$ Exchange Rate

Just curious to know whether it is better to buy my $ in the Uk (travelling in June), or buy them in the US? I do have a Sun Trust bank account. I know the rate is not brilliant at over here at the moment.

Anna

Likely you'll always get a better exchange rate stateside from an ATM--especially in the CIRRUS network.

I remember reading a Which survey a couple of years ago that highlighted that branches of the same organisation offered different exchange rates on the same day.

In that article they got a reply from the Post Office that around 20% of their branches were offering a better rate than the other 80% because they were located in areas of high demand and / or high numbers of local competitors. Since then the Post Office has rolled out an even better rate to a select number of branches (less than 10, I don't know the others but Crawley Boulevard is one of them) and the difference is significant! The Post Office also offer online rates that are different to branch rates, even though you can then collect in branch if you don't want the currency delivered, but I have never found this to be better than the Crawley Boulevard rates.

I don't know if any of the comparison sites like Moneysupermarket take account of these postcode/ branch differences or just use the online rates from the various providers.

The most bizarre situation I had was finding that the dodgy looking small bureaux de change booths on Oxford Street in London had the best exchange rates for swapping foreign $ and € notes back into £ afterwards (even better than any buyback guarantees I've had from banks / post office etcetera and even better than the rate at Crawley Boulevard).

It's quite a nightmare - and that's before taking into account any loyalty points you might earn with VS, Tesco, Sainsburys, Amex or whoever!

Also, while I have never found a good rate at a UK airport I do remember getting a great rate at both Jamaica and Grenada airports on landing when buying some local currency for tipping at the hotel etc

If any V-Flyer has a Which subscription maybe they can tell us if they have done a more recent report on this?

I think the variation in the rate over time tends to be more significant.
I buy here, usually in Sainsbury's as that generally gives a good rate.
At the moment as you say it is not a good rate, but at least it is creeping up. $1.46 now $1.44 a couple of weeks ago.
We will have to see what happens after the election and cross fingers we have a result that pleases the markets.
If it gets back up to $1.60 I will buy and if it goes even higher then I'll kick my self a bit but it's a bit like the air fares: If it seems like a good price I'll buy now. My next Stateside holiday is in Feb 16.
I never cash in left over dollars, I just stash them away for next year.
Dick D

We've always tended to pre-order currency online with Travelex and then collect at the airport before we depart.

I often use Travelfx it often gives a better rate than any one else online unless you are ordering over £1,000. You do have to order a minimum £700 worth for free delivery.

For smaller amounts I use Tesco they are run by Travelex and give better rates than them (don't know why). Always online and I use my Tesco cc which means I pay no cc fees and if I time it right get at least 7 weeks before the bill comes in. You can also collect in store.

I often take a mix and use my fee free cc and that converts at the bank rate on the day higher than travel rates. I did get a load when it was just over $1.61 but after our next holiday my supply will have run out. Agree with DDC on who gets in will dictate rates whether the market likes the Government or not.

Thank you all for your replies. I will wait until after the election and see what happens to the dollar rate. I always used to buy in the UK (via my M & S cc) - no fees etc but since holidaying in Turkey a lot, I found it better to buy my Turkish lira in Turkey, so I just wondered whether it would be the same in the US if I just took UK cash and changed up in my US bank.

Anna

Hey all

As I am off in June to the US I have become a bit of a USD geek - and spend, debatably too much time looking at this..!

The General Election on the 7th May will have an impact on the currency rates - but looking at last time round this was about 3%. So on todays rate, it would reduce it from 1.46 to 1.41 (which is a lot to us holiday makers!). However, over the last month it has crept up.

Personally I am hoping for it to Hit 1.5 before I cash in (as it were). I have budgeted 1.4 for my holiday spends - so anything above that is a bonus. As DickyDotCom said, pick a price you are happy with and jump on that... It will no doubt go above it (Murphy's law!) but if you can get a few extra $$$ then happy days!

As a US-based traveler, I'm hoping for the opposite (i.e. weak Pound). I had a family member bring me back several hundred GBP when the exchange rate was at ~ $1.47, which - while not saving me a ton - made me feel like I was getting a bargain.

I also made all my up-front travel purchases (airfare/hotel) when the GBP was weak

I think I will just wait till after the election and look around and see where I can get the best rate. Thank you all for your comments.

Anna

Last time I was in USA it was 1.33+ now its 1.06 for EUR>DOL. Now that's a difference to cry about ) n(

If you live or work in London check out Thomas Exchange Global. They claim to have the best rates in town if you order online and collect in branch (several in central & west London).

Currently £1 = $1.485.

If you live or work in London check out Thomas Exchange Global. They claim to have the best rates in town if you order online and collect in branch (several in central & west London).

Currently £1 = $1.485.

They are good, but you need to factor in the cost of going to a branch and the waiting time when you get there. For a few hundred pounds it doesn't really stack up. Unless you want to get into the whole area of currency speculation broadly you're better off with a credit card such as Nationwide or Amex that will give you the best rate on the day.

