When traveling to a foreign country, you must convert the money you have into the country’s native currency. If you’re going to Great Britain and your pockets are filled with U.S. dollars, you’ll need to convert the money to British pounds in order to spend it on food, lodging or souvenirs in the UK. The amount of pounds you receive depends on the current exchange rate. This process is relatively simple, but money changers do charge nominal fees for the conversion of currency.

Step 1.

Calculate how many dollars you need to convert to British pounds. Converting too much or too little results in multiple exchanges and increases the amount of fees you’ll pay for currency exchanges. Spend all coins, as many banks and money changers will not exchange coins.

Step 2.

Find the current exchange rate for dollars to pounds on websites such as XE.com or Federalreserve.com.

Step 3.

Use a calculator to divide the amount of dollars you are exchanging by the current exchange rate for pounds. For example, if the current exchange rate is 1.3845 GBP for one USD and you are converting 100 USD to pounds, divide 100 USD by 1.3845 for a total of 72.23 pounds. Alternatively, you can use a rate exchange calculator such as the one on XE.com.

Step 4.

Find a currency exchange location in your area. Check local banks and airports. Many banks offer exchange services and money changers are often found in airports. Ask about the fees associated with the exchange and compare rates before choosing a money exchanger.

Step 5.

Subtract the associated exchange fees from the amount of pounds calculated to determine the correct amount of pounds you are to receive during the exchange.