Best place to exchange currency? Watch

Truman
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#1
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Where does everyone get the best rates? I wanted to change a few hundred quid into dollars and went to a few travel agents and the best rate i could get was something like $1.94 when im sure the exchange rate is 2 dollars to a pound.

I dont really know anything about exchange rates, maybe thats the best deal i can get? I guess its not such a huge deal anyway, i dont mind getting that rate i was just wondering if anybody can offer any advice.

Thanks a lot.
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theArchitect
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(Original post by Truman)
Where does everyone get the best rates? I wanted to change a few hundred quid into dollars and went to a few travel agents and the best rate i could get was something like $1.94 when im sure the exchange rate is 2 dollars to a pound.

I dont really know anything about exchange rates, maybe thats the best deal i can get? I guess its not such a huge deal anyway, i dont mind getting that rate i was just wondering if anybody can offer any advice.

Thanks a lot.
The US Dollar exchange rate today at the time of posting is:
£1.00 = $2.04576

However, foreign money brokers don't sell currency at the actual rate, but one slightly less - that's how they make their money. $1.94 sounds like a pretty reasonable rate for the moment.

Remember, pay in cash rather than on a debit card as it's likely that your bank will charge you unless you use their currency services.
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eDDeboo
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Depending on your bank (most decent ones don't charge for this) but it's probably best just to use your card at an ATM machine, they're going to want the ££££ more than places here want $$$$
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spartakist
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Post Office doesn't charge commission...
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nadnerb
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If you're changing small amounts of money like that then just go to the Post Office, Marks and Spencers or whoever has the best rate.

If you're changing large amounts of money you should check out www.xetrade.com
Their rates are a lot better and would be about £1=$2
However, I wouldn't recommend it for a bit of holiday spending money
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Olyy
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I've always used the post office to change money, but tbh, i've never really changed alot of money, the most is around £150 into *whatever* euros, when i go away
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theArchitect
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(Original post by spartakist)
Post Office doesn't charge commission...
Not many places do, but they make up for it by offering poorer rates of exchange.
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theArchitect
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(Original post by eDDeboo)
Depending on your bank (most decent ones don't charge for this) but it's probably best just to use your card at an ATM machine, they're going to want the ££££ more than places here want $$$$
Unfortunately, most banks will charge if you use an ATM abroad with a debit card. It's usually between £1 - £5. They will also build in a fee, usually 1.5% - 4.5%, into their exchange rate. However, you will find that you may still end up with a better deal than if you changed money in the UK.

The downside is that you can't secure a good rate before you go away - if the pound falls a lot while you're away you won't have your foreign currency secure at the rate you could have bought it at in the UK.
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la fille danse
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American Express is good.
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