best method for exchange rate?

Ill be moving this month to london and wondering whats the best way to get money over there. Also typically, what offers the best exchange rate?

I think i've heard ATM's being the best, but would that still be a better rate than bank wiring? How close is an ATMs rate to the official exchange rate? I noticed buying foreign currency with bank of america is a bit higher then the daily exchange rate by about 10 cents per $.

I dont know if i should wire money to a UK bank account, travelers check, or just use an ATM to withdraw and deposit into a account. I want to get the most bang for the buck.

Anyone have experience in this?!

My experience with ATMs is I have gotten the exact exchange rate. The only drawback is the fees my bank charged for withdrawals. I still came out ahead compared to the currency exchange windows in the airport.

Xoom (www.xoom.com) is less than 2 cents off the exchange rate and they charge $4.99 per transfer up to $2999.00. That's not bad.

Since you mentioned Bank of America--Do you currently have an account with them?  If so, that's great news, as they are part of the Global ATM Alliance, which will allow you to take money out of Barclay's cashpoints without any ATM fees.

For information directly from the website, scroll down to the section on "Using your Check Card or ATM Card in international countries", here

I've always just accessed my money via a Barclay's cash point.  I understand the exchange rate fluctuates daily, so if you wanted to just pull all your money out of the BofA account when there's an excellent rate, and put it into a british account I'm sure that would work too.


Just for an example:

On the 8th September, I withdrew £80.  Online banking converts this to being that I  took out $123.03.  Using the exchange rate from http://www.oanda.com/currency/converter/ for this date, £80= $122.799. 

So there really isnt any difference, there.

Since you mentioned Bank of America--Do you currently have an account with them?  If so, that's great news, as they are part of the Global ATM Alliance, which will allow you to take money out of Barclay's cashpoints without any ATM fees.

For information directly from the website, scroll down to the section on "Using your Check Card or ATM Card in international countries", here

I've always just accessed my money via a Barclay's cash point.  I understand the exchange rate fluctuates daily, so if you wanted to just pull all your money out of the BofA account when there's an excellent rate, and put it into a british account I'm sure that would work too.


Just for an example:

On the 8th September, I withdrew £80.  Online banking converts this to being that I  took out $123.03.  Using the exchange rate from http://www.oanda.com/currency/converter/ for this date, £80= $122.799. 

So there really isnt any difference, there.

yeah thats the main reason i opened a Bank of America account for the barlcays cash machine. I just noticed though bank wires with them using foreign currency bumped up the exchange rate. I was wondering if it would be better to just withdraw with cash machine and deposit into bank, only problem is ATM daily withdraw limit.

yeah thats the main reason i opened a Bank of America account for the barlcays cash machine. I just noticed though bank wires with them using foreign currency bumped up the exchange rate. I was wondering if it would be better to just withdraw with cash machine and deposit into bank, only problem is ATM daily withdraw limit.

It really is the best rate.  You can probably get your daily limit bumped up to at least $1k if you call and ask.  Depending on how much money you have, that just means going to the ATM for a few days or a week or whatever.  Annoying but you're probably better off in the end. 

It really is the best rate.  You can probably get your daily limit bumped up to at least $1k if you call and ask.  Depending on how much money you have, that just means going to the ATM for a few days or a week or whatever.  Annoying but you're probably better off in the end. 

k thanks, i just didnt know if i was crazy for thinking of doing such a thing! But i guess that could say bank wire fee's and a better exchange rate!

If you have more than a few days' worth of money to bring over, I'd make absolute sure that you've called your bank first and told the what you're up to so they don't put a fraud stop on your account.  Otherwise, you should be ok.  When I studied abroad in Madrid, I had to put a deposit and first month's rent on an apartment the day I arrived so I got both my banks to extend the limit on ATM withdrawls so I got pull enough money out to do that. One of them was BoA.  If it's a lot of money, again, I'd also save the ATM receipts since you need to deposit the money into a British account and they might question where all the cash came from. 

Hi there,

This topic does pop up every so often!

the 'best' exchange rates are available via the Currency Exchange specialists. Practically, it really depends on 'how' much money you want to bring over. If it's up to a few thousand dollars, then do have a look at what's been mentioned via XE.com. The currency exchange places usually work for larger amounts, those perhaps wanting to buy cars, properties, business investments, and other high value or amounts etc etc.

Cheers! DtM West London & Slough UK!

If withdrawing money from a Bank of America account you will still get charged a 1% commission to convert your currency even if using a Barclays cash machine. The only charge you escape is the $5 for using another bank's ATM. Granted, 1% is less than some banks charge, but you may be able to get it down to 0% by using a different account. This page lists various banks' charges for foreign transactions: http://www.flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

If transferring money online, I've found that OANDA.com has consistently better rates than XE. You get the interbank rates with a flat rate charge per use, whereas with XE it's around 2% worse. PM me if you need any details on how to make use of this.

If withdrawing money from a Bank of America account you will still get charged a 1% commission to convert your currency even if using a Barclays cash machine. The only charge you escape is the $5 for using another bank's ATM. Granted, 1% is less than some banks charge, but you may be able to get it down to 0% by using a different account. This page lists various banks' charges for foreign transactions: http://www.flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

If transferring money online, I've found that OANDA.com has consistently better rates than XE. You get the interbank rates with a flat rate charge per use, whereas with XE it's around 2% worse. PM me if you need any details on how to make use of this.

Sorry to be posting on an old-ish thread, but, politicfool--a while back, I also saw on the BofA website that they charge the 1% currency conversion fee...but I've never actually been charged it for some reason.  I always check the dates and amounts of my withdrawal versus what oanda.com currency converter lists as the rate for that date, and they're off by a few pennies, but never a full 1%--even for the larger withdrawals.  Has anybody else ever noticed this??

Sorry to be posting on an old-ish thread, but, politicfool--a while back, I also saw on the BofA website that they charge the 1% currency conversion fee...but I've never actually been charged it for some reason.  I always check the dates and amounts of my withdrawal versus what oanda.com currency converter lists as the rate for that date, and they're off by a few pennies, but never a full 1%--even for the larger withdrawals.  Has anybody else ever noticed this??

I've never had them charge it for a withdrawal, only for payments to non-US companies (Skype for instance).

I have TD bank, and I’m not charged anything when I withdraw abroad.   I don’t know if this is a TD policy, or if I just got grandfathered in when TD bought out my old bank, Commerce. 

I used the card during my entire 20 month, 60 country round the world trip and only had one problem.  When they officially switched from Commerce to TD the note on my account allowing met to withdraw without my account being placed on hold was canceled.  It was rather in opportune as they put the hold on after I withdrew money in Mongolia.  It wasn’t until I arrived in Siberia 2 days later that I realized what had happened.  It then took them almost an entire day to get my card unfrozen. 

Despite that, I would definitely recommend them.  The previous suggestions about just withdrawing every day and depositing it into your new account seem good to me.  It’s what I did when I worked in London on the Bunac visa 7 years ago.