British pounds ordering online?
Aug 15th, 2006, 04:49 AM
#1
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British pounds ordering online?
I'm thinking I might need some more pounds and am super cheap...don't want to pay any ATM fees...On the Gatwick Airport site there are two companies (Travelex?) that offer best rates with no commission charges...AAA charged me something I can't remember but wondered if anyone had ever used these services...the exhange rate says 1.89 dollars per pound and they were quoting 1.83 and you pick up your money when you get to the airport...I wanted to be able to give my children some pounds for spending money and let them pick it up as a surprise when we land...
Thanks!
Tara
Thanks!
Tara
Aug 15th, 2006, 05:19 AM
#3
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Travelex are quoting $2.04=£1 if you're selling dollars: you need to go to the "currency converter" page.
I can't find a way of pre-ordering sterling on that site: it's aimed at UK residents wanting foreign currency to go abroad, noit foreigners visiting the UK.
I can't find a way of pre-ordering sterling on that site: it's aimed at UK residents wanting foreign currency to go abroad, noit foreigners visiting the UK.
Aug 15th, 2006, 05:47 AM
#4
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Any company that claims to not have any commission is someone you shouldn't believe. And if you believe a company can stay in business without making any profit, then probably you shouldn't be making financial decisions between ATM fees and currency exchanges. I have used Travelex at Heathrow, and seen their rates in many places in Europe, and I can't imagine there is any way in the world you are going to get money from them cheaper than an ATM fee. I know when you convert at the Healthrow airport, they charge about 13 pct. In-city Travelex locations in other places charge about 10 pct, as I recall (not in London, I remember seeing them elsewhere this summer and taking note). They are not going to do a special service for you, involving paperwork and personnel, and then charge less than walk-ups where there is not extra labor involved, I would speculate, but that's just assuming they have common business sense.
What is your big ATM fee that you want to avoid by using private exchange bureaus?
What is your big ATM fee that you want to avoid by using private exchange bureaus?
Aug 15th, 2006, 06:40 AM
#5
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Why not just get pounds online from your bank. there is a $7.50 charge for B of A foreign currency. You just order it on line and pick it up at the branch where you normally do business two days later.
Aug 15th, 2006, 06:42 AM
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These companies make money two ways: on conversions fees and on the exchange rate. People see "no conversion fees...and best rates!!!"
and they figure..wow, I'm saving money. But what exchange rate are they using? When figuring what is best FOR YOU, you need to consider the total cost of having that currency in your pocket. ATMs tend to be better, since they use better exhange (wholesale?) exhange rates. Even if they do charge 1/2/3%, it probably is cheaper than any exchange bureau at an airport that has to pay rent, salaries,etc...
and they figure..wow, I'm saving money. But what exchange rate are they using? When figuring what is best FOR YOU, you need to consider the total cost of having that currency in your pocket. ATMs tend to be better, since they use better exhange (wholesale?) exhange rates. Even if they do charge 1/2/3%, it probably is cheaper than any exchange bureau at an airport that has to pay rent, salaries,etc...
Aug 15th, 2006, 07:03 AM
#7
Jay: "<i>Why not just get pounds online from your bank. there is a $7.50 charge for B of A foreign currency.</i>" Because besides the $7.50 you would also get a lousy exchange rate. Ordering from a bank would cost much more than just using an ATM after you are in the UK
Tara: If you saw $1.83 - was that maybe a month or so ago? Because the exchange rate was near that back then. But now it will be much different. The rat
Basically - the small fees you will pay for using ATMs in England (and those are only assessed by your own bank) are much less than any other way of getting cash. Trust us - getting £ States will cost you more.
Tara: If you saw $1.83 - was that maybe a month or so ago? Because the exchange rate was near that back then. But now it will be much different. The rat
Basically - the small fees you will pay for using ATMs in England (and those are only assessed by your own bank) are much less than any other way of getting cash. Trust us - getting £ States will cost you more.
