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Heading to the United States? Need to know how much an amount in sterling will buy in US dollars? We can do the calculation for you using the latest exchange rate information.
Here, you can track real-time GBP/USD rates and boost your knowledge with our calculator and interactive charts.
How do I use the currency converter?
To use our currency conversion calculator to tell you how many dollars you will get for your pounds, simply enter the amount of sterling you wish to convert and make sure you’ve chosen the ticker ‘GBP’ as your starting currency and the ‘USD’ ticker as your ending currency.
We will then provide you with an estimate based on current rates.
Each currency has a ticker of its own, which you can find from the drop-down menus.
Disclaimer: Our currency calculator uses Open Exchange API to gather current exchange rates. We pull new rates every 5 minutes to ensure that the conversion you see is accurate and up to date. However, the rate you see here may not be the same rate that you’re offered by a bank or other financial institution.
When should I exchange money?
It is difficult to know exactly when to exchange currency. Many factors can affect the value of the currency you’re planning to exchange, from economic events to the time of day.
One tactic is to monitor the conversion value on different days ahead of making the transaction so you get a good idea of what is happening between sterling and the dollar.
If you see it swing dramatically away from the typical amount, you can buy or bide your time accordingly.
Is now a good time to buy dollars?
At the time of writing (November 2023), the pound is worth about $1.25. In recent months, it’s fair to say that sterling has enjoyed a reasonably strong period of performance against the ‘greenback’, especially when you remember that a pound was worth about $1.07 last autumn, following what is generally considered to be the ill-considered Liz Truss/Kwasi Kwarteng Budget.
What’s more difficult to call is how the respective currencies will perform going forward.
The pound and the dollar are one of the world’s most traded currency pairs and multiple factors affect the exchange rate. These include monetary policy on either side of the Atlantic, along with prices, inflation, economic confidence, and sentiment.
Prior to making a trip, it’s always worth keeping tabs on how the pound and the dollar are performing against each other.
But remember, also, that deploying the best ways to exchange currencies, as outlined above, are as likely to save you as much money as timing your next purchase to perfection.
Frequently Asked Questions (FAQs)
What is the best way to exchange money?
One of the worst places to exchange money when you’re travelling is an airport bureau de change – they charge some of the highest fees and often have uncompetitive exchange rates.
Why? Because they know you’re probably itching to get some currency for your destination, and you don’t really have another choice. They work on the basis that you’ll pay what they’re asking just to get the job done.
So, if you can, plan ahead and use a bank branch or a post office.
In larger branches, there will often be a walk-in service for popular currencies such as USD and euros.
It should also be possible to order in advance for collection from the branch, or you may be able to order your currency to be delivered to your home. Check for fees and possible limits on the amount you can order for delivery.
What if I need cash while I’m away?
If you need cash while abroad, you can withdraw funds from an ATM in the usual way. But if possible, take a card that does not charge a fee for international cash withdrawals, otherwise you may find yourself paying $2.50 for every $100 you take out.
Ideally, this should be a debit card. If you use a credit card, you’ll be charged interest on the amount withdrawn from the moment it comes out of the machine, regardless of whether you clear your balance within the interest-free period. And any fee would be slapped on top.
How much money should I exchange for my holiday?
This is a personal decision that will partly be determined by the sort of vacation that you’re planning (city break in reach of plenty of cash machines, for example, or journey to the back of beyond) and whether you’re travelling solo, or in a group with friends and/or family.
Despite the rise of debit/credit cards and the advent of contactless payments, travellers in a foreign location are likely to feel a little financially ‘naked’ if they don’t at least carry some hard currency in local coins and notes.
Not all bars, restaurants, or retail outlets accept cards, of course, and payment systems relying on an internet signal have been known to fail. So, for life’s essentials (if nothing else) it’s probably worth carrying £50 to £100 in local currency to avoid any awkward situations.
That said, carrying too much cash can bring its own risks. Not everyone is comfortable carrying bundles of cash on their person. Where possible, remember to split up your cash and make use of hotel safes and strong boxes.
If you’re not intending to spend all the cash you’re taking away with you, look out for buy-back guarantees at the time of buying your foreign currency. Some providers let you lock in the exchange rate that you bought at. On your return, it’s then possible to sell back unwanted spare foreign cash, usually without commission fees.
Of course, if you’re planning on returning to the same country relatively soon, then it’s probably worth hanging on to residual cash and making use of it on the next trip.
