USBound

My Parents are coming for a visit in a couple of weeks. They've looked into exchanging their money on www.postoffice.co.uk but they're factoring in like a 10 cent loss on the exchange.

I'm wondering if you all know if it's better for them to exchange in the UK or here. I'll be consulting with our bank this week, we bank with Chase to see what the situation is.

If anyone has any advice please let us know!

Thanks!!!

jumping doris

I stll have some bank accounts in the UK, which I use here sometimes.
I have an a/c with Nationwide and I just use my card in the ATM's here.
They don't make a charge and neither does the ATM here and I have been getting 2.02$ to the pound.
Could they not do something like that?

dunroving

Maybe your situation is dfferent, but I often needed UK cash in my UK bank account for occasional vacations there and for some expenses I still had over there.

So, when my brother came over on holiday, he'd put UK cash in my UK-based bank and I'd give him US dollars when he arrived. We used the mid-rate therefore both saving on the bank charges and premium on the selling/buying exchange rate.

Ray

My Mum always uses Marks and Spencer and says its good ..
but she spend half her life in there..so maybe just convenient

tonrob

Exactly what I've started doing recently when family visit.

Elvira

Do you still have a bank account in the UK? If so:

- open an XE Trade account

- parents pay dosh into your account

- you transfer it to your US account via XE Trade

- you give them the lolly as and when they need it during their visit.

A Nationwide Visa card would also be handy for them - they don't charge commission.

NC Penguin

If your parents live in London I would recommend the bureau de change near Victoria Station (mainline). Not the bdc in the arcade but the one very near the corner of Buckingham Palace Road and Victoria St. It's on Victoria St.

Alternatively, the larger M & S stores in London offer good exchange rates with no commission. Please check if larger stores outside of London have bureau de change too.

jumping doris

You have just reminded me...when my daughters came back from the UK they had money left over and I changed it into dollars at the Bureau de change at Pittsburgh airport and I got a really good rate ($2 to the pound).

cindyabs

Meanwhile the end of last month we had to do our usual monthly transfer TO the UK-2.09 to the pound.

USBound

My parents don't have a bank account in the UK and nor do I... talking cash only transactions.

I'll look into the M&S thing.

penguinsix

A couple of options.

If you are going back anytime in the next year, then you should be the bank. The two of you should do a $-£ transaction between you using the 'bank rate' quoted in the paper. Far cheaper than any service--no fees

M&S is a pretty good service, but it all depends--you really should shop around. Also--shop around in the UK. The options to get $ for £ in the USA are very very limited, as you've probably noticed.

You said they don't have a bank account which rules out ATM. Do they have a credit card? They could use that for most major expenses and be billed in £s back home.

I guess it kind of depends on how long they are over. If they are coming over 'for good' and are looking to convert 1,000s of £s, then finding a M&S or other professional rate is really important. If it is just a few 100 for things for a week long trip, then they might just save time using something decent close by.

USBound

we're talking around the 1000 pounds mark... they have no credit cards so thats not an option.

Also - due to in progress applications we won't be leaving the US any time in the next couple of years.

This is pretty much limited to them doing a cash for cash transaction in the UK.. They'll be investigating M&S their side in the next couple of days.

Jerseygirl

I don't know whether you have any financial ties to the UK but if you do why don't you get them to deposit the money in your UK account and give them USD when they get here. That way you both save on fees.

lanky spoken here

Grit yer teeth, the Post Office is the best bet, you're going to lose something anyway.

Tinkerbell29

I just got some $ from M&S $1000 came to £523.58, not a great exchange rate! 1.91

http://www.comparetravelmoney.co.uk/

Check out this website, takes the headache out of checking every company! M&S are normally pretty good, I live in the UK but work internationally and get paid in dollars, not a happy bunny at the moment!!!!

I hope you get a better rate!