I have been going to America regularly for the last 25 years and I use my Nationwide Credit Card as much as I can as you are virtually guaranteed the best rate with no fees. I also buy dollars but only when it hits $1.60 as since the banking crash in 2008 the tourist exchange rate has not gone above that rate very often and the days of 2 to the pound I fear are well gone.

......the days of 2 to the pound I fear are well gone.

"

I remember those days very fondly

Thinking on it, there is actually a pretty foolproof way of speculating. Track when I am off to the US on holiday, as you will know that the £ will hit an all time low against the dollar at that time. Always has done so far....

Just curious to know whether it is better to buy my $ in the Uk (travelling in June), or buy them in the US? I do have a Sun Trust bank account. I know the rate is not brilliant at over here at the moment.

Anna

If you have a US bank account then another option is a transfer straight into it, but NOT from your UK bank as the fees are much too much.

I use Transferwise, a company set up by the bloke who invented SKYPE and backed by SRB

They do charge a small fee, but it is small, and the rate they give is mid market so always better than any tourist rate. E.g last week transferred at £1.4905, the commercial bank rate that day was £1.4923, and the tourist rate was 1.44. I got an extra £100 by transferring rather than changing here.

If you are interested take a look at their web site, and if interested i can refer you and you get your first transfer upto £3K free.

Thinking on it, there is actually a pretty foolproof way of speculating. Track when I am off to the US on holiday, as you will know that the £ will hit an all time low against the dollar at that time. Always has done so far....

I thought that just happened to me - the same thing happens with the weather!

Back on topic for our recent trip booked in October I have been buying a little from M&S each pay day - the best rate I got was $1.56 the worst $1.49 - but I fondly remember of $2.00 to the pound - especially as some things I bought were the same price in $ as they were in £

Just curious to know whether it is better to buy my $ in the Uk (travelling in June), or buy them in the US? I do have a Sun Trust bank account. I know the rate is not brilliant at over here at the moment.

Anna

If you have a US bank account then another option is a transfer straight into it, but NOT from your UK bank as the fees are much too much.

I use Transferwise, a company set up by the bloke who invented SKYPE and backed by SRB

They do charge a small fee, but it is small, and the rate they give is mid market so always better than any tourist rate. E.g last week transferred at £1.4905, the commercial bank rate that day was £1.4923, and the tourist rate was 1.44. I got an extra £100 by transferring rather than changing here.

If you are interested take a look at their web site, and if interested i can refer you and you get your first transfer upto £3K free.

Can I use it to transfer into a UK based dollar account?
I have one with HSBC.
It looks good $1.509 today.
Dick D

I use transferwise for transferring money to the US for paying our US credit card, but for cash I go to one of the small exchange places in London (normally the Thomas exchange near cannon street station since I work 5 minutes from there). The rates are normally 1% or less away from the fx spot rate, and that branch is quiet so I'm in and out quickly.

Whenever I've looked other places (post office, Sainsbury s etc) the rates look ok ish until I spot the small print saying those rates are only for people transferring £500 or £1000, which is a lot more than I ever take on holiday in cash (or send to my nieces and nephews on their birthdays!)

Chumba, I have had a look at the transferwise web site and it does look quite good. I will wait a few more weeks and see how the dollar performs. I may take you up on your referral.
Many thanks for your advice.

Anna

Take a look at WeSwap.com as well, which works on multiple currencies.

I use http://travelmoney.moneysavingexpert.com/ and often Best Foreign Exchange comes to the top of the list. Very handy as it's a 2 minute walk from work.

That said, the airport rate (ICE Heathrow) isn't bad providing you pre-order. Last time I flew, I asked for their online rate and they said no. I stood there, opened their webpage on the iPhone put the request through and then they honoured the online rates.

Right now Best Foreign Ex are offering $1.50. ICE at $1.49. M&S $1.483. Tesco $1.475. Listed those rates to give an idea at this current time.

Mike

Just curious to know whether it is better to buy my $ in the Uk (travelling in June), or buy them in the US? I do have a Sun Trust bank account. I know the rate is not brilliant at over here at the moment.

Anna

If you have a US bank account then another option is a transfer straight into it, but NOT from your UK bank as the fees are much too much.

I use Transferwise, a company set up by the bloke who invented SKYPE and backed by SRB

They do charge a small fee, but it is small, and the rate they give is mid market so always better than any tourist rate. E.g last week transferred at £1.4905, the commercial bank rate that day was £1.4923, and the tourist rate was 1.44. I got an extra £100 by transferring rather than changing here.

If you are interested take a look at their web site, and if interested i can refer you and you get your first transfer upto £3K free.

Can I use it to transfer into a UK based dollar account?
I have one with HSBC.
It looks good $1.509 today.
Dick D

I don't see why you can't. All you do is put the bank details in and say whether you want to put a certain amount of USD into the account, or a certain amount of pounds transferred across. I use it often and they are good. And when they were slow in transferring once, they refunded me the lates fees and overdrawn fees it caused me with no quibbling at all. just had to show them the charges and they refunded them, plus my next transfer was free.