Money Exchange IN NY

[Katarzyna]

Does anyone know where would be the best place to exchange money in NY. I need some pounds and Polisz Zloty.. because I feel that if I do that at an airport, I'll get a really bad deal.

[skwiggy]

I've always found the easiest way to get the currency for any country I'm visiting, is to use the ATM when I get there.

[Sagitta]

That's what I do too.

[SDsalsaguy]

Same here.

[amrimi]

Does anyone know where would be the best place to exchange money in NY. I need some pounds and Polisz Zloty.. because I feel that if I do that at an airport, I'll get a really bad deal.

That's right. the last time I visited England the ATM at the airport gave me bad deal.

[AzureDreamer]

Generally, you tend to get the best deals at the money exchanges in the centers of any major town.

For Zloty, you are almost certainly better off buying/selling it in Poland. Just change enough at the airport to get you to a better location (if you have a significant amount to change.) Normally, the FX rates are rarely so bad that it makes a -lot- of difference where you change small amounts of money.

You should be able to obtain Pounds or Euros at most branches of retail banks (Citibank, Chase) at reasonable exchange rates.

[Katarzyna]

I think the most convenient but worst exchange will be via ATM. I will check with my chase to see what are their rates. I think I should be fine in Poland, however I think I should get some additional cast with me for the UK...

[skwiggy]

I have gotten pretty good exchange rates using the ATM, generally. I think you usually get whatever rate that particular bank is getting at the time of the transaction.

[Katarzyna]

Are you sure? Perhaps I'll just do that. I think I should get like $100 exchanged for pounds before we go... and maybe use ATM once I get out of an airport. I am wondering how much I can expect to use my CC for things, I really prefer that from having to use cash.

[skwiggy]

It's been a couple of years, but I'm pretty sure, yes. Maybe you can contact one of the big UK banks and find out what the exchange rate would be from one of their ATMs, just to use as a gauge? Or maybe your bank can do that research for you?

Most places in London take credit cards, IIRC. But beyond that it might depend on the city. In Amsterdam, almost no one took credit cards, even in the really touristy spots. But if you're that concerned about getting the best exchange rate, you might also want to check with your credit card company to see what kind of rate you would get when you use it.

[Katarzyna]

I am a bit concerned as the dollar got weakened a lot lately and the trip is slowly becoming more and more expensive.. trying to minimize all the costs. I till check in with some banks to see what the typical exchange is. with CC i prefer to use it because it's easier to track expenses later on.. Plus don't want to carry too much cash with me.. stressing about the money a bit.. quite a bit. This year was too expensive for me... Plannign to stop by chase today and ask some questions and exchange some money.. I think I am starting to stress about the trip, I'll be away for 3 weeks and the travel schedule is crazy. I like having things all under control when I travel (well when I travel for fun I like to be more spontaneous)... too many trains and planes to switch...

[AzureDreamer]

In terms of currency, there are two important things:

buy-sell spread
commission

Commission is just a flat fee you pay to change money. For example, you might be able to change up to $500 for $3.

The buy-sell spread is the difference between the rate at which you can buy a currency vs. the rate at which you can sell it. Major currencies (USD, GBP, EUR, JPY) will tend to have fairly tight spreads... the more obscure the currency, the wider the spread. (Zloty will be pretty obscure in NYC... common in Poland.... so wait to get it.)

For example, you might be able to exchange dollars for pounds at 1.92 GBP/USD and exchange pounds for dollars at 1.82 GBP/USD.

So if you wanted to exchange $500 US for GBP, you would get: (500-3 USD) / ( 1.92 GBP/USD ) = 260 GBP

If one the other hand, if you could get away with no commission, and could buy/sell at the same rate... (500)/(1.87) = 267 GBP

... the point is, even if you got burned on the exchange rate, you are out what you might pay for a sandwich and a pint of beer. Might be worth crossing the street for, but if you had to take a taxi (or even the underground!) to do it, you'd be lucky to break even.

[Katarzyna]

I know, I was thinking of doing as much before my trip as possible.. (I studied finance as my major and remember always wishing that I could just exchange currency at the real rate)..

[DancingJools]

ATMs provide the best exchange rates, because they use the interbank rates (i.e. the rates that banks charge each other), which is better than what a bank or money exchange will charge a customer. The only addition is the ATM fees, which go to the bank. This will depend on your own bank (how much they charge you for using an ATM that doesn't belong to them), and the other bank where the ATM is located (how much they charge for someone who is not a customer). In my experience, the fees are minor, but you do need to be aware of them. I have run into situations where the ATM fee for one bank was about $20.00 (in another country). Just across the street from it, was another bank that charged $1.00. Go figure.
If you find an HBSC bank, they have some of the lowest rates because they have branches all over the world, and they are very competitive. But again, check for yourself.
Another alternative is American Express offices, if you are a member. They have limits on the amount of cash they will give you ($3,000 in the US, as they told me only last week). I don't know if they deal with Polish currency. I was asking about Canadian $$.
Avoid the exchange offices in NYC, if you can. Especially the one on 42nd street between 7th and 8th.
I had $15,000 Can. to change. My bank (in NH) offered me about $12,300 for them. AmEx offered me $12,200. The NYC place offered me about $9,000. No kidding.
[I didn't change the money. Because an exchange office overseas offered me $12,800 or thereabouts, so I'm keeping my money till I go there again].
Moral of the story: shop around, if you have the time. Or just use your ATM card, it's the best deal.

[Katarzyna]

I had $15,000 Can. to change. My bank (in NH) offered me about $12,300 for them. AmEx offered me $12,200. The NYC place offered me about $9,000. No kidding.
Moral of the story: shop around, if you have the time. Or just use your ATM card, it's the best deal.SHocked.. $9000 that would be quite a nice transaction for them..
I will try to exchange a bit in NY and than try to use ATMs... as you all say.. I've actually done that before on my trips, but wasn't sure it was the smartest option.