Exchange Rates

I don't really know if I put this in the right thread or not ---

From your general experience, what is the best way to exchange US for UK currency?

Would it be to exchange it before leaving the US?

--exchanging it after arriving in the UK?

--using an ATM card to withdraw cash as you needed it?

--none of the above?

Use your ATM card to withdraw the cash.  It will be a lot cheaper than the commission charges you will incur if you go to exchange your money.  My bank in the US charges $3 per ATM withdrawal so I take out as much as I can in one transaction.  Now that I have opened a UK bank account, I will not be using my US account as much.

bvamin

thats a hard question... rates change all the time ... thing is... you get charged when you use your atm card over here  so on top of your money only being worth only about 1/2 over here you have to pay to get it... so my advice is a lil bit of everything... buy some travellers checks now in pounds... maybe a few in dollars as emergancy money( your less likely to spend it if you gotta go to the bank to change it )and use your atm/ check card for purchases
and in case you have never done this exchanging money thing...
the exchange rate isn't what you get when you "exchange" it's what they are buying dollars for and sometimes they are buying at a different rate... for example... you give em a $20.00 travellers check and exchange rate is (lets make this easy for bad in math Jo) 50 pence per $1 you'd think you'd get 10 pounds for your 20 but noooo  you get 9 pounds cause they are buying dollars for 10% less but selling them for the 10 pounds you expected to get in exchangein the first place...  confused yet?   Jo

Use your ATM card to withdraw the cash. It will be a lot cheaper than the commission charges you will incur if you go to exchange your money. My bank in the US charges $3 per ATM withdrawal so I take out as much as I can in one transaction. Now that I have opened a UK bank account, I will not be using my US account as much.

bvamin

Ask your bank if they have a 'partner' bank in the UK before you go over.  I'm with Bank of America and as long as we use a Barclays ATM we don't have any charges for withdrawing money in the UK.  Different banks may have similar arangements with other banks in the UK.  The banks exchange rate is a slight bit higher than what you might find if you shop around, but you're not stuck carring lots of US cash or travelers checks with you. 
If you chose to exchange cash instead of using ATMs, don't exchange it in the US.  You will get a better exchange rate in the UK.