What is a good rate for USD?

RedfordML

Going to the USA in the summer and now thinking about changing up £800 into $ but not sure what a good rate is or has been over the last year? Anyone recently changed some £ into $ and found a certain company having a rate worth taking. 

Are Tesco worth using, I have a club card so might be get a better rate? 

Thanks 

TELLIT01

The rate over the last year  is totally irrelevant, as is yesterday's exchange rate.  Use Google to compare exchange rates between providers, although I wouldn't worry too much.  I've just looked and there is a difference of under $2 when exchanging £500.

sammynunes

$2 to the £ would be a good rate.

Is that the answer you want?

  

DullGreyGuy

https://travelmoney.moneysavingexpert.com/

The above is a reasonable link to say what a good FX rate is today... the travel date thing doesnt impact the conversion rate.

https://www.xe.com/currencycharts/?from=GBP&to=USD 

The above will give you the mid market spot rate over time, FX rates will be slightly worse but broadly track it. $1.05 would have been a good rate to the pound in early September after the mini budget but today its more like $1.22 and in March last year $1.30 would have been ok

eDicky

The mid rate right now is 1.234, whoever now offers the closest to this is giving the best rate (it won't be Tesco). The same time yesterday it was 1.227. Tomorrow it will differ.

jamesmorgan

In general, the exchange rates used by credit/debit cards are typically better than converting to cash.  Many cards don't have charges for use abroad so will typically work out cheaper than converting large amounts of cash.

DullGreyGuy

jamesmorgan said:

In general, the exchange rates used by credit/debit cards are typically better than converting to cash.  Many cards don't have charges for use abroad so will typically work out cheaper than converting large amounts of cash.

You just need to factor in charges for withdrawing cash which is not just what your bank charges (can be Zero with the likes of Starling) but the ATM itself, which can often be $3 per transaction in say NYC. Not sure the cash limit per transaction in NYC but certainly elsewhere in the world the limit can be relatively low and so ATM fees become very material and potentially more than offset the spread on the best FX places.

chipfire

Everything you need is already here: https://www.moneysavingexpert.com/destinations/

Brie

Exchange rates make a big difference if you are changing a LOT of money - like 5 or 6 figures.  The couple of pennies difference on a few hundred pounds doesn't really add up to much in my experience.

That said - the post office is usually well rated.  

And that said - I've stopped exchanging money before I travel.  I have a Santander card that is transaction free (from Santander at least) so I use that for travel.  When I get wherever I go to an ATM and withdraw a couple hundred ££ worth.  To avoid being charged interest I ensure the account is either in credit before I go or have a payment set up for the day I arrive.  This isn't an issue with Santander (despite their T&Cs) but other companies may be fussier.  I then use the same credit card for any purchases.