Chris Evans Posted January 21, 2009 Share Posted January 21, 2009 Im going to New York next month and am presently watching in disbelief at the way the pound is capitulating. So what i need to know is,does anyone have any advice on how to get the most dollars for my pound. I was thinking just taking my bank card and using ATMs over there as im led to believe you get the business exchange rate this way. Other options include getting a Post Office card or just getting dollars in cash. Any ideas much appreciated. Link to comment Share on other sites More sharing options...
Heres Rixxy Posted January 21, 2009 Share Posted January 21, 2009 Im going to New York next month and am presently watching in disbelief at the way the pound is capitulating. So what i need to know is,does anyone have any advice on how to get the most dollars for my pound. I was thinking just taking my bank card and using ATMs over there as im led to believe you get the business exchange rate this way. Other options include getting a Post Office card or just getting dollars in cash. Any ideas much appreciated. I am pretty certain that is bullcrap. I spent about 6 weeks in American last year and just used my debit card in ATMs. However your bank will most likely charge around ?1.50 per withdrawal and all ATMs in New York will charge at least $1 per withdrawal so make it worthwhile if/when you do use an ATM! Link to comment Share on other sites More sharing options...
Chris Evans Posted January 21, 2009 Author Share Posted January 21, 2009 I am pretty certain that is bullcrap. I spent about 6 weeks in American last year and just used my debit card in ATMs. However your bank will most likely charge around ?1.50 per withdrawal and all ATMs in New York will charge at least $1 per withdrawal so make it worthwhile if/when you do use an ATM! I worked it out that for the equivalent of ?200 those nice chaps at RBS would charge me around ?9.50 for the privalege! Also,is the pound strong anywhere? For example if i change it into Aussie dollars then changed those into US dollars? Wishful thinking i know,but trying all avenues! Link to comment Share on other sites More sharing options...
hmfc_steve Posted January 21, 2009 Share Posted January 21, 2009 I worked it out that for the equivalent of ?200 those nice chaps at RBS would charge me around ?9.50 for the privalege! Also,is the pound strong anywhere? For example if i change it into Aussie dollars then changed those into US dollars? Wishful thinking i know,but trying all avenues! I'm off to NY/Washington on sunday.... when I get back, I'll let you know the shenanigans Link to comment Share on other sites More sharing options...
Chris Evans Posted January 21, 2009 Author Share Posted January 21, 2009 I'm off to NY/Washington on sunday.... when I get back, I'll let you know the shenanigans Cheers. Much appreciated. Link to comment Share on other sites More sharing options...
Coco Posted January 21, 2009 Share Posted January 21, 2009 I worked it out that for the equivalent of ?200 those nice chaps at RBS would charge me around ?9.50 for the privalege! Also,is the pound strong anywhere? For example if i change it into Aussie dollars then changed those into US dollars? Wishful thinking i know,but trying all avenues! Minute arbitrages like that are virtually impossible given easy flows of capital these days. It is possible that if you held one currency (as in your example) and then changed it at a future date then you could win out. But that would be basically taking an investment view/speculating. Link to comment Share on other sites More sharing options...
jambos are go! Posted January 21, 2009 Share Posted January 21, 2009 Take or buy something like a small antique that you can readily sell in the US for dollars. If someone was willing to pay say $500 for it six months ago they still will and you have bypassed the fall of sterling. If you knew you were going to the states you should have heeded the many prophecies of doom at the start of the Credit Crunch about sterling and bought at nearer $2 to the pound. Link to comment Share on other sites More sharing options...
Boaby Ewing Posted January 22, 2009 Share Posted January 22, 2009 Take or buy something like a small antique that you can readily sell in the US for dollars. If someone was willing to pay say $500 for it six months ago they still will and you have bypassed the fall of sterling. If you knew you were going to the states you should have heeded the many prophecies of doom at the start of the Credit Crunch about sterling and bought at nearer $2 to the pound. In theory, anyone with a decent whack of savings should have done that... but then as Coco says you would have been speculating. There are no guarantees - though some of us did suggest something along those lines when someone was asking about a holiday to the states 6-months off. Link to comment Share on other sites More sharing options...
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