Best way to transfer dollars to GBP if I've got cash in the USA?

audioblackout · 26 August 2019 at 6:33PM

Hi guys!

So I've got quite a few USA dollars on me and I'm travelling back to the UK in the next few days. What's the best way to get GBP back into my bank account?

Should I find a bank over here and get Sterling before I leave? Wait until I get back to the UK and use one of those places in London? Give it to my USA friend and get him to Paypal it over to me, or perhaps bank transfer it to me?

Any help would be hugely appreciated!

Mark

eDicky · 27 August 2019 at 9:30AM

I'm not so good at math to figure out the cheapest of those, but with the pound itself so cheap at the moment perhaps it's not so important.

You could open a TransferWise Borderless account, ask your American friend to send it from his bank to your personal USD account details, a domestic transfer, then exchange it to pounds at an excellent rate and withdraw, or use the card, etc.

Voyager2002 · 27 August 2019 at 9:54AM

If you have a trusted friend with a US bank account, that is the way to go. Exchanging electronic money avoids all the costs of moving pieces of paper around the world, and so will always give you the lowest fees and best exchange rates (so long as you don't ask a bank to transfer the funds directly, in which case they can charge what they like).

Best way to transfer dollars to GBP if I've got cash in the USA?

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