for $2.10. I´ll have to do more research and look into the "3rd currency" suggestion.

Cheers
Saycheese

The exchange rate a bank will give you if you bring in a wad of cash is often different (and worse) than what you'll get if you use the ATM to withdraw dollars from your GBP account so don't go by what they told you on the phone. The most hassle-free way is to use the CC or an ATM as people here have already mentioned. If you don't mind waiting a bit, XETrade is used by many here with good results and they have very nice rates.

As for 3rd currency options, you'll still need to use something like XETrade to make that happen (even if you can find it) cause if you just went to do a conversion at a kiosk, the fees will eat whatever advantage you might gain.

The exchange rate a bank will give you if you bring in a wad of cash is often different (and worse) than what you'll get if you use the ATM to withdraw dollars from your GBP account so don't go by what they told you on the phone. The most hassle-free way is to use the CC or an ATM as people here have already mentioned. If you don't mind waiting a bit, XETrade is used by many here with good results and they have very nice rates.

As for 3rd currency options, you'll still need to use something like XETrade to make that happen (even if you can find it) cause if you just went to do a conversion at a kiosk, the fees will eat whatever advantage you might gain.

Again same thing I recommended, nobody would listen.  XETrade!!

As for 3rd currency options, you'll still need to use something like XETrade to make that happen (even if you can find it) cause if you just went to do a conversion at a kiosk, the fees will eat whatever advantage you might gain.

I was dubious about this suggestion too. But sometimes people have to experience their own mistakes to learn a lesson. I've got plenty to share!!

I had some money transfer problems recently and had to drawn on UK funds while I was in the US. It was a good rate but I had to pay nearly £3 for the cash advance from my debit card abroad and $2 for the US ATM use. Then I exchanged money at the Canadian border and lost another $3 for commission and $7 in exchange. It makes my head hurt.

I was dubious about this suggestion too. But sometimes people have to experience their own mistakes to learn a lesson. I've got plenty to share!!

I had some money transfer problems recently and had to drawn on UK funds while I was in the US. It was a good rate but I had to pay nearly £3 for the cash advance from my debit card abroad and $2 for the US ATM use. Then I exchanged money at the Canadian border and lost another $3 for commission and $7 in exchange. It makes my head hurt.

Tell you the truth, Olive, my limited experience with arbitrage tells me that currency markets are pretty efficient and there are prob no opportunities to capitalize on currency speculation like coolmorris suggested. However, I don't really know for sure so I didn't want to discount it out of hand. I'd just stick to ATM or XETrade.