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How to get the best dollar exchange rate
Following these steps should help you get the best exchange rate for dollars when buying them with pounds.
Compare exchange rates online
Online rates will almost always be better than the best dollar rate on the high street or at the airport.
Think about the total cost
The highest rate might not be the best deal; a lower rate can be cheaper if there is no commission or delivery charge.
Avoid paying with your credit card
Cover the cost with a debit card or sterling cash to avoid high credit card charges.
If you can, buy a larger sum
Some providers offer a higher pound-to-dollar rate if you order over a set amount. This is beneficial if you're travelling in a group and can buy dollars together.
Do some research
Shop around in advance of your trip, compare deals, and look for free delivery options, which may take longer to arrive.
Pros and Cons
Pros
Cons
How far will my US dollars go?
If you're travelling to the US, how far your travel money goes really depends on where you go. With 50 US states to choose from, this can vary a lot. But typically, cities in the coastal states will be more expensive than cities in the mid-west or south.
According to Nasdaq, the US stock exchange , if you go to the coasts, e.g. New York or California, $100 has a relative buying power of $92.37 and $87.42, respectively.
So, you should expect to pay a premium for everything from restaurants, petrol, or even a cup of coffee. However, you'll find prices become much more reasonable in states such as Connecticut, Florida and Colorado, where $100 will get you the best value at $96.31, $96.55 and $98.62 respectively, in practical terms.
The best value states are Arkansas, Mississippi and South Dakota, where the real value of $100 is £113.49, $112.77 and $111.91, respectively.
When buying travel money, it's advisable to get more than you think you'll need, as it's better to have money left over after your trip, than to run out while you’re away.
How can I save money when in the US?
Accommodation and food prices in the USA are generally similar to those in the UK, despite the big differences between expensive destinations such as New York and cheap ones like Mississippi. Wherever you’re headed, here are our top tips for cutting your costs.
Shop around for accommodation: Hostels and private Airbnb-style rentals can be more affordable than hotels, while choosing a flat or room with access to a kitchen will also allow you to save money by eating in
Make the most of public transport: If you’re not hiring a car to get around, you’ll generally find public transport a lot cheaper than taking taxis to get around. In cities such as New York and Chicago, a CityPASS will get you discounts on entrance to popular attractions as well
Check out free attractions: Lots of museums, botanical gardens, and historical sites offer free entry, as do several of the more than 60 National Parks across the USA
Search for discount vouchers: Websites such as Groupon and Restaurant.com can save you money on meals, activities, and more during your stay in the USA. You can also find out about special offers available locally by following the social media accounts of the places you're visiting
Spend smart: You’ll often get hit with high fees for making purchases and withdrawing cash in the USA with a UK card. So, save money by taking out a prepaid travel card or a credit or debit card that does not charge foreign transaction fees. When paying with a sterling card, you should also always pick US dollars when given the choice between paying in pounds or US dollars
What are the top alternatives to buying travel money?
What are the top alternatives to buying travel money?
Travel credit cards
Travel credit cards - i.e. the ones with no foreign transaction fees - offer two key advantages over travel money:
Great exchange rates - when you spend on a travel credit card you get the American Express, Mastercard or Visa exchange rate, which is about the best you can find as a regular consumer
Purchase protection – for purchases costing £100 to £30,000, you're covered by Section 75 of the Consumer Credit Act, meaning if something goes wrong you can make a claim with your card provider should the vendor fail to pay up
However, not everywhere accepts travel credit cards and using them at a cash machine abroad can come with hefty fees. It can also be easier to overspend on a credit card, leaving you with debts on which interest is charged.
Travel money cards
Currency cards and travel bank accounts let you spend overseas without being charged a foreign transaction fee. Their key strengths are:
Great exchange rates – the best card providers will pass on the Amex, Mastercard or Visa rate to you without adding extra charges
No charges for some ATM withdrawals overseas - if you need extra cash on holiday, some providers let you make a number of withdrawals per month or withdraw up to a certain amount without being charged. Watch out for local ATM fees though, as these might still apply
The downsides include that there can be limits on how much you can withdraw abroad using a travel money card, and that they're not accepted quite as widely as cash. Some travel current accounts also come with fees.
Prepaid travel cards
Prepaid travel cards can be loaded with currency and used abroad without paying foreign exchange fees. You can load a prepaid card with a specific foreign currency or a variety of different currencies, depending on your travel plans. The key advantages are:
Low or no fees to use abroad – prepaid travel card providers can charge far less than traditional banks for overseas usage
Safer than carrying cash - you can cancel or freeze the card if it's lost or stolen, protecting your balance
However, you’ll need to watch out for general usage fees, which often apply when you load the card with cash and may also be charged monthly.
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