cash for apartment: UK foreign exchange
 

Not sure if I should post this or not. It's not exactly "what to wear" or "how to eat" but it is a frequent hot topic. Now, I believe it is understood that the best way to get local currency is by using a ATM/cash point upon arrival when charging on your Capital One (or similar) isn't an option.

But, what about when you need relatively large sums of money for the balance of an apartment rental? I've had 2 occasions now where I've needed more than my daily limit. Now, I could open a new account, raise the limit, only put in what I need, etc. but that's a bit of work. I guess that is an option but not one I'm interested in at this time.

Well, I did some searching to compare the FX rates here in the UK. Most were on the order of 3% worse than the bank rate (M&S, Post Office, my bank, etc.). Well, I did find one based in London that was <1% off the bank rate. So, for the cost of about &pound;10 in "lost" exchange rate I was able to order the cash, have it delivered to my door the next day (in the UK) and I am good to go. I still need to carry the cash (in a money belt or 2) and deal with it on the other side but that's the "price" for many apartment rentals.

I realize this doesn't help all the folks in the US, but for those living in the UK or perhaps traveling to London, there are some not-so-expensive options.

I'll post the link separately in case it gets whacked.

It does look like it is a little over 1% today. Something to check. If it's too much, then pass. It worked for me.

http://www.ace-fx.com/

https://www.thomasexchange.co.uk/cur...royal_mail.asp currently sells euro at 1.1475, 1.1% above the interbank rate of 1.161. There is £5 postage charge. Or if you go personally to their office in the City or West End, there is no charge.

Or it's 2.2% over interbank rate of 1.542 for changing $ into £, at 1.5763. Again no further charge if you do it in person at their London offices (M-F, closed weekends).

When on the same predicament (need to bring large sums of Euros for apartment rental) I have used AAA. As a Plus Member you get to order whatever amount of Euros you need and not get charge a commision. AAA sells them to you at the same rate US banks pay. My personal bank and local Federal Credit Union both would had charge me in the upwards of $50/transaction. It usually takes 3 business days for the Euros to arrive and you can order whatever nomenclature you wish.

...or pounds!!

Thomas Exchange does have the better rate (today). It will be close with the mailing fee. Nice to have some options.

I was able to get three times my daily ATM withdrawal limit by using my debit/ATM card and two ATM-only cards my bank gave me just before I left for Ireland. My husband had inadvertently destroyed his new debit/ATM card and graciously gave me his old expired one for the trip! Thus the need for the two new cards.

I have been banking at the same local bank for 35 years so they would have gladly raised my limit had I asked. Foreign ATM withdrawals are at the interbank exchange rate and there is a $1 per withdrawal fee...$11 total for my recent trip.

We leave this weekend for, among other things, a week's stay in a Covent Garden flat.

All transactions have been through Paypal. For this I purposely chose to debit the funds directly from my checking account. I am honestly not sure if the exchange rate is better or worse than going to an ATM and getting local currency but it is definitely easier, MUCH more convenient, provides a written record, etc.

Sometimes one is willing to pay for convenience, sometimes not and in this case the flat owner insisted on the use of Paypal and the amount we are saving over a comparable hotel stay is in the thousands of Pounds.