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How to Exchange Pounds for U.S. Dollars

Whether you're traveling to the United States from the United Kingdom or you have a few extra pounds left over from your vacation across the pond, you'll need to convert your money into a usable currency. Luckily there are many ways to exchange pounds for dollars.

Check the Exchange Rate

Before you take your money somewhere to exchange it, check the exchange rate online. This gives you a good idea of whether or not the exchange rate being offered is fair. Exchange rates fluctuate on a daily basis, so it's best to check the rate just before you want to make the exchange. XE is a popular dollar exchange calculator site that can give you the current rate, as well as a calculation of the exact amount of dollars your pounds will fetch.

Exchange Your Money at the Bank

Whether you live in the U.K. or the U.S., you should be able to exchange your money at your local bank. This can sometimes take a couple of days, but it's worth the wait. Many banks offer attractive exchange rates close to the real-time exchange rate, which means that you can get more dollars for your pounds, according to USA Today. Just be sure to ask if there are any fees involved, as some banks charge for this service. If you want to convert money while you're away from home, look for a bank branch that's affiliated with your bank, as these will usually waive exchange fees.

Take Out Money From an ATM

If you don't need to convert cash and you have your pounds in a bank account, ATMs can be a good way to convert currency. Many of these offer the same exchange rates that banks do, which usually means a more attractive rate, states NerdWallet. Just make sure that the ATM doesn't carry a fee for non-network cards, and that your bank doesn't charge high fees for withdrawals in foreign currencies. If you find a bank ATM affiliated with your bank back home, you might be able to avoid fees.

Using a Currency Exchange Booth

Currency exchange booths are usually easy to find in the vicinity of airports and hotels, which makes them convenient. However, they usually offer poor exchange rates in comparison to banks, or charge high fees for their services. Only use this option if you need dollars immediately.

Exchange Money at Your Hotel

Depending on your hotel, you might be able to convert pounds into dollars at the front desk. This is usually only the case with high-end hotels, but it never hurts to ask. Just be sure you're getting a good rate before you commit to the exchange.