What is a good exchange rate on travel money?
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I am going to America next month and I have been trying to understand exchange rates. The british pound is strong against the dollar at the moment with a 1.94 exchange rate....but when i check out the exchange rate of some places its much lower, for example m&s is 1.86.....my question is how much lower than the going rate should go you expect to get?.........I hope this makes some sense.....LOL?????
What is a good exchange rate on travel money?One thing you may find is that you're comparing apples to oranges. Or in this case, buy rate to sell rate.
For instance an exchange company or bank might buy US dollars from you at 1.94 to the pound, but sell them to you (what you want to do) at 1.84. The difference is how the exchange or bank makes it's profit.
I've always found using your credit card (Visa, Mastercard, Amex) gets the best rate of exchange, and that's travelling to the US (I'm in Canada), UK, Australia, South Africa.
But check with your bank to decide what rate and what margin (a fee over and above straight exchange) they charge.
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