Currency question on USD/GBP regards Cambodia and Laos

Hi Gents,

Before when I used to come and go to Thailand, there was no question that buying the Thai baht wth Sterling after entering Thailand got you the best rate, and that was a fact.

However, this coming time, I will have GBP which I actually wish to change into USD, because both Laos and Cambodia prefer the currency of USD. We don't need to start talking about Laos kip or Cambodian Riel, which is OK for tiny sales and purchases in bars and tuk tuks.

Which is the best way to change the GBP into USD, because I know for sure, it won't be in a UK bank.

Any of the travelling Americans can you help me on this one please|??

[thonglor55]

Which is the best way to change the GBP into USD, because I know for sure, it won't be in a UK bank. Any of the travelling Americans can you help me on this one please|??The quick answer is that it won't be via a third-party currency. You'll pay the buy/sell rate gap twice (at least) - from GBP to third currency, then from third currency to USD. While the UK banks may not offer the best rate, what about buying American Express Travellers Checks (or cash via American Express) or using Travelex or some similar non-bank entity? Travelex UK (http://www.travelex.co.uk/uk/) posts a comparison on its Web site - for GBP1000 they will give you USD1590 compared to banks (USD1536), M&S (USD1585) or the Post Office (USD1588). American Express (UK) (https://www.travelmoneynow.com/uk) are quoting USD1595.

[jinks]

Assuming that there are ATMs where you are going.....

Get a Caxton card - a debit card that you load pounds or dollars (today 1.6005) via your bank debit card over the internet.

https://www.caxtonfxcard.com/index.asp

[thonglor55]

Check the conditions including daily limits and remember that while the card levies no fee for foreign ATM use, local banks may (eg. the 150 baht fee most banks in Thailand use for foreign cards used in local ATMs).
You're also hostage to the reliability of the ATM network in Cambodia and Laos, remembering they are not as technologically advanced even as Thailand.

[ceejay]

In Cambodia I had no trouble with ATM's. They pay dollars as well.
In Laos, on the other hand, I tried twice (in Luang Prabang) and neither worked. I also recall that, at the time I was there, they only payed out in kip - and a maximum of 700,00 at that, which isn't going to get you far.
For either country it is useful to change a small amount into dollars before you go. Use a travel agent or a bureau de change and order $200 or so in $1 and $5 notes - you will need a lot of these, the ATM's don't have them in Cambodia and you will rarely, if ever, get these small notes in change, which will invariably come in kip or rial.
Travellers cheques are useable in both countries but not really welcome in Laos. In Laos Banks will change them for a commission of about 2%, but if you try to use them to pay something like a hotel bill you will be charged much more - up to 6%. Many businesses will not take them at all.
In both countries, rather like Thailand, some of the best rates for changing cash are to be had in gold shops.

Thank you very much gents.

You have all been very helpful.

[thonglor55]

Thank you very much gents. You have all been very helpful.For my sake please don't tell newalaan. I'd hate to have my reputation for posting nothing useful compromised.

[Beachlover]

KQuill, for Cambodia...

1. As Ceejay said, make sure you get lots of small denominations as $100 notes can be a real pain to break. Only larger businesses like bars, hotels and restaurants will change a $100 bill and sometimes even they need to run next door to see if any of their neighbouring businesses have change they can borrow!

2. Be aware that many or most Cambodian businesses won't accept USD$100 and $50 bills unless they're perfect and without any flaws. It's a lot of money to them so they check each note carefully. Even a tiny little tear may cause them to reject it so make sure you have crisp new notes.

3. You mentioned somewhere else that you might be going via Singapore. Can't say where you'll get the best exchange rate for GBP to USD for sure but what I did was take my Australian currency to one of the money changers at Mustafa Centre in Singapore (big Indian shopping complex) and got a good rate for changing AUD to USD there.

Hi guys,

I'm going to go with Thonglor and buy American travellers if I can via the Post Office or something like that, to start. I have USD in the RBC at the moment doing nothing, so once I get to Cambodia, I can open a USD account there.

Only one question, I don't know where Travelex are??, I thought they were the exchange booths at the airport, Yes?

I tried the Caxton card jinks but when I went online it got complicated as I haven't lived at this current address for 3 years, as you all know! so, for the amount involved, I can buy travellers this time around and take some in USD cash, I suppose.

Thanks for the input.

Beachy, I know and heard what you said but I am not via Singapore, it will be Ho Chi Minh.

However, if I get ill, my main port of call will be Singapore on health insurance and I followed your advice and I've got over $1M worh of cover.

[ceejay]

Only one question, I don't know where Travelex are??, I thought they were the exchange booths at the airport, Yes?
That's mostly so, but they do have a few retail outlets. Use the store locator on their website:
http://www.travelex.com/
Personally, I use my local branch of Thomas Cook for cash money. That's because the exchange desk is run by a very helpful lady who will order in relatively large quantities of small notes for me.