Best place to exchange currency

jcartlidge · 21 August 2006 at 9:44AM

I am going to New York in December and have decided to take advantage of the high exchange rates currently and am going to exchange £1000 nice and early.

My question is where is the best place to do so to get the best exchange rate?

i have seen https://www.xe.com but not too sure about this as confused around them sending the $'s back to my bank account and not sure how this would work! Anyone used them before for such a transaction?

Call_Centre_Guru · 21 August 2006 at 10:26AM

Hi,
I see this is a US company and whillst I'm sure they all operate pretty much in the same way I wanted the security of using a UK company when converting to Cyprus pounds recently. One thing I learn't in the process was to shop around, there really is a huge variety of rates on offer and even though this would be a very small trade you should still look for the best rates available on the day.
Have a look at https://www.currencies.co.uk or https://www.hifx.co.uk both based in the UK. I'm not sure if they have a min trade but you would have to register in advance to protect them from money laundering.
As to how they send the funds, most uk banks operate dollar accounts which you would need to open and some charge for, so when you weigh it all up you may think it's less hassle to get the best rate from the high street for the amount you are converting.
Hope this helps

pin · 21 August 2006 at 10:40AM

1. Nationwide Debit Card for ATM withdrawals from destination country / Nationwide Credit Card or the Audi credit card for purchases in destination country (but watch out for Dynamic Currency Conversion).

2. Any other debit card for ATM withdrawals from destination country / any other credit card for purchases in destination country (but for both CHECK T&C's to see exact charges).

3. Thomas Exchange Global in central London.

4. Travelex online (remember Travelex will price match any other exchange service, i.e. the one above)

5. Marks and Spencer

6. Online FX (using this link ensures free deliver).

7. Thomson Travel (they seem to use Amex as their travel money provider).

8. Co-op Travel (they use Curreny Express / Exchange and offer free delivery for orders over £300).

9. Post Office (while probably not the best rate, there are many of them around, so may be convinient).

10. Haggle with High Street travel agent (which may ensure better rates than 5 to 9 above).

With 3 - 9, if you are paying with debit / credit card check your T&C's as many providers charge for the priviledge of using money exchange services.

Best place to exchange currency

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