Good or Bad? Exchange Rate...
 

I will be converting British pounds to Dollars and the exchange rate is 1.929700. For every 100.2 pounds they will give me 193.00. Everything is included there will not be any commission charge? Is this competative? or no?

Today's rate is 2.0292. Your rate is 5% worse. If you're changing actual paper money, that's not too bad. But if you use a ATM for cash or credit card for purchase, at the most the charges are about 3% (and lots of people are already complaining about that).

OK - from your other threads I thought you were going TO London. That is a not a very good rate - who is the
"they"?

No, see this is the deal. I just opened an account with Bank of America and supposely if you use one of there affiliates you will not be charged a transaction fee, and only be charged 1% fee exchange commission so I looked at the exchange rate that the British affiliate bank is giving, but the exchange rates are only posted for conversion from Pounds to Euro or Pounds to Dollars. I'm starting to think that using a Bank of America ATM card is not the best idea? Does anybody know anything about this bank?

Has anyone here used a Bank of America Debit card (Visa) in Europe?

nd5524: You simply do not understand how currency exchange works. What you got was the rate that Barclays will charge a Brit walking into one of their branches to buy US$ to travel to the States. That has <b><u>absolutely</u></b> nothing to do w/ the exchange you will get by using your BofA ATM card in London.

The UK bank has nothing to do w/ what rate you will get. You put your card in the machine and ask for &pound;100 and Barclays will give you &pound;100. It is BofA who will later convert those &pound;100 to US$ to deduct from your checking account.

Quit worrying about this so much - just use your ATM card - it is the BEST way to go. Honest!

Ok Thanks.