Aug 15th, 2006, 09:13 AM
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Just to explain I'm not losing it -- This has happened to me more than once - on my new laptop, highlighting is much lighter than I'm used to so I have typed over/deleted things a couple of times not noticing I have dragged or highlighted sections. Guess I'll have to wade around in my preferences to figure out how to change it.
Aug 15th, 2006, 09:18 AM
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Even with ATM fees it is still a lot cheaper to get your money through the ATM than any other means of exchange. As previously stated, don't be fooled by an organization that claims they don't have fees. They might not have a flat fee, but you can bet it's hidden in the exchange rate, so the more £'s you buy from them, the more you pay in fees.
USE THE ATM if you want to save money. That can't be said enough.
USE THE ATM if you want to save money. That can't be said enough.
Aug 15th, 2006, 09:21 AM
#13
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I agree with the posters who urge you to use ATM's. In May I used several ATM's in the UK, and I think I ended up paying only one usage fee (I just checked my bank statement; I paid one fee, $3.79, a "Visa International Service Assessment - and I withdrew money three times). And, of course, I got a better exchange rate than I would have with Travelex or AAA or any service like that.
Aug 15th, 2006, 09:40 AM
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United States - Dollar 1.8301 199.99 366.00 Mixed
Commission on Currency Notes: 0.00
Total Due: 199.99
That's what I got...it was actually buying US dollars at $1.83 per pound...not the other way around...about to try it the other way and see what I get...but it seems they're making 6 cents on the dollar? Trying to figure if it'll let me convert US dollars to pounds...here's the link...if anyone can play with it and tell me..
https://www.travelex.co.uk/baa/moneynet.asp
My bank charges 6% of the amount as a fee..just trying to save every nickel and dime I can.
Commission on Currency Notes: 0.00
Total Due: 199.99
That's what I got...it was actually buying US dollars at $1.83 per pound...not the other way around...about to try it the other way and see what I get...but it seems they're making 6 cents on the dollar? Trying to figure if it'll let me convert US dollars to pounds...here's the link...if anyone can play with it and tell me..
https://www.travelex.co.uk/baa/moneynet.asp
My bank charges 6% of the amount as a fee..just trying to save every nickel and dime I can.
Aug 15th, 2006, 09:44 AM
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If your bank charges 6% to exchange money, that's typical. If your bank's ATM card charges that, then find a new bank. The ATM charge is usually 1% plus a flat fee of a buck or 2. If they charge much more than that, find a new bank, or a secondary bank to use for traveling.
Aug 15th, 2006, 09:45 AM
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ma -
If your bank is charging 6% then you need to change banks - not go for some on-line scam for the naive. (And I would look at everything else that bank is doing - it doesn't sound like a great deal.)
And these companies DO NOT buy and sell curencies at the same rate. You're looking at the cost to buy dollars and then assuming you can sell for the same rate. They won;t do that - but have to charge you much more to make money.
PLEASE - get a better bank that does 1 or 2% and use your ATM card. That is the only thing that makes snese.
If your bank is charging 6% then you need to change banks - not go for some on-line scam for the naive. (And I would look at everything else that bank is doing - it doesn't sound like a great deal.)
And these companies DO NOT buy and sell curencies at the same rate. You're looking at the cost to buy dollars and then assuming you can sell for the same rate. They won;t do that - but have to charge you much more to make money.
PLEASE - get a better bank that does 1 or 2% and use your ATM card. That is the only thing that makes snese.
Aug 15th, 2006, 09:46 AM
#18
Tara: the rate you get buying $ with £ will be much <b>MUCH</b> different than buying £ with $.
$1.83 is a bad exchange rate if you were buying $ so my guess you will get a bad rate when you check the reverse . . . .
$1.83 is a bad exchange rate if you were buying $ so my guess you will get a bad rate when you check the reverse . . . .
Aug 15th, 2006, 09:46 AM
#19
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If you want some pouinds for the kids, go ahead and