If you have a trip to the United Kingdom (England, Northern Ireland, Scotland and Wales) on the books, you may want to convert some of your money into pounds. Here’s what you need to know about converting USD to GBP, including how to find the best exchange rates and where you’ll be charged the highest fees.
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How to Convert U.S. Dollars to Pounds
Luckily, converting U.S. dollars to pounds is fairly straightforward.
Use a Currency Calculator
Since exchange rates change often, using a currency conversion calculator is a great way to ensure you’re getting an accurate estimate. Keep in mind that these calculators don’t account for some of the fees that come along with exchanging funds.
For example, most credit card processing companies and ATM networks will charge a 1% conversion fee on all foreign transactions. Individual merchants may also charge additional fees if you ask them to convert a price into your home currency at checkout.
Related: USD To GBP Forecast
How to Buy Pounds (GBP)
- Exchange at a bank or credit union before your trip: Exchanging currency at your local bank or credit union before your trip is likely the most affordable way to get the money you need. Since you have an existing relationship, it’ll offer a competitive exchange rate with the fewest fees. For example, Bank of America does not charge its account holders an exchange fee. However, a shipping fee of $7.50 USD applies to orders worth less than $1,000 USD.
- Order currency online: If your home bank doesn’t allow for online orders, you can use a third-party like Currency Exchange International (CXI) to have currency shipped to your door. Just make sure you’re aware of the fees. While CXI doesn’t charge a specific exchange fee, you will need to pay up to $30 USD for overnight shipping.
- Use your bank’s ATM abroad for withdrawals where possible: If you need more money while you’re away, try to use an in-network ATM to reduce fees. Most banking apps have a locator you can use to find your nearest option.
- Visit the post office: In the U.K., most post office branches have a counter where you can exchange funds. You’ll need to bring a form of identification, such as a passport.
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1
Xe Money Transfer
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98+ currencies available to transfer to 130+ countries
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Initiate transfers 24 hours a day, 7 days a week
Fees
Xe offers low to no fees on money transfers
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Wise – Multi-Currency Account
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55 currencies
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Direct debit, wire transfer, debit card, credit card & Apple Pay
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What to Avoid
- Using the bureau de change at the airport: While it may seem convenient to exchange currency at the airport, this move will cost you. These kiosks often offer the worst exchange rates and charge the highest fees.
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