Converting 39000 GBP

[p.savage]

Hi guys and girls.

I am in the stage of thinking about where and how I'm going to change my GBP (39000) into USD. I need atleast 61500 USD so a good exchange rate of above 1.60 would be great.

Can anyone tell me where and how I would go about changing this amount of money. Ideally travelers cheques would be the best idea. If you can supply any reference web sites that would be a bonus.

Cheers

Savage

[Charlie Zulu]

Hi Savage,

Bank wired $500 over to USA earlier this year and had just over US$1.63 to the UK£. Again changing a cheque from US Dollars into sterling last month gave the same exchange rate at the same building society (Nationwide).

Bank wires seem to give you a better rate of exchange than those you get at bureau de change.

Saying that the Post Office gives 0% commission and pretty good exchange rates on US$ (Travellers Cheques and Bank Notes). Changed £8000 into US$ and had US$1.62 to the UK£. Mind you that was back on the 1st July.

These .02 cent differences made quite a marked difference on the amount I changed, it'll make a massive difference on the funds you're changing! :-)

Best wishes,

Charlie Zulu.

[PPRuNe Towers]

Doesn't help you Savage in terms of the amount you're discussing but I do have to do a great deal of money changing (cash) for work.

In the UK, bizarre as it seems, Marks and Sparks has a history of giving outstanding rates in big city centre stores. A useful tip especially for Londoners. Amex branches come in a creditable second in my experience and you might like to check out their rate for both TC's and wiring. Re the post office I find they are consistently beaten by a whole cent if you go the TravelCare/Travelshops chain which are run by the Co-Op.

As Charlie Zulu makes very clear: A bit of time spent shopping around at home could pay for an hour or two when you get there.

Please fill in the obvious blanks regarding slipping off around the world with great wodges of cash. Hole in the wall gives decent rate for day to day spending if you're off hour building Etc and credit card gives some measure of protection for bigger bills.

Regards
Rob

[prat100_2000]

Don't take the travel agents quoted rates. Go in and ask them the best they can do for that amount, they will do better...they may even ask you want you want...get negotiating...

[jetjockey696]

What I did was to open a off-shore account with HSBC (US dollar current account) put my GBP into the account automatically changed into US dollar at 1.65 , they will give you a US dollar debit card and cheque book. No worries about taking so much money into the US.

There are many high-banks that deal with foreign current account, Barclays, Lloyds, Abbey etc, just ask you bank.

adios

[p.savage]

Thanks for the replies.

JetJockey. I looked into that, and that seems to be the best idea. However, the HSBC are quite expensive for writing cheques, they charge you £1.50 for every cheque you write. Ok, so its not that dear. Shut up Paul!

Anyway. Cheers fellas.

[Jinkster]

Just bought some currency from Marks and Spencer it was the best rate I could find $1.616 commision free whilst Thomas Cook was $1.52 + commission

M+S was the best :ok:

Jinkster

[whirlycopter]

I used XE.com XE.com (http://www.xe.com/) when I had to change some currency to import an aircraft and at the time they were convincingly the best deal ( and I had an HSBC dollar account at the time which was the next best bet for large sums).

This was a while ago and you always need to find the best deal on the day that you decide to take the plunge.

Obviously the dollar will collapse the day after you do you deal but c'est la vie!

Cheers

[PPRuNe Towers]

jetjockey, did you do this recently? No probs with the US debit card - spot on info but the law changed last December due to new money laundering legislation.

HSBC wrote to customers stating that US dollar checkbooks could no longer be used. Happy to be put right if they've since discovered a wangle..........

Jinx, glad to see you were pleased with M+S.

Rob