Changing USD to GBP Cash or Bank to Bank
Replies: 14 - Last Post: Nov 5, 2013 10:26 AM Last Post By: maitraya
Oct 21, 2013 1:46 PM
Changing USD to GBP Cash or Bank to BankHi all,
I am in the US and in need of GBP for a travel trip to South America and the Caribbean where I believe GBP fetches a better rate of exchange than the dollar.
I am looking for any online exchange rate that can convert the equivalent of 5000GBP into cash for me at a low rate of interest and charges.
Or if there is a physical location where I can change the money at a good rate.
So any suggestions welcomed. Right now on one website I was quoted that for 5000 GBP, I will have to shell out 8462 USD. XE.Com tells me for 5000 GBP the exchange rate is 8073 USD. So I am paying $389 in fees to this website. Which seems rather high to me.
So any suggestions / advise as to how to convert USD to GBP (to get 5000 GBP) at a cost lower than $389 would be much appreciated.
Oct 21, 2013 2:11 PM
1I think you should get more concrete info then you 'believe GBP fetches a better rate of exchange'.
Unless they have some setup like Cuba where they specifically offer a poorer USD exchange rate it is unlikely to be true. As you have found, you the extra conversion is probably going to eat up any potential savings if they exist at all.
In any case the you should be able to get a better rate than you quoted, try www.ukforex.com.
Oct 21, 2013 2:29 PM
Oct 21, 2013 3:15 PM
3As WADEF said one of the places is Cuba which I have found out has a better GBP rate than USD. And also I want to keep some GBP cash on hand for when I finally make it to the UK. So I figured I change a chunk of money now rather do it in in spurts as the USD is only going to go downhill from here - so may as well get more for my USD's now than later . . .
Thanks WADEF, will try the ukforex.com
Oct 22, 2013 12:34 AM
Oct 22, 2013 12:41 AM
Oct 22, 2013 2:02 AM
Oct 22, 2013 2:11 AM
Oct 22, 2013 5:46 AM
Oct 22, 2013 11:04 AM
9Thanks all . . . I did all the checking out on the Cuba Forum. Everyone says even with changing USD to GBP to CUC, there is still a saving as when you change USD to CUC, you lose on exchange rate AND you get charged 10% service because its the USD.
To answer questions about Americans travelling to Cuba, thousands of americans travel to Cuba over the last year or so and from what I have researched its become easier and easier to travel there for Americans. There is the legal way of travelling where you go as part of a group and then there is an illegal way sort of where you travel to Canada or Mexico and go from there. 95% of Americans travel illegally as they want to have freedom of travel once they get to Cuba.
As I plan to spend a chunk of time there, I dont want to be stranded with a currency thats expensive to change and so the change to GBP. Also you cannot use anything American there so no ATM cards, no credit cards. And if you are travelling illegally like I am doing, you pay for everything in cash including accomodation. I maybe able to get away paying airfare by credit card since I am doing with help of friends from Mexico City since my plan is stop in Mexico City for a few days anyways . . .
Anyways thanks for all your inputs . . . perhaps its just not worth the hassle to have to change to GBP and I should just swallow the charges for changing dollars to CUC.
Thanks all !!!!!
Oct 23, 2013 6:56 AM
10So, there are one or two special cases in the Caribbean where they prefer GBP, probably the British colonial influence.
But in mainland Latin America, they hardly know what GBP are. And in the great majority of places, maybe not Cuba but just about everywhere else, you just put your plastic card in a machine and that is a better deal than cash will get you. Even in Bolivia they have cash machines in all major towns. In Ecuador and Panama, US$ is the national currency.
Oct 23, 2013 9:49 AM
11It is only Cuba where the exchange rate for US$ is high, and US plastic is not recognized. Use plastic to get local cash in other countries. I can't imagine walking around with 5000 GBP while on a trip. As recommended on the Cuba forum, take cash in GBP, euros, or CAN$ for your needs. If you are staying for a long time in Cuba, use Caribbean Transfers as recommended on the Cuba forum FAQs. You would purchase your airline ticket in Mexico, so US plastic will work.
Oct 24, 2013 1:02 AM
Oct 24, 2013 9:39 AM
Nov 5, 2013 10:26 AM
14The Answer to your question
Nowadays, I prefer Plastic but once I did San Diego,Central America,South America and back to San Diego with a normal looking leather belt with a hidden inside zip full of cash. It was worth as in Bolivia the money went Down to abysmal level :
The equivalent of 12 cartridges of cigarettes of notes for 100 $...
Restaurants Menus just put the sign X 2,3,4... everyday.
But it is Risky....
Enjoy your Journey
(1 star Hotel)
From US$8.67 per night
(4 star Hotel)
From US$70.00 per night
(3 star Hotel)
From US$92.59 per night