Heads up - ordering currency

[UKDEB]

We've left it until the last minute to order currency and we haven't been able to find anyone (at least not anyone offering a decent rate) who is recommending ordering from them at the moment due to the postal strikes. We've ended up ordering from Travelex with the intention of collecting from the airport. Whilst I'd prefer not to have the (admittedly slight) hassle of having to think about doing that once we arrive at the airport, at least we've got a reasonable, albeit not the best available, rate.

 

[Cyrano]

Handy to know that the option of collecting at the airport is there as a reserve option

 

[Andy Lou & Meg]

Deb

As you are always going back and forth to the US have you ever thought about opening a $ account. I opened a savings $ account with Citibank and that way I just pay in whatever amount I want in sterling and I get a very good exchange rate when its converted into dollars - more than what you can get at FX. You also get a ATM card that you can use in the US (but you have to pay a fee if you use any other bank other than Citi - which we dont even use). All I do is about a week before I go I tell them that I would like to withdraw X amount in cash and X amount in TC.

For us its been the best option and its even better to know that you will be earning interest.

 

[UKDEB]

No, I must admit, it's never occured to me (and I've worked in Banking for 27 years ). Maybe we should consider it. Did you open it whilst you were in the States? How long did it take and what did you have to produce?

 

[jockey]

Bank of America also offer a good account and you can use the cash card here at some cash points in the UK. Just pop into a branch when you are there with some ID. They do charge though when you transfer Sterling from the UK.

 

[Andy Lou & Meg]

Small world - like you I also work in the banking industry (more on the investment side in my case)

I opened my account a my local Citibank branch but you can also do it online

Hope this link helps

http://www.citibank.co.uk/personal/banking/international/deposits.htm

The Benefits: Interest Bearing Accounts:
US Dollars

Fee free currency cash withdrawals via Citibank ATMs in the corresponding country.1
24 hour access via Citibank Online.
Instant and secure online transfers between Citibank accounts.
Access to all of your accounts via your single Citibank Debit or ATM Card.
No current account required.


How it works - ultimate flexibility:

There are no service charges applicable to these accounts.
No minimum or maximum balance applies.


Did you know:

Citibank will not charge you any fees or commissions for withdrawing local currencies in the corresponding country even if you use a non-Citibank ATM. You may be charged a fee by the owner of the ATM.
Our Citibank Online transfer service allows you to instantly move funds between your different Citibank accounts in the UK and abroad. [/B]



If you consider doing this make sure it is a deposit account and not a current account you open (with this you always have to have a balance of £2000 or a salary paid directly into it otherwise you will get charged).

Would be happy to pop into a branch tomorrow if you wanted any reading material on this (just PM me).

Lou

 

[Andy Lou & Meg]

Sorry forgot to add that is no different from when you open any kind of account in the UK. A couple of forms and some ID was all I needed, account was up and running in days and a week or so later I got my ATM card (although I was told that if I wanted to make any kind of withdrawal before that I just needed to produce photo ID and proof of address)

Seriously I think you really need to consider doing this. Also forgot to mention that you can also pay back any unsed TC back into your account (so you dont have to hang on to them until your next trip)

 

[paulh]

if you open a usa account,when you put in stearling will there will be a transaction charge to change into dolars?
Makes nationwide CC and flexacount sound very atractive(bit late for you deb as you go same time as us) was on buisnes lunch today,they came out top with post office cc second
Paulh

 

[Andy Lou & Meg]

if you open a usa account,when you put in stearling will there will be a transaction charge to change into dolars?
Makes nationwide CC and flexacount sound very atractive(bit late for you deb as you go same time as us) was on buisnes lunch today,they came out top with post office cc second
Paulh

There are no transaction charges what so ever for paying in sterling

"There are no service charges applicable to these accounts.
No minimum or maximum balance applies. "

 

[paulh]

There are no transaction charges what so ever for paying in sterling

"There are no service charges applicable to these accounts.
No minimum or maximum balance applies. "

so if i pay in £100 today there would be $203.72 in the account?
Might look at oppening one
Paulh

 

[mikki.young]

Deb, I am another fan of the citibank account. You get a debit card that you can hosse to point at whichever account in whatever currency you have. We have sterling, euro and US$. We are getting such good service from them at the moment (have a real person we can speak/email to!) that we are considering moving all our banking there. They even pay a reasonable rate of interest on their dollar savings accounts. I just buy when the rate looks good and it keeps earning interest. Using the debit card in the US saves so much hassle and you ca get TCs or cash from the account with no commission as a back up before you go as well.

 

[natalielongstaff]

thanks for the heads up debs we have ordered our currency so i just hope it arrives

 

[gavvy]

Does anyone know what exchange rate is used when you put ££ into this account- do they load the rate by 2.75% or something like most banks do?

 

[UKDEB]

Thanks for all the info, Lou (and everyone else who's posted) . With less than two weeks to go until our holiday, it probably won't be top of my priority list for this trip, but I'll definitely sort something out when we get back.

 

[1andrea]

UKDEB

Travelex offer a price guarantee. We used this in June. After ordering online you can email/phone travelex to say you have seen a better rate elsewhere we used Thomas Exchange Global and they refund you the difference by cheque. That way you can still collect at the airport and get a decent rate.
Its so easy to do!
Andrea

 

[mikki.young]

Does anyone know what exchange rate is used when you put ££ into this account- do they load the rate by 2.75% or something like most banks do?

When I first opened the citibank account I was getting closer to business rate than tourist rate. Not quite sure whether it is as good now but tonight it was offering $2 to £1. There is no transfer fee and if you do it online or over the phone you know what the rate offered is before you commit.

 

[UKDEB]

UKDEB

Travelex offer a price guarantee. We used this in June. After ordering online you can email/phone travelex to say you have seen a better rate elsewhere we used Thomas Exchange Global and they refund you the difference by cheque. That way you can still collect at the airport and get a decent rate.
Its so easy to do!
Andrea

Yes, I noticed that. Also, we paid the £3.50 buy-back fee on the basis that, if the rate is better when we pick up at the airport, we can switch.

 

[1andrea]

Yes, I noticed that. Also, we paid the £3.50 buy-back fee on the basis that, if the rate is better when we pick up at the airport, we can switch.

I hadnt heard if the £3.50 buy back fee I will be using that for next time!

 

[kmaccui]

this is a good idea thanks for the info guys and girls

 

[erty445]

I took my first trip to the US last year (Disney ) with my family and we took very little cash (just some for tips & stuff) but used the Nationwide Credit Card nearly everywhere. Currently, it does not charge for use abroad and the exchange rate is superior to High St foreign exchanges.
(To prove this point, I just returned from Bulgaria - £150 got me 400 levs from UK, I drew 400 levs from ATM in Bulgaria £140 with Natiowide card!)
Of course you need to pay off the bill to avoid interest!