that should read " . . . I haven't used them for quite a long time . . ."

Well, thank you Janis for that reply - curteous as always, but sorry to have jangled that raw nerve of yours, walkinaround.
As I tried to emphasise, it was a genuine question - sorry to have seemed to upset you (God knows why, though).
Although the UK may be used to currency exchange because of it's location close to the old European currencies, I can still order anything from Japanese Yen to South African Rand by clicking on-line with my bank. Surely the world's only superpower, one would think, can manage to make £65 change into $115 or so? I didn't realise that it was such an impossibility in the USA. Any spare notes left from my travels are just paid directly into my bank account, commission free, just like depositing any other payments.
BTW, the best tourist rate I found for the Euro last week when I went to France was 1.42 to the £ (with a £3 minumim commission). I got 1.41 from the Post Office. Hardly uncompetitive or lousy I think you'd agree?

Exchanging small amounts of currency - at banks, currency exchange shops, using travelers checks, increasingly ATMs... all involve a commission to the party doing the exchanging. One lives with it, and adopts the habit of only changing the minimum amount needed.

Large bank branches in the US, typically in central business districts or large suburban center, will have some supplies of foreign currency on hand - usually Sterling, Canadian, Euros, maybe Pesos or Yen in some regions. They won't have Zloty or Korunas or Dinars (although some banks in Chicago may have Zlotych) but can order them.

But buying or selling foreign currency at US banks is a terrible deal as a rule. They carry only small amounts, and the overhead cost, coupled with the exchange risk, makes them price the currencies at a major disadvantage to the customer.

Sell your Sterling to a friend, save it for a future trip, make it a present to someone, or go hang out at the airport and snag someone in line at BA.

I still have a ten shilling note with a picture of the Girl Queen on it. Think it's worth anything?

Give it to the Salvation Army bell ringer at Christmas

Interesting replies, all. Especially the airport idea in this one:
>>>Sell your Sterling to a friend, save it for a future trip, make it a present to someone, or go hang out at the airport and snag someone in line at BA.<<<

I realize we're not talking about a huge amount of money in the overall scheme of things, but a hundred bucks (roughly) is...a hundred bucks.

And I just wondered if there were some creative ideas out there that weren't occurring to me. Also, we are quite 'rural,' so I will not even have an opportunity to convert (I don't think), until the next time I'm in Chicago - five hours away. But thanks for all the input.

Seems like there should be a way you could sell it to someone here on Fodors via US mail.

Chances are it'll perform better than a CD, given the dollar's performance against other currencies.

tuckerdc,

If you're serious about selling, email me at [email protected].

I never worry about leftover GBP, because I'm always planning another trip! (You're probably more adventurous and want to go somewhere else! I'm stuck-in-a-rut and can't get enough of GB!)

Gayle

I am amazed that it is so hard to get foreign currency in the USA. For comparison purposes I can think of at least 10 places I could buy dollars within a 15 minute walk of where I am now (I am working in East Ham – which is a run down part of London, with no tourists (although that will change in 2012 as it’s where the Olympics are going to be. In the West End there are literally hundreds).

You can change money at the post Office, the High St banks (any bank – you don’t have to be a customer) retail travel agents and a Bureau d’Exchange. This is typical of an English High St.

I don’t think that the reason that these places are so common is that we are near lots of foreign countries – if that were true most of them would have closed when the Euro came in, but that the English are quite keen tourists.

Most Brits take two or three foreign trips each year – many take more than this. So we are used to changing money.

Clearly these services must be profitable, otherwise they wouldn’t exist.

One thing that always amazes Europeans is how rubbish the American retail banking system is. We always assume that the USA as a rich capitalist country would have a vibrant innovative banking sector – when the opposite is true.

p.s The Post Office's rate is as good as anywhere else - usually better as yu don't pay commission

p.p.s Gardyloo - your ten bob note is worth about a fiver if it's in very good nick. Otherwise it's worth ten bob - 50p, and you would have to send it to the Bank of England to get your dosh.

>>>>>
The Post Office's rate is as good as anywhere else - usually better as yu don't pay commission
>>>>>

unfortunately "anywhere else" means a pretty bad rate.

i do agree somewhat about the banking. however, there are pluses and minuses. Yes, it is funny how the american banking system still (for the most part) revolves around cheques...sorry "checks". Electronic payments are making inroads but nowhere as advanced as the european system.

My two UK banks (hsbc and natwest) both charge me £8-10 over what i would get at the bank rate when i do a foreign cash machine withdrawal (even euro). From many posts here, it is clear that american banks typically give a rate very close to the bank rate.

