So I was going on holiday to Vegas next year with Thomas Cook and has $650 in cash saved so far, and now it looks like that’s cancelled due to Thomas Cook going bust. What is the cheapest way for me to convert that cash back to GBP so I don’t lose too much money?
Do you mean physical cash, i.e. banknotes?
I do yeah, just my luck I got it converted last week a few days before the problems with Thomas Cook went public, now I have actual USD in cash that I seem to have no use for and would like to convert it back to GBP without losing too much money.
Either where you purchased the money from, this can usually done Free depending upon where this from originally with proof of purchase or Post Office can give good rates for buying back Foreign money and paying GBP.
Thanks for the advice. I bought it from a Thomas Cook store so I guess that’s a no go, I shall look at the rates at the post office though, thank you!
Do you know anyone else heading to the states that could buy it off you? That’s another option.
I don’t unfortunately, I was going with a couple of friends who are now in the same situation as me. Also, the rates for buyback are much worse than regular conversion which I didn’t know
Why did you take it out in cash? In case the exchange rate got worse?
Yes and on some friends advice, luckily it isn’t as bad as my other friends who have much more in cash but still…
Not that this helps now, but I’d always use a service like Revolut if you wanted to “hold cash” in a foreign currency, without physically having to hold the cash.
You can convert when the exchange rate suits you, and the covert back when you wish (fee free).
Certainly something to bear in mind for the future.
As for now, I don’t think you have a huge amount of options that are particularly appealing.
- Hold the cash until you go back to the states.
- “Sell” the cash to a friend, friend of friend or family member.
- Take the hit in the currency conversion with someone else.
Why wouldn’t you just rebook your holiday with someone else?!?!
To be honest, with Sterling in free fall for the last few months, you may actually make a profit when you convert it back.
Because for the same flights+hotel the price has gone up by £3000, I won’t be able to that money together in time with enough to have to spend when I’m there.
I find that very hard to believe but fair enough. Keep an eye out though, Virgin Atlantic and others like to turn these things into a PR opportunity and there’s a good chance they’ll run some kind of price-match offer.
The flights were Virgin Atlantic premium and it was 10 night holiday on one of the main hotels on the strip in Vegas, recently rang Virgin Atlantic and they said at this time there is nothing they can do as the price is the price. Same package is showing on their website for £6500 for two people, whereas we paid £3350 through Thomas Cook.
Did you have travel insurance or pay by credit card at all?
I think local independents will usually give better rates, give them a ring .
If it were me, I’d be asking myself one question:
Do I really need to have the money back in GBP right now? Will I be in terrible financial hardship if I don’t have it?
If the answer is ‘no’ - and again, if it were me, it would likely be ‘no’ as there’d be a whole bunch of expected spendings that are removed from the budget with the holiday being junked - then I’d probably keep it in dollars for the time being, under the assumption that the B-word goes terribly and the dollars can be converted to even more pounds later down the line.