$ Exchange Rate In The Shops/Restaurants

[Col&Ali]

Hi, we are flying next week and have yet to exchange our money - Not like me to be this disorganised but we've been waiting for the exchange rate to rise a bit.

Does anybody know what the exchange rate is out there at the mo? (Not to exchange for cash but when you pay for something on a credit card). I'm sure on our last visit the shops used to exchange at a couple of cents under what we could get in the UK.

Any info gratefully received

Ali x

[Guest]

The interbank rate (the one used for cards) today is $ 1.505 but don't forget usage commissions / transactions fees on top.
Actual currency rates are between $1.477 (Fairfx) and $ 1.41 (Post Office)

[Col&Ali]

Originally Posted by geoffa

The interbank rate (the one used for cards) today is $ 1.505 but don't forget usage commissions / transactions fees on top.
Actual currency rates are between $1.477 (Fairfx) and $ 1.41 (Post Office)

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Thanks Geoff. I'd be using a Santander Zero Card which I think is the best one. Hopefully the High Street exchange rate will go up over the next few days so we can at least take some cash but if necessary I'll use the CC and pay it off as soon as we get back.

[Guest]

CC are no problem - have you looked at a card that offer sfree or low cost for exchange rates?

Changing actual £ in the USA is an expensive business as you will get a rate more like the $ buy back rate here in the UK.

[Col&Ali]

Originally Posted by holliefabbabe

the rates in the shops are quite low (for cash purchaces in sterling) 1.34 was seen yesterday ,

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Thanks for your reply - this was the kind of reply I was after - I'm not looking for cheap places to eat but thanks anyway I was just wondering what exchange rate is charged against using a credit card.

[holliefabbabe]

no that is if you wanted to pay cash £ for items , i dont know whats the visa/mastercard rate , best thing is ring fairfx up , tell them when you are going , they might be able to get you are card before you go

cards are better than cash i think , well thats what we have found the last 3 days ,

[Greyfriars]

If you have a zero card use it as much as possible as that is the best rate you will get! Always check that you pay in dollars and don't allow the shop to convert as you get a low rate.

All the Atm's seem to be charging $1.5 to $2 per transaction, if you have a no, or low fees card like the nationwide that is still the cheapest way of obtaining cash.

Must go ... off to Bok tower gardens today.

[mickchick]

Col&Ali, there is no exchange rate used by the shops and restaurants. The value of the £ against the $ is nothing to do with them. If you use your credit card, your transaction is in dollars. The exchange rate kicks in when your credit card issuer back home converts the amount spent back into sterling in order to bill you. The rate they charge can vary two or three times in the same day. Plus, some charge a commission.
The conversion rate is on the cautious side at the moment because the £ is so uncertain against the dollar.

[Col&Ali]

So basically if you really want to know how much you are paying for goods out there cash or a pre-loaded FairFX card is the best thing?

I do recall being charged all kinds of different rates on the CC last time - that couple of cents per dollar can add up!

[Big Dog]

To guarantee a rate you have to use a pre-pay card as the rate gets locked in at the rate you buy currency at.