Best Way to Exchange Currency

Quick question-

What is the best way to transfer my US Dollars to GB Pounds? I want to exchange about $6000 and I want to do it the easiest way (and still not get ripped off by service fees).

Should I just take the cash to England and exchange it at a bank when I get there? Or should I leave it in my US bank account and transfer it another way? I have Wells Fargo and whenever I've used my US debit/Visa card in England, I always get charged an international transaction charge, so I didn't think it was smart to do it that way.

Any feedback from your experiences?

Thanks guys!

Do not bring it in cash as if you are stopped this will cause questions, I know on flights out of the UK they use money dogs to sniff out large amounts of cash and then will question you until your black and blue and possibly take it as evidence until you prove other wise (im not sure if they have such thing coming into the country)

there are transfer companies all over the world that will transfer the money for a small fee.

How much time to you have?  I have switched to having no foreign transaction fee cards in both the US and the UK.  This way I can choose to pay in either currency.  I have found the exchange rates better than at my bank and again no transaction fee.  If you have time, you may want to apply for one (capital one does one) and then you can just paid via the credit card and pay it off using your USD.

The very best way, in my opinion, is EFT (pretty sure it stands for electronic funds transfer... anyone?). Wells Fargo might charge you $35 and up. It can take anywhere from 2 - 5 days. Just give them a call! As long as you have a bank account in the UK you can send it to - you're set!

I've actually found that Paypal is really great for exchanging currency when you have bank accounts in both places. The exchange rate is excellent, though you pay a little bit more in fees than you would w EFT because they take a percentage, it's not a flat fee like a bank, however the instant factor is so worth it! Then it's just up to your UK bank to take in the transfer, which I think mine takes 2 days.

If you don't have the bank account there, you can chance it that exchange rates will be kinder to you when you arrive. Although exchange rates are just not kind to dollars no matter what you do. Here's a helpful link that shows your $6k is safe from the dogs: http://www.direct.gov.uk/en/TravelAndTransport/Foreigntravel/BringinggoodsorcashintotheUK/DG_173289

I really like Sara Smile's idea of getting a no foreign transaction card. Great idea!

I believe ATM withdraws from a US account. Its slow, but the exact exchange rate. With bank transfers you have fees to transfer and you dont get the exact exchange rate. With that said you will lose out when you transfer big amounts. Cash exchange is also terrible and even worse then bank transfers.

Only way I have found to be 100% accurate is ATM withdraws. Its not convenient, but if thats not an issue you want the most bang for your buck then try that. When i first moved over I went to the the ATM then deposited money everyday at the bank. Took awhile, and I only did so when the exchange rate was best. If you have bank of america it costs nothing to withdraw at barclay cash machines.

Yes, I move money with a debit card in the ATM all the time. When the exchange rate is favorable,  I'll move a couple hundred quid at a time.

My US bank charges me a piddly $1 to do this.

I stopped using currency exchanges once I learned that my Bank of America account allows me free withdrawals from Barclays cashpoints.  Not only is there no fee, but the exchange rate is the inter-bank spot rate, not the retail (worse) rate.  Ask your US bank if they have any free ATM partnerships with a UK bank.

If you have about 10 days or so since you can only withdraw a few hundred each day, this is probably the best way to do it.  Just let your bank know ahead of time so they don't lock your card.