Hi guys I will be starting PhD studies in St Andrews this Fall. I am a US Citizen currently residing in the US. Just wondering what is the best way to exchange my savings in USD to GBP?
If I buy GBP in cash right now through the bank, they don't offer a good exchange rate (the current rate from the internet is 1.25, but the banks charge 1.32). So another way would be I first move to the UK, then open a bank account there, then use those online wire transfer services to transfer the USD in my American account into my UK account. They seem to offer a much better exchange rate (in this case close to the internet rate of 1.25, as their websites show).
So does the second approach sound right? But can I do this money transfer operation even when I am in the UK? How did you guys do this? Thanks!