Temporarily living in the USA

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rachel324
rachel324 Posts: 2 Newbie
in Budgeting & bank accounts
Hi

I'm moving to the USA for 6 months this year. I will continue to be paid in GBP into my UK bank account. Does anyone have any advice on the most efficient way to spend whilst there? I have a Halifax Clarity credit card which is one option but may not be the most efficient way to convert for an extended period.

Many thanks
Rachel
«1

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  • dj1471
    dj1471 Posts: 1,968 Forumite
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    Use your Clarity card.

    You'll probably have to pay ATM fees so try to minimise cash withdrawals, not forgetting to pay them off straight away to minimise interest.
  • Nick_C
    Nick_C Posts: 7,459 Forumite
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    I would take the Halifax Clarity CC and only use it to withdraw cash. I would take a second credit card for purchases.

    My personal preference is the Lloyd's Avios Duo pack. You get an Amex and a MC. There is an annual fee of £24. Perfect exchange rate. No forex fee. Plus you earn 1.25 Avios per £1 spent on the Amex, and 1.25 Avios per £5 spent on the Amex. These rates are doubled in the first six months. This is the only CC I know of that gives you rewards on non sterling transactions on top of a perfect exchange rate. You can also quickly earn an upgrade voucher for a BA reward flight.

    You will need very little cash, and a second credit card is essential as a back up.
  • colsten
    colsten Posts: 17,597 Forumite
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    Whatever you do, don't only take one card. Plus, make sure you notify your provider(s) that you will be using the card(s) in the US, and that you have their phone number(s) in case you have issues.
  • Sean473
    Sean473 Posts: 88 Forumite
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    I'd use a Revolut card and convert GBP to USD right now... The rate is quite high currently, good to stack up the $$ right now... Also no foreign exchange fees etc and you get the live market rate... Just don't convert money on a weekend as you pay a 0.5% fee to account for currency fluctuations... Otherwise on weekdays, you get the live market rate... Was in the US for 3 weeks and it was perfect... You can withdraw £200 of cash from ATMs for no Fees... Note the ATM's in the US have a £3 fee which you can't avoid but Revolut doesn't charge you any fees up till £200 amount...
  • eDicky
    eDicky Posts: 6,574 Forumite
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    There's no reason not to use your Clarity card for an extended period.

    But don't rely on only one source of funds, additional fee-free solutions would be Starling Bank (mobile only) and Loot prepaid https://loot.io/

    Revolut is a useful suggestion, but when to buy dollars is not.
    Evolution, not revolution
  • Sean473
    Sean473 Posts: 88 Forumite
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    eDicky wrote: »
    There's no reason not to use your Clarity card for an extended period.

    But don't rely on only one source of funds, additional fee-free solutions would be Starling Bank (mobile only) and Loot prepaid https://loot.io/

    Revolut is a useful suggestion, but when to buy dollars is not.

    Well the rate has been at the highest for a while... I doubt it will go much higher for now... Ultimately, it's up to the OP to decide when he/she wants to exchange the currency...
  • System
    System Posts: 178,094 Community Admin
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    Sean473 wrote: »
    Well the rate has been at the highest for a while... I doubt it will go much higher for now... Ultimately, it's up to the OP to decide when he/she wants to exchange the currency...

    I would lock in as little as possible at $1.36 - I got $1.35 earlier in the year.

    Also, the ATM surcharge varies from machine to machine - some have zero and others have anything up to $5. There is no fixed £3 fee.
  • Sean473
    Sean473 Posts: 88 Forumite
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    SPalin wrote: »
    I would lock in as little as possible at $1.36 - I got $1.35 earlier in the year.

    Also, the ATM surcharge varies from machine to machine - some have zero and others have anything up to $5. There is no fixed £3 fee.

    A small mistake on my part, the ATMs I used charged a $3 fee... But I guess it varies...
  • System
    System Posts: 178,094 Community Admin
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    Sean473 wrote: »
    A small mistake on my part, the ATMs I used charged a $3 fee... But I guess it varies...

    McDonalds are normally good.

    In NY City, the surcharge was $1 (Actors Credit Union, I think) and if you download the McDonalds USA app, they have free stuff (I got a free iced latte on each visit) with their 3D / Aztec barcode.
  • COIAHLGW
    COIAHLGW Posts: 109 Forumite
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    It all depends which area of the USA you will be. McDonald's does not have ATM's in every location countrywide, so it would be good to look at ATM locators for where you will be living. Credit union ATM's are more likely to have a cheaper withdrawal fee on average.
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