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Currency Conversion
Paul Kiver
Posted: 23 February 2013 10:47:46(UTC)
#1

Joined: 03/11/2012(UTC)
Posts: 3

Was thanked: 1 time(s) in 1 post(s)
I have a few dollars sitting in an account with a 'high street bank' that I know will fleece me to convert my hoard into GBP.

What's the best way to go about getting a better rate?
stuart macleod
Posted: 26 February 2013 09:46:26(UTC)
#2

Joined: 16/04/2012(UTC)
Posts: 1

You can either withdraw cash and change it in a Bureau de Change if you are in London. Don't go to the tourist areas as they will charge you as much as the banks or even more. If you have more than USD10,000 the Bureaux cannot change it. Your bank may also charge you heavily for withdrawing USD cash; or you can contact one of the specialist foreign exchange firms that you will find helpful, fast, efficient and very cost effective; all of the attributes that you will probably not find in your high street bank, in fact!!
Alan Selwood
Posted: 26 February 2013 16:24:20(UTC)
#3

Joined: 17/12/2011(UTC)
Posts: 773

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As far as I know, the specialist brokers (HiFX and CaxtonFX, for example), deal with money transfers rather than currency exchange. I suppose that you could try depositing money with one, and ask for it to be transferred to a sterling account of someone else (a spouse, for example!). Best to contact them and see what's available. If nothing else, they might give you other ideas if they can't do anything for you themselves.

If you literally have only a few dollars (like $10) there's not much point spending a lot of time on it - just let the bank rip you off and then forget it!
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