Hello Wireless,
I've just (today) gone and wired $500 as a deposit to a flying school in Naples (for the Multi addon to the FAA CPL/IR). I am not sure of the exact exchange rate, that will be given to me in a letter that is sent to my home address after the transaction has taken place. But it is likely to be better than the US$1.76 to the UK£ that the post office is giving in Travellers Cheques.
As my current account is with Nationwide I just asked them to transfer $500 in US currency to the bank details the flying school has provided me. There is a little form to fill out with my details, the schools bank account details and the rest is taken is taken care of for me by Nationwide.
After the bank visit I went to the post office and obtained $4000 in travellers cheques which cost me £2267.06. The post office does NOT charge any fees or commission on US Travellers Cheques or Currency.
Even though I am not going to the US until 28th June I have taken this approach as I'm not sure what the exchange rate is going to do in the next few weeks / months. Better to get it now for piece of mind, then again it could go up a lot more! Who knows, eh?
I've got to change a few more thousand dollars in travellers cheques around May time as I don't have enough pounds in my account at the moment to transfer the whole lot to US dollars!
Last year I just transferred the $500 to NAC as a deposit and then took $14000 with me in Travellers Cheques. If you do take more than $10000 in travellers cheques / cash with you to the USA then don't forget to declare it to the customs officials at the airport in the USA, it just means you'll have a form to fill in, that is all).
Good luck with the FAA CPL/IR course, did mine last July and it was hard work but very enjoyable. As my examiner said... Enjoy the flight training.
Oh and enjoy the day out in London at the US Embassy for the visa (its a non event really, but you are kept waiting ages)!
Best wishes,
Charlie Zulu.