Most cost effective way to convert US dollars into pounds?

[Pinkapron]

We happen to have quite a lot of US dollars. Does anyone know the most cost effective way of converting them into GB pounds please?

5000 or 500000?

If it's the hundreds/couple of thousands level, ask friends, family, work colleagues if anyone is going to the US anytime soon and needs cash. Sell it to them at the official exchange rate or even a slight discount in their favour and you'll get more back than you would by cashing it in at the buy back rate at a bureau de change in a bank/supermarket/post office etc.

Failing that, Moneysaving Expert has a rate comparison calculator on it's website.

Travel Money: The best foreign exchange rates - Money Saving Expert

Obviously if it's a large amount of cash, you'll have to tell them where it came from if you exchange it via a commercial source.

Open a Wise or Revolut account. I get paid in USD so change money from USD to GBP more than once a month. Wise will give you a slightly better exchange rate but I find them a bit of a pain if you have more than 10,000 to change and move. Revolut is super easy.

By the way the FX moved against us last night. It’s been hovering around 0.745-0.75 over the last few weeks which is relatively good at the moment.

It’s around $10,000.
i have a Revolut account, but no idea how to pay in the cash 🤷🏻‍♀️

For that amount, its likely worth the effort of getting a good exchange rate and possibly travelling to hand the cash over in person, otherwise insured delivery will be costly.

Is there anything suitable in the link I gave above or I don't suppose you have or qualify for a bank account aimed at higher earners as they often offer currency exchange at preferential rates?

Use the MSE comparison tool that @Bjorkdidit mentioned above.

Put cash into your bank account. Then transfer to your Revolut…

The bank will convert it to pounds at their exchange rate defeating the purpose

You can't just pay dollars into a standard bank account. You need a dollar account and it could be worth opening one.

Or you can exchange dollars at any bank but the rate might not be as good as at a currency specialist.

Do any of Chase, Starling, Monzo or Kroo allow cash dollars to be paid in at the post office?

I use Wise for FX transfers. You pay it in by doing a bank transfer (they give you sort code and account) to yourself (after you've set up the Wise account). You can transfer it all in one go or (which is what I do) set some target FX rates and then it auto transfers into GBP then.
You then can transfer the GBP to your bank account again just normal faster payments style using sort code etc.
Fees are transparent and rates are good

i would also recommend Wise

I was assuming a US bank account if they’ve got that amount of cash. We have a few “local”
bank accounts as we’re an international family.

If you are paying in that amount in cash, there’s likely to be money laundering checks.

Thanks all. The problem is that it’s cash. Given as gifts over many years, never figured out how to change it without losing too much of it.
I really have no idea why Americans seem to believe that other nationalities would value their currency!! A family member has just got married, and American relatives have given them dollars! No idea why! Why not just convert it themselves and give a nice gift?! 🤷🏻‍♀️🙄

If you happen to bank with HSBC you can open their Global Money account for free and you can pay dollars into that and it will stay as dollars. And I have no idea how Revolut works but someone above mentioned putting it in your bank and then to Revolut. You could do that this way, if that’s any help?

Ooh, thanks, I’ll look into that, could be really helpful.

Nope @Pinkapron to save you the trouble I have tried it myself now (the HSBC option) It only works if you’re paying in from another HSBC account 🙄 It’s annoying it’s so difficult!
I’m in a similar position so I’ll be looking into the Revolut option next.

Thanks @fellupthestairs , it’s incredibly frustrating!
My sister-in-law was over recently from America, and I asked if she would take the dollars back there, put them into her bank account, and then transfer them into a Revolut account, so she could send them back to me. Apparently Revolut is not a recognised bank over there, so she could only add something like $200 a month, completely useless!
She also gave dollars as a wedding present over here!🙄😩