Buy USD here or in New York?

itm2

We're going to New York in a couple of weeks, and would like about $500 cash. We have some sterling cash to purchase it, but I was wondering whether we'd be likely to get a better rate for a cash purchase in New York (city), or from an exchange dealer here.

Does anyone have any recent experience of this that they could share?

pollypenny

Take a couple of hundred with you then use one of the cards which gives the full visa rate and no weighting for other spends.

Halifax Clarity is recommended. We use a Saga card card and settle up on our return.

itm2

pollypenny wrote: »

Take a couple of hundred with you then use one of the cards which gives the full visa rate and no weighting for other spends.

Halifax Clarity is recommended. We use a Saga card card and settle up on our return.

Yes I have both a Clarity and a Revolut card, both of which I intend to take, but was wondering where best to get the cash that we'll need.

Neil49

If you are in Central London then you can get very good rates at some exchange bureau's but if not then your options are limited and I suggest you purchase your minimum requirement locally and no more.

If you have a Marks and Spencer debit or credit card then they offer a better rate and the credit card gives you interest free credit up to your next statement payment day as long as you pay off in full.

itm2

Neil49 wrote: »

If you are in Central London then you can get very good rates at some exchange bureau's but if not then your options are limited and I suggest you purchase your minimum requirement locally and no more.

Are you saying that because you think I'll get a better rate in NYC?

jackieblack

You'll get a better rate by withdrawing $ on your Clarity card at an atm in NYC than by purchasing in the UK

Even better if you can use an atm that doesn't charge for withdrawals. I've never been charged usung Bank of America atms

itm2

jackieblack wrote: »

You'll get a better rate by withdrawing $ on your Clarity card at an atm in NYC than by purchasing in the UK

Even better if you can use an atm that doesn't charge for withdrawals. I've never been charged usung Bank of America atms

Thanks - I hadn't considered that. I always assumed that withdrawing cash from an overseas ATM using a credit card would be expensive. Do you know if the cash withdrawal rate is the same as the rate used for in-store purchases?

jackieblack

Yes, the exchange rate for both is near perfect interbank rate (currently approx 1.51USD/GBP)

You will be charged daily interest on the amount of the cash withdrawal but it works out at pence per day. Some people do an online payment to cover this* asap, others wait until they get home, but the improvement gained by the better exchange rate still more than covers a few days interest.

*Just be aware that if you have used your Clarity card and have received a statement prior to travelling that has not yet been fully paid off, any payment made will go towards paying off that balance first and not the cash advance.

itm2

Thanks - that settles it.I'll take enough cash for the first day then find a BoA ATM.

jackieblack

itm2 wrote: »

Thanks - that settles it.I'll take enough cash for the first day then find a BoA ATM.

https://locators.bankofamerica.com/ny/newyork/index.m.html

Have a great time

Neil49

itm2 wrote: »

Are you saying that because you think I'll get a better rate in NYC?

Your question to me has already been answered but just to add that TD Bank also don't charge for atm withdrawals. There are plenty of them in Manhattan.

Have a good time out there.