Best place to buy £250 worth of USD?

superman909

My trip to the USA is just over a week away, where will give me the best exchange rate and a reliable service (I.e. has a decent reputation in getting the money to a customer on time, and are obviously genuine)? I would like £250-300 in USD

PeacefulWaters

You're probably cutting it a bit too fine to stick a suitable card (e.g. Halifax Clarity, Kalixa prepay) into the first ATM you see when you've landed. But this article would have helped you a couple of weeks back:
http://www.moneysavingexpert.com/travel/cheap-travel-money?_ga=1.217986646.1116300417.1393518509

So for old fashioned and not quite as good value cash I suggest starting here:
http://travelmoney.moneysavingexpert.com/?_ga=1.205411920.1116300417.1393518509

Longships

The Post Office? Larger ones keep dollars in stock so no need to wait for delivery.

PeacefulWaters

Longships wrote: »

The Post Office? Larger ones keep dollars in stock so no need to wait for delivery.

But an exchange rate that sits in the "remarkably poor" category.

N9eav

Just look around the nearest large town or city close to you. I avoid the Post Office for poor rates, but a lot of travel agents and money loan shops often compete with each other for best rates. In any event on £250 you won't be making any huge gains or losses.
Never exchanger at the airport, although sometimes pre-ordering with those companies at the airport can work out OK.

agrinnall

Check out whether you have a Tesco with a Forex counter nearby, they'll have USD in stock, and when I last bought (which was a few years ago now) their rate wasn't bad.

Simker

There is a comparison thing on the right hand side of this page. This is most useful. I believe that I am correct in thinking that some high street locations have higher rates online that you can order then go to the store to collect. You must order though as I have heard of people checking rates online then visiting the store only to be disappointed when buying in store.

bagand96

As Simker has said, this very website has a great comparison tool. http://travelmoney.moneysavingexpert.com

I'd go for collection rather than delivery given your timescale. It looks like at the moment Debenhams are the best high street option, followed by No1 Currency who have a lot of outlets in Superdrugs and other stores. Note you need to reserve online in advance to get the rate on the website.

Also check for reserving at your airport of departure (the MSE tool allows you to do this). I've found moneycorp are good if they're at your airport. You print a voucher on the website for the rate but don't pay until you collect. I've also found when you collect they'll offer you more money at the same rate if you decide you want it. (You must reserve in advance for all airport options as the walk up rate will be atrocious!)

superman909

PeacefulWaters wrote: »

You're probably cutting it a bit too fine to stick a suitable card (e.g. Halifax Clarity, Kalixa prepay) into the first ATM you see when you've landed. But this article would have helped you a couple of weeks back:
http://www.moneysavingexpert.com/travel/cheap-travel-money?_ga=1.217986646.1116300417.1393518509

So for old fashioned and not quite as good value cash I suggest starting here:
http://travelmoney.moneysavingexpert.com/?_ga=1.205411920.1116300417.1393518509

Thank you for all the advice. PeacefulWaters, I actually already have a Halifax Clarity cc but it only has a £500 limit on it and the vast majority of that will be used to pay for my hotel and I believe that hotels in the US (and elsewhere) tend to reserve a portion of the credit card until the amount has been paid in full or even for the duration of the stay, which is not ideal. Either way, is withdrawing out of an ATM with a Clarity MasterCard going to give me the very best exchange rate? Is anyone aware of how much a hotel might reserve on a credit card as £500 as a limit is not ideal, but there again it is my first credit card and I didn't expect much more than that when I initially applied for it.

PeacefulWaters

is withdrawing out of an ATM with a Clarity MasterCard going to give me the very best exchange rate?

Absolutely yes.

Interest charged will be minimal. Make sure you set up any Faster Payments before you depart (and test them) then you can clear the debts quickly while away.

SW17

superman909 wrote: »

Either way, is withdrawing out of an ATM with a Clarity MasterCard going to give me the very best exchange rate? Is anyone aware of how much a hotel might reserve on a credit card as £500 as a limit is not ideal, but there again it is my first credit card and I didn't expect much more than that when I initially applied for it.

Yes, of the current credit cards in the UK market, Clarity will give you the best rate as they use the MasterCard daily rate without markup and without any non-sterling transaction fees. Of course, interest is charged from day 1 on cash withdrawals, but if you are paying off the balance at month end, this will be minimal on the amount you are planning.

Not sure how much the hotel will pre-authorise on your card, this varies by hotel, some only put something on to cover extras, others might authorise the whole stay.

How long have you had the card? Any chance of asking for a credit limit increase if you've had a good payment history with them?