If you’re going to Great Britain and your pockets are filled with United States dollars, you’ll need to convert the money to British pounds in order to spend it on food, lodging or souvenirs in the United Kingdom. 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 American dollars to British pound sterling on websites such as XE.com or Federalreserve.com.

Step 3

I you want to convert the US dollar to British pounds, use a calculator to divide the amount of dollars you are exchanging by the current gbp exchange rate. For example, if the current currency exchange rate is 1.3848 GBP for 1 USD and you are converting 100 USD to pounds, divide 100 USD by 1.3848 for a total of 72.21 gbp. this ultimately means that 1 gbp is equal to 0.72 USD. Alternatively, you can use a rate exchange calculator such as the one on XE.com to get conversion rates faster anf even look at the recent exchange rate history to make sure you’re getting the best deal. There are also many different apps that you can download on your phone for quick currency conversion and foreign exchange rates. Your banking app might even have a currency converter built in so you can convert from your bank account without any transfer fees and better rates.

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, Generally money changers at airports charge higher fees, so you’ll want to convert dollars to foreign currency before your big trip fo the best exchange rate. In many cases your bank might even allow you to convert USD without any additional fees.

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.