Debbielynn

Are there any BANK ATMs at Heathrow? I am arriving in terminal 3 and would like to get a good exchange rate.

janisj

The exchange rate is not determined by the machine . . . it s determined by your own home bank. You ask for £100 you get £100. What that £100 costs you is on <u>your</u> bank . . .

My last three trips via LHR I didn't see any Bank owned machines -- I <i>think</i> they were all travelex. But there could be some bank machines - there did use to be -- but I don't sweat it one way or the other, if I need cash on arrival I just hit the first ATM I see.

Odin

Yes, there are BANK ATMs at T3 arrivals.

dotheboyshall

It is virtually certain that the ATMs at Heathrow will charge a fee for using them.

You also need to know what your bank will charge for foreign withdrawals as that & the ATM charge will reduce the effective exchange rate.

Watch out for ATMs or people offering to "help" you by quoting prices in your currency - invariably this will mean you get a very poor exchange rate.

Do inform your bank / card company and do know how to contact them from abroad when they forget and block your card

janisj

"It is virtually certain that the ATMs at Heathrow will charge a fee for using them."

Not IF it is a bank-owned ATM. Bank-owned machines don't charge user fees.

In the past several banks have had machines at LHR -- I personally haven't seen one lately but Odin says there are so there probably are.

I just don't sweat it . . . If I need any cash immediately upon landing the tiny fee will be less than .001% of what I'm going to spend on the trip.

Kathie

Often you have to look a bit to find the bank owned machines as opposed to Travelex. That was true at the Paris airport. I can remember the "good old days" when all the ATMs at Heathrow were bank-owned...

tom_mn

I wish there was a way to know what the exchange rate was at the time of currency purchase. I always choose bank ATMs under the assumption that the rate will be better there-- but have never seen an analysis that proves it.

Really, the bigger enemy will be the fees charged by your home bank (if any). Many US banks charge a flat $5 fee plus 3% but others charge no fees, especially credit unions.

janisj

tom: " I always choose bank ATMs under the assumption that the rate will be better there-- but have never seen an analysis that proves it."

the exchange rate has NOTHING to do w/ the machine. There is no 'exchange' happening. One swipes the card, requests a certain # of £, and receives that amount.

The exchange rate will be calculated by your network/bank when the transaction is processed.

fmpden

...The exchange rate is not determined by the machine . . . it s determined by your own home bank. You ask for £100 you get £100. What that £100 costs you is on your bank . . .

That is false. The actual exchange is determine by the network (often Plus or Cirrus) at the time of processing. Generally it is the interbank rate PLUS a small service charge of less than one percent. That is presented to your card issuer as the exchange rate. After that the card issuer will if and all additional fees to be charged. My credit union adds nothing. In the US all additional fees over the exchange rate from the network must be fully disclosed. If the same network is used it will be the same rate at the same time as any other ATM anywhere.

janisj

"The actual exchange is determine by the network (often Plus or Cirrus) at the time of processing."

Is that not what I said? "The exchange rate will be calculated by your network/bank when the transaction is processed."

The fees added by the bank are generally a fixed # per transaction and are not part of the exchange rate calculation.

Southam

http://www.visa.com/atmlocator/index.jsp#(page:home)
Type in Heathrow Airport

I dislike being held captive by Travelex machines at various UK airports (I suspect it is a franchise arrangement.) However, after getting off an overnight trans-Atlantic flight, and trying to sort out ground transport, I also don't want to traipse around the vast Heathrow complex to save a few dollars/pounds from a friendlier ATM.

Alec

AFAIK, Travelex ATMs at Heathrow (and presumably at other UK airports) don't make any EXTRA charge for withdrawal, unlike those you find in pubs, bars, corner shops and motorway services. UK ATM must show before concluding your transaction how much extra charge is levied, such as 'This machine charges £1.99 per withdrawal.' This is on top of anything your card issuer may charge. What happens is if you key in £100, you will actually be debited £101.99 though you only get £100 in cash.

Kathie

I thought I'd read that Travelex has a worse exchange rate in addition to per-use fees. Maybe they have a worse exchange rate because they add a percentage to the exchange rate... Bank ATMs start with the official "bank rate" for exchange (which is what you find on xe.com) and add to that. I have a card that only adds 1% to that (which is what the networks add), but the usual big bank cards add three per cent.

For me, I have to admit it is a matter of principal - I don't want to give my money to these rip-off artists like Travelex. You are quite right, in the larger scheme of things it is a very small amount of money.

Dukey1

Please don't spread this falsehood that bank-owned ATM's don't charge user fees.

janisj

Dukey: "Please don't spread this falsehood that bank-owned ATM's don't charge user fees."

That is not a falsehood. UK bank-owned machines do not charge to withdraw ££

Kathie: "I thought I'd read that Travelex has a worse exchange rate in addition to per-use fees."

That is for traveled exchange booths - not the machines. The exchange rates for ATM transactions are determined by the network of your own bank.

Alec: "AFAIK, Travelex ATMs at Heathrow (and presumably at other UK airports) don't make any EXTRA charge for withdrawal, unlike those you find in pubs, bars, corner shops and motorway services. "

That is what I thought too -- not 100% sure and I don't have my receipts for the last time I used an ATM at LHR.