In the UK, you need to pay for premium accounts (just exceeding a minimum balance will not do)...US it is free...and usually with modest minimums.

For investments products at the bank, the US has europe beat. european products are generally crude and with a lot of hidden charges...the customers are generally less sophisticated in these matters and just put their money in and wait for their annual statement that tells them the total value (with little detail information).

British banks really charge 8-10 GBP to withdraw money at a foreign ATM? Wow, that would drive those of us on Fodors who calculate these charges to the penny wild! This has been a very eye-opening thread.

Having spent half this morning reconciling bank statements, I can't see where walkinaround's getting his numbers on ATM withdrawals from.

But there is a bigger cultural difference here. Europeans generally regard currency conversion fees as part of everyday life and really can't get too excited about them. There's a certain kind of American constantly cropping up on this board who regards such fees as an offence against nature.

Just another case of different strokes, really.

flanneruk, I know what you mean, and I've never been able to fully understand our (US) obsession with this simple fact of life and business. I'm really amazed when people are outraged that they take a number of euros out of a bank thousands of miles from their own bank and with no business connection between the two and then scream that there shouldn't be a charge to access their "own" money. Huh? I mean it's not like we're used to having businesses here provide us with other services for free.

On the other hand, I do understand trying to save a few bucks here and there if there is a simple and logical way to do so.

Walking around – you need to change banks! Mine (alliance and Leicester) charge me a quid a pop for withdrawals abroad – it’s a flat fee so it’s not wise to keep making small withdrawals. The rate is usually good too. Same goes for the credit and debit cards. Also what are you on about in paying for premium accounts. The only accounts I am aware of that you have to pay for are with banks like Coutts and Childs – and if you’re banking with them you’re not going to care!

I agree that high st bank investments are rubbish – but anyone who buys them needs their bumps felt.

You can’t expect to get FOREX rates as you aren’t moving FOREX quantities. Outside of the banks themselves and a few multinationals no one gets FOREX rates.

Until this thread came along I had no idea why there were so many threads on changing money. I just thought it was Americans being a bit thick (a stereotype, I know). Now I realise it’s actually quite a hassle for them.

Needs their bumps felt? So that's what that Italian dating show was all about!

I agree with David in that this thread has been quite an education. Whilst I realise that you can travel thousands of miles and still be in the US, I assumed that buying currency was not as much hassle as it obviously is. You live and learn!!
What I do know is about life in the UK and my bank certainly doesn't charge £8-10 to withdraw foreign ATM transactions. I do know what walkinabout means when he says that you have to pay for premium accounts because Lloyds TSB charges £8 a month for the Gold Account unless you always keep your balance above £1000 - however the old building societies (now banks) such as Halifax offer these premium accounts free as long as you've not been in the red for 12 months, and I'm sure they'll force the "big four" banks to follow suit.
I would argue strongly that the PO offers competitive enough rates for me to use them - and that says a lot with my stingy side.
What do US citizens usually do when they leave a foreign country and have a bit of currency left? Change it at the airport before you leave, I suppose?

I convert any leftover cash at the departure airport - to chocolate!

What Robespierre said.

I suspect most Europeans don't recognize how small the percentage of Americans who travel internationally is. To Europeans, international travel is easy and common; for most Americans, its something they don't even consider. Of the extended family of my wife and I, only four of us even have passports, and two of them were required for business travel.

So the currency exchange business in the US has a very small customer base, and thus warrants no resources. I live near Cleveland, and immediately north of us (sure there's a small lake between) is Canada, but the banks I deal with don't even exchange Canadian currency.

I think the American banking industry is far from backward. The only checks I have written in the past for months were when I purchased a large amount of grape juice at the produce terminal, from a dealer who views himself as operating the old-country way; he would prefer cash. Virtually all of my payments are by EFT, and when one of my accounts gets low, I can transfer money, even between banks, by EFT. When I need cash, I go to an ATM, and my bank reimburses me for the fee the ATM owner charges. When I draw cash from an overseas ATM, there is no charge by my bank, but they do pass on the network currency conversion fee of 1 percent. When I apply for Social Security, they require that I bring my bank information, so they can pay me by EFT.

What appears to be backwardness in the US banking system is their willingness to coddle the large number of consumers who refuse to go electronic; when I go to my bank on certain days, there is no line at the ATM, but there is often a long line waiting to see a teller.

For the OP, perhaps you could contact a travel agent and explain your situation; if they have a client that is going to the UK, perhaps you could work out a deal. Its pretty easy to find out what the current exchange rate is.

Darn, I hate it when I do that and just have to plan another trip to England soon.