Converting currency - No fees - Any suggestions? (Raleigh: transfer, live)

[des1rees]

Need to convert some pounds to dollars, looking for a place with no conversion fees. Does anyone have any suggestions?

Thanks,

D

[ferrickhead28]

Craigslist? Maybe someone who is getting ready to travel could make the exchange with you. Benefits both parties.

[wheelsup]

No fees means lower exchange rates. You'll pay either way.

[zinner]

Don't think that exists. I have looked and couldn't find it. In fact last time I tried thevtellers at the bank had no clue how to even deposit it in my account.

[RaleighLass]

I know of no way to do this. Your best bet is to sell it to someone who is going over soon. How many pounds or Euros do you have and which general area of Raleigh do you live or work- don't need address, but to know if it's worth coming over for it. I have a friend who's going back the UK in 3 mts I could tell him about it.

[CHwboy]

Are you talking about pounds you have in a bank account, or do you physically have them with you?

If they are in a bank account, there are many free* services that can do this for you. I use http://www.xetrade.com but others can tell you about other services. I used them last week to send some dollars home: they do EFT (in the US) and BACS transfer (in the UK) for free.

If you have cash, and it's a couple of hundred or less, maybe we can make a deal: I'm going to the UK next month, and will need some pounds. I'd be happy to swap them with you for the prevailing exchange rate (this would benefit both of us, see below).

*free: all currency conversion services make a profit somewhere. The two ways they do this are by charging a percentage commission, or by using a 'spread'. A spread is where they give different rates converting between currencies in different directions: go pounds->dollars->pounds and you'll end up with less money than you started with. They pocket the difference.

Hope this helps.

chwboy