Exchanging US currency

[stoory]

I am going to the States to work at a summer camp and will be earning around US$3,000 in cash while I'm there. Does anyone know the best/cheapest way to convert this back to GB�. ie should I do it in the USA (and if so how/where?) or back home??

[lisaj]

with the current exchange rate, you're screwed either side of the atlantic! if you can, wait a few months whilst the bank of england pushes up the base rate and devalues the pound slightly, and then you'll get more for your money when you convert.

[Pinotage]

There are not the foreign exchange facilities in the US that there are in the UK - you can't go into a US bank and ask to exchange USD for GBP. You will not get such a good rate at a US airport - and they probably won't hold enough GBP.

First thing is to check how you'll be paid this $3K, if you are certain it is in cash then the best thing would be to bring the cash back with you. And, as Lisaj says, the longer you can hold some or all of it before changing into GBP the more chance you'll have of the dollar rising in value and you getting more GBP for it. The USD collapsed about 20% last year against the GBP.

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Another way of 'converting' it is to use it to buy things you want while you're in the US - Levi jeans, 'designer' wear etc is considerably cheaper there; beware of electical stuff as they use different power and its a long way to return it if it goes wrong. And don't forget you UK customs allowance :)