Converting the $$$$$

[william_wallace 8]

My fiance from the USA is coming over for a holiday to the UK in March. Shes saved up about $1000 for spending money. Whats the best option for her to convert that to GBP? Will she have a better deal if she justs withdraw money from the hole in the wall or get it exchanged before she arrives?

Thanks

[minnietheminx 0]

Your fiance should first check with her bank to see what the exchange rate is with them. There will be a charge for every withdrawal made from an overseas ATM, plus a small fee for the money being converted (usually about £1 for each one). She should then compare this rate to local 'bureau de change' to see what is the better deal. The added advantage of just withdrawing money while youre in the US is that you are just taking out what you need when you need it, whereas if you get the whole $1000 changed before the visit, then you will get stung with the reverse exchange rate should your fiance bring any money back with them (not the case with me, as I would just spend my left over money on shoes

I always found travelex to offer the most competitive bureau de change rate.

[Boiler 46,316]

For that sum I would just draw it out when I needed and/or use Credit Cards.

[j4k 0]

i never took that much when i went over but i just did my exchange at the airport thru travelex...and as long as i kept my receipt, when i came back there was no extra charge to change back....the first time i went over, i was also able to get small amounts exchanged thru AAA but i don't remember if there was any charge for that...and i don't think they'll change it back for you either....thus my still having £50 in my possession...

[VisaJourneyLady 33]

From advice I got on VJ beforel, I am opening a dollar account with citibank at the moment. It might seem like a lot of hassle, but if she's moving eventually it might be a solution that will help then too.

They have a savings account and a current account. The current account gives free withdrawals in the US so long as the balance remains above £2000 accross all her citibank accounts. I know you said that she only wants to have $1000 spending money, but I think if she has other savings for the eventual move which total £2000, then it could be a handy option.

The savings account has no minimum balance and you can do free transfers to dollar accounts, so that might be another option.

Like I said, I know it's only useful if she would want to use the accounts to save towards her eventual move, but I think it's an option worth exploring.

[ericdraven 0]

My lady didn't change any over just used her credit cards or the money I had its alot easier

[Amby 490]

never changed any money always spent neil's money or used credit cards. i hate carrying cash

[PlatyPius 5]

Considering the exchange rate, I'd just pay for everything while she's over there. That $1000 is what? 500 quid or so? She will lose a LOT of buying power. You, on the other hand, will have massive amounts of buying power with whatever money you have when you come over here. Depending on the region, of course. Here in Indiana, you can do a lot with what you would consider a small amount of money. For instance, you can buy a house for $65,000 (32,500 quid). This is for a 1920s Arts & Crafts in great condition that's across the street from me. New houses around here are generally in the $100K - $150K range (50K - 75K quid).

[bakofoil 27]

Considering the exchange rate, I'd just pay for everything while she's over there. That $1000 is what? 500 quid or so? She will lose a LOT of buying power. You, on the other hand, will have massive amounts of buying power with whatever money you have when you come over here. Depending on the region, of course. Here in Indiana, you can do a lot with what you would consider a small amount of money. For instance, you can buy a house for $65,000 (32,500 quid). This is for a 1920s Arts & Crafts in great condition that's across the street from me. New houses around here are generally in the $100K - $150K range (50K - 75K quid).

That sounds like the perfect house! Wrong part of the country though

It is incredible the difference in house prices, cost of living out in the US. Every time I have been for a visit I've come back with a healthy bank balance. That has NEVER happened before in my life!

[PlatyPius 5]

Considering the exchange rate, I'd just pay for everything while she's over there. That $1000 is what? 500 quid or so? She will lose a LOT of buying power. You, on the other hand, will have massive amounts of buying power with whatever money you have when you come over here. Depending on the region, of course. Here in Indiana, you can do a lot with what you would consider a small amount of money. For instance, you can buy a house for $65,000 (32,500 quid). This is for a 1920s Arts & Crafts in great condition that's across the street from me. New houses around here are generally in the $100K - $150K range (50K - 75K quid).

That sounds like the perfect house! Wrong part of the country though

It is incredible the difference in house prices, cost of living out in the US. Every time I have been for a visit I've come back with a healthy bank balance. That has NEVER happened before in my life!

lol

When Mags told me that most of the houses in her area went for 250K quid, I first imagined palatial mansions all lined up in a row. $500K here in the midwest will buy you a HELL of a house, rather than the 900 square foot 2 bedroom that she had in Sutton. (For instance, for $480,000 here in Putnam County you can buy a "3 year old 5 bedroom, 4 bath with hot tub, full kitchen, Great Room, Office, Full finished basement, w/ detached 3 car garage + detached woodshop on 48 wooded acres".)

[bakofoil 27]

Well, when Jesse and I were first discussing where and when we would get married/live etc. one of the incentives for living out there was the fact that here in the UK we would have a hard time getting a foot on the property ladder. Even with a decent job. I was living in Kent at the time, which is far more pricey than oop north where I moved back to - so I guess we could have managed up here, but starting out in our 30s and wanting a family at some stage etc. seemed less viable here in the UK. In Kent, most of my monthly salary went on rent/council tax etc. and it was really depressing at times.

I'm looking forward to being able to afford things again.

[Boiler 46,316]

Other areas are more expensive.

You do not have UK prices, but the you do not have UK Salaries.

[Ian + Anne 0]

You can also get US $ (and UK £) changed at the Post Office, they don't charge a fee either.

[greeneyedgirlfl 0]

A house at 150K where I live will not be in the nicest area of town...I think if we buy a home, it will have to be somewhere else, or we will have to build it on our own...

[mustang-sally 8]

Considering the exchange rate, I'd just pay for everything while she's over there. That $1000 is what? 500 quid or so? She will lose a LOT of buying power. You, on the other hand, will have massive amounts of buying power with whatever money you have when you come over here. Depending on the region, of course. Here in Indiana, you can do a lot with what you would consider a small amount of money. For instance, you can buy a house for $65,000 (32,500 quid). This is for a 1920s Arts & Crafts in great condition that's across the street from me. New houses around here are generally in the $100K - $150K range (50K - 75K quid).

That sounds like the perfect house! Wrong part of the country though

It is incredible the difference in house prices, cost of living out in the US. Every time I have been for a visit I've come back with a healthy bank balance. That has NEVER happened before in my life!

lol

When Mags told me that most of the houses in her area went for 250K quid, I first imagined palatial mansions all lined up in a row. $500K here in the midwest will buy you a HELL of a house, rather than the 900 square foot 2 bedroom that she had in Sutton. (For instance, for $480,000 here in Putnam County you can buy a "3 year old 5 bedroom, 4 bath with hot tub, full kitchen, Great Room, Office, Full finished basement, w/ detached 3 car garage + detached woodshop on 48 wooded acres".)

Exactly what I told the IO at the London Embassy, he smiled and told me the visa was approved.I sold my house in the North East of England for £135,000 last year, 3 bed, 1 bathroom, semi-detached. In Wisconsin that will buy me a biiiggg house. I have transferred profit I made from my house to a usa account, its our depsit once we find a house.