talizman

iTrader: (1)

We're heading to New York in a few weeks and I was wondering what folk's opinions are on the best way of changing our cash.

Obviously I don't wanna change everything into USD and carry loads of cash, but am I right in saying that traveller's cheques are no more?

What is the alternative to traveller's cheques?

Would anyone recommend using credit cards for purchases/cash withdrawls, then settle the bill on our return once its converted to GBP?

Any help much appreciated.

JackClark

I just use cashpoints and credit card, the rates have never been outrageous.

KiwiGTI

I've heard the best way is to open a Nationwide account and there are no charges on withdrawals.

Gav

There is an American Express card you can get and load up with Sterling. Then use it in the States like a switch card and not get charged!

When are you going? We fly out there on the 23rd of Nov for 5 nights and this is what i'll be doing.

Gav..

Freak

Nationwide debit (flexaccount)+credit cards charge no fee and give you the correct exchange rate for withdrawaing at an ATM and for use over there.

AMEX do a traveller card which is like an ATM & debit card which you prepay with however much you want (up to £3k) which works well.

ATM's on every corner there so no worries with that.

AndyK

If you have some english cash on you and you are near grand central station there is a currency place that always has over $2 to the pound inside. well worth going to.

weather here (new york) is raining and 60 degrees. I hear the temps are set to plumit.

marky1

If they'll give you $2 for a pound go in every day with as much as you can and stop your day job.

Suresh

I work for a bank (although not in retail) and always use my cards abroad . I never take cash to developed countries (not even South Africa), as the bank machines are convenient and give excellent exchange rates relative to money changers.

HTH

talizman

iTrader: (1)

Sounds like most would recommend this Nationwide Account then?


We fly out on the 24th for 5 nights!


Not too concerned about the weather, its a measly 8 degrees Celcius here just now (46 F) so 60 degrees will be like a heatwave!

Freak

It was 45 degrees in the first week of October- and then 70+ degrees in the same week...... It is very changable over there and very quickly.

FlightMan

Personally i'd use Travellers Cheques. Been around for years, and always worked OK

American Express Travellers Cheques

Dr.No

Just take normal cash point and credit cards, and use them as you would here.

I go all over the place - and normally land in some far flung country with hardly an idea of what the local currency even IS.

Most countries I go to, I don't even SEE any local currency - if you do need any, for tips etc, then just go to an ATM and use a normal cashpoint card - exactly as you would here.

I wouldn't bother messing around opening new accounts, etc. - Jeez, my time is more valuable than the odd quid or so that you MAY save in the commission free conversion!

alistair

I go there a lot and always just use an ATM cash machine.

talizman

iTrader: (1)

Dr No and alistair,

This was my preferred option....

Having never used cards abroad before I wasn't sure if my ATM card would work over there in the same manner as it does here

I reckon I'll stick with this cos I can't be arsed opening up a new account specifically for a 5 day holiday.

alistair

Mine's First Direct / HSBC and had no probs.

westtra

Travelex United Kingdom

talizman

iTrader: (1)

I phoned my bank today and their charges for using my current account/maestro card in NY are 2% on purchases/switch transactions and 3.5% on ATM withdrawls

Now, where's my nearest Nationwide Branch?

Chris L

Travelex now 'Cash Passport' which is like the Amex idea - you charge up a card with an amount of money and then withdraw it from a cash machine using a PIN code. Details on the web site that westtra posted up. Note the charges though - it may not be the best idea for a one off visit. If you travel a lot it might be worth thinking about.

alistair

3.5% - you can lose that on the exchange rate if you're not careful - most places that offer low commission simply widen the spread on the rates. Also as the rates move you make or lose depending on when you exchange.

All depends how much time & effort you want to put into it - I generally can't be arsed shopping around for the sake of a few quid.

Even with zero comission, USD rates will likely be between 1.8 and 1.9 today depending on where you buy them, but will change daily and the forward rate is looking higher than the spot rate. Check here.

Trout

iTrader: (1)

Switch cards will not work...but most cards are now Mastercard or Visa.

I am with Dr No - use Amex, Mastercard and Visa Debit card all around the world from India to the Antipodes to West Coast USA.

Rannoch

jods

We use International Money Orders (eg today 13 Nov 2006 we got £1 = $1.94) Costs £8.00 at Barclays.

Bought £3000 worth

Take the IMO out and open a US account (that's the hard bit)