Best place for currency conversion?

[Josey Wales]

Hi,

I am going to the US in a few weeks and we want to get some US dollars before we go.

Does anyone have some advice on the best place to buy US dollars?

Thanks.

 

[Luckycharm]

Do you have a cirrus bankers card always found it cheaper simply taking the money out in whatever country you are in - no commission.

 

[niceoneted]

I'd have to agree with luckycharm on this one. Always do this

 

[ang1170]

Careful of charges with Cirrus/Maestro! Check them out first - they can be high.

I'd say:

- use credit card for purchases as much as possible, as that tends to give the best rate
- they use credit cards much more in the US, even for small purchases
- look into loading cash into the credit card before you go and then using that at cash machines (though you may have a liability if the cars is stolen whilst it has a positive balance)
- If asked when getting stuff on the credit card if you want to pay in Euros, the answer should always be "no". Pay in dollars and let Visa or whoever convert
- Draw cash using from ATMs laser or credit card (loaded with cash to avoid interst payments) whilst there, but make sure you know what charges are
- apart from that, changing cash (the folding stuff), regular banks are usually the best place, and easier to do before you go

 

[ClubMan]

Check out the many existing threads about the best/most cost effective/safest way to access cash while travelling. My preferred option is preloading the credit card and making cash withdrawals but check out the other threads for potential caveats about security etc.

 

[Bob_tg]

Be careful before exchanging it for physical cash in a bank or exchange bureau. On top of the x-rate margin, they can charge up to 10% commission over here.

I was in the US a couple of weeks ago, and through Cirrus/ATM found that the margin taken was 2% plus commission on each transaction of 1%. These transactions were around $500 each, which kept the rates down to a minimum. This meant that for every $500 I changed in to cash over there via the ATM, I was being charged 3% - better than converting it in advance, possibly.