Travelling from USA to UK - what to do about currency?

Michael.joe.webb

Hi all,

My girlfriend is travelling from the US to the UK for over a month in October. She's coming to see if she likes it enough here to move permanently, so I really want it to go well! (she works for an international firm who will sponsor her visa)

What is the best way for her to easily get money out over here? I know Bank of America have no transaction fees on their debit cards, but Visa still charge 1% when transferring the cost of purchase from £ to $. Capital one also have no transaction fees on credit cards, but the same applies for Mastercard.

If anyone has any suggestions they'd be greatly appreciated.

erdd2

Open a UK current account and transfer a sum to use for the duration?

ferf1223

will you be travelling to the US to visit her at any point? Just thinking she could buy GBP from you with USD cash she brings with her at a fair exchange rate - and you would then have USD for your next trip to the US...I suppose it depends on how much she would need during her trip.

I don't think 1% is much to worry about though - if it's interbank rate with 1% and that's the only charge that will be levied..even if she needed $2000 cash in that month, that's $20 in charges assuming the rates you quote are correct...given that many US ATMs charge, it may even be less than taking cash out at home.

dzug1

Don't get hung up on the FEES - they are trivial. It's the EXCHANGE RATE you need to worry about. You don't know what loading BoA use - I doubt if it's nil. If it's the same as their credit cards it's 3%

In general using a card will be cheaper overall than an equivalent transaction in cash/TCs. Yes there are exceptions - you'll need an expert on the US banking system to know what they are.

IamJen

We used a pre-pay card when traveling *to* the US, from FairFx.com and it was great. I think they are available for £ as well. You can transfer money from a bank account, online, and it was easy-peasy. No charge for use in shops, etc. and some small fee for ATMs/cashpoint.

alanrowell

Michael.joe.webb wrote: »

I know Bank of America have no transaction fees on their debit cards

WRONG - BoA have no transaction fees when you withdraw money from the ATM of a partner bank which in the UK is Barclays. Withdrawing elsewhere will mean a HEAVY fee of $5 plus 1% of the amount withdrawn

mikey72

Michael.joe.webb wrote: »

Hi all,

My girlfriend is travelling from the US to the UK for over a month in October. She's coming to see if she likes it enough here to move permanently, so I really want it to go well! (she works for an international firm who will sponsor her visa)

What is the best way for her to easily get money out over here? I know Bank of America have no transaction fees on their debit cards, but Visa still charge 1% when transferring the cost of purchase from £ to $. Capital one also have no transaction fees on credit cards, but the same applies for Mastercard.

If anyone has any suggestions they'd be greatly appreciated.

What's the exchange rate and fees if she transfers a one off sum of money into your UK bank account, and you give her a debit card?
If you want her to move over to live with you permanently, it's not like you can't trust her.