Cheapest way to convert a fair bit?

ConfusedDotCom

Hi

I will be going to the USA for a few months soon and will need to convert around £15,000 into dollars.

I want to convert at least £10,000 initially as I want to make a purchase upon arrival.

I don't have (and can't get) any credit cards.

I have Halifax and Nationwide Current Accounts with Debit Cards.

I have looked at prepaid cards (and in fact have used Travelex ones in the past), but most of these have a limit of £5000.

I don't really want to use my Debit Cards as I know they don't give the best rates and also charge fees.

I can't take more than $10,000 in cash without having to declare it at customs (and probably lose it knowing my luck lol). I also don't really want to be walking around with the much cash in my pocket!

Any thoughts welcomed!

crazyguy

try citibank you can then transfer 10k daily limit

ConfusedDotCom

crazyguy wrote: »

try citibank you can then transfer 10k daily limit

Thanks. I had a quick look at their site but am a bit confused - Are you suggesting the USD Current Account or Deposit Account?

Also, do you know if they charge for currency exchanges etc?

Do they do credit checks to open an account?

crazyguy

best bet is to ring them,

credit check would be standard I imagine.

ConfusedDotCom

I called them and the guy on the other end of the phone didn't sound like he knew much about anything..

crazyguy

http://www.citibank.co.uk/personal/banking/customerinfo/usingyouraccount/movingmoney/faqs.htm?merchant=citi

ConfusedDotCom

Thanks Crazyguy. Their USD Current Account looks ideal (I spend 4-6 months a year in the US and have always had to fiddle around with currency exchange - wish I'd known about this before).

All depends on the credit check really - guess I'll apply and see what they say!

CharlyFox

2 x prepaid cards!? Or do you need to link them to your accounts?

ConfusedDotCom

CharlyFox wrote: »

2 x prepaid cards!? Or do you need to link them to your accounts?

I thought about getting 2 or 3 prepaid cards, but wasn't sure if they'd actually let me have that many.

Also, then I'd have to explain to a store and ask if they could take payment from 2 different cards for one item..

zagfles

Or open an account with MetroBank, they have a fee free debit card. Some others do as well but with strings like the need to put a certain amount in each month. See the article on the main site. I think MetroBank only have branches in London.

Prepaid cards have charges too, I think the best is 1.5% which is not a lot better than your Nationwide debit card at 2%.

zagfles

ashleyingle wrote: »

I hear this every day regards to bank staff and international money transfers!

The most efficient/ cost effective and secure way is a electronic bank-bank account transfer. wire transfer to make payments to a personal bank account or the 'seller'. Currency brokers beat what the banks offers you, charge no transfer fees and saves you 4% on average.

How do their rates compare with the interbank rate?