Eli5, the British pound has hit an all time low. I am traveling to the UK next month from the US. If I change my US money to sterling will things cost me more or less?

Question

Or should i use my US credit card instead?

In: 0

Answer 1

You spend less dollar for the same amount of pound sterling now then you did in the past. So a trip to the UK from the US now is cheaper then it was before. However we do not know the costs next month. The pound may bounce back and become more expensive or this could be just the start and it could drop even further down tomorrow. And any efforts by the politicians next week could improve the pound or it could make it even worse. If you could predict the currency prices a month in the future you would be a very rich man.

For just a short trip of a week or so the currency prices does not matter that much and you can do what is most convenient for you. However the general advice is to convert your cash you need as soon as you decide to travel. You may end up spending more money then if you waited until later but at least you do not risk having to spend way too many dollars then you expected.