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Exchanging UK Sterling in New York to Dollars

Wigan, Lancashire
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2 posts
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Exchanging UK Sterling in New York to Dollars

I am going to New York next week and will be taking UK sterling to exchange into dollars. Is the exchange rate better in the US at the moment than at home? If so are most banks OK to cash UK Sterling.

Brooklyn, NY
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1. Re: Exchanging UK Sterling in New York to Dollars

I would take several hundred US dollars with you. This will cover all airport expenses and keep you going for some time. For the rest, I would just use my ATM card and take out money as it is needed. Make sure that you contact your bank first, and make sure that your card will be accepted in NYC.

London, United...
Destination Expert
for Wakefield
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2. Re: Exchanging UK Sterling in New York to Dollars

rates are nearly the same in the USA compared to the UK, but while you're in the UK you can actually do some research and find out where the best rate is..

1 - prepaid card like caxton or fairfx, however now you're cutting it too fine, so that's out of the question

2 - nationwide current account, gives you the visa rate of the day with a small small visa fee of 0.84%

3 - cash from somewhere like marks and spencer, or no1currency.com (shops nationwide) are normally the best rates as you're in the north of england, and not in london

4 - your debit card from other banks, as they load it 2.75%, and not all debit cards will always work in NYC.

take cash now, get it changed, why do you want to waste time on your holiday, to find a bank that will change it, and then you might get a bit of a carp rate..

M

England
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1,145 posts
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3. Re: Exchanging UK Sterling in New York to Dollars

I wouldn't bother doing what you are suggesting, there is very little to gain (if at all), and lots to lose.You don't want each day to be preceded by changing notes, just go to the hole in the wall like you do back home. Obviously take enough dollars in cash in order to get you thru' the 1st couple of days. When it comes to incidentals, you'll be surprised how little you spend.

Brisbane, Australia
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444 posts
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4. Re: Exchanging UK Sterling in New York to Dollars

If you change sterling to dollars within the USA, you will get a "buy-back" type rate - similar to the poor rate you get in the UK when changing foreign currency back to sterling. This would be just as poor as - if not worse than - changing your quids at the airport on the way out, which is just like throwing your money away. Take the above advice, and don't do it!

Ipswich, United...
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for Ipswich
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5. Re: Exchanging UK Sterling in New York to Dollars

I can't speak for New York, but when I was in San Francisco earlier this year the exchange rate there for changing sterling into dollars was considerably worse than the rate in the UK, even though the market exchange rate was about the same at the times I exchanged. For example, at that time the money market rate was 1.47, I got 1.42 in the UK, a moderate and fair mark-up. In the States I was offered 1.26, but this was upped to 1.35 when I looked about to walk away. I did look elsewhere out of curiosity and there was nowhere better than that. I think the US is not as geared up to foreign exchange in quite the same way as in Europe, where currency exchange is more a way of life. You do not have the fierce competition among numerous money exchange outlets that you get in London. Using ATMs is the most convenient route, but I was put off by the quite large fee Bank of America wanted to charge for using my Lloyds card. Always an advocate of using ATMs, I now think there's something to be said for getting dollars in the UK before you go, especially if you know where you can get a good rate. Outside London the best rates are usually to be found at Marks and Spencer.

New York, NY
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6. Re: Exchanging UK Sterling in New York to Dollars

NYC banks are not really good unless you are a customer at that bank. Many will not help non customers with such transactions. You got lots of good advice above so I won't give you any more except for the info above.

7. Re: Exchanging UK Sterling in New York to Dollars

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