I've just come back from abroad with 1000USD cash, which I want to change into GBP and put in my bank account. Is there a better way of changing it than going into the Post Office or banks and getting their rather poor buy-back rates. Today the Post Office (best I can find) give a rate of 1.637 to buy back. Is there anywhere I can get a better rate?
BobC
You could always look at
M&S is often comparable. Some John Lewis' do exchange too (customer accounts department, you will probably have to ask).
Another option is to open Citibank USD and GBP current accounts, stuff the cash in the USD account (best at a Citibank branch - Lloyds do some counter services for them, but not sure about dollars so worth asking Citi). Just transfer some USD to the GBP account and it gets converted (about a 3% load on the interbank rate). Then do a BACS out to your main account.
Interbank today is 1.50 so you can do much better than 1.67... by my calculations the Citibank route would net you an extra fifty quid.
Theo
I've found the best way is to ask around and try to swap with someone who needs some USD. You're bound to know someone or know someone who knows someone who plans on going to the US in the near future, or through a message board at work etc.
A year ago you would have got less than £500. Now you're getting over £600. I suppose you want nearer £650 or £700.
Unless you desperately need the money, just save it until the next time you travel anywhere that takes US$, or the exchange rate falls further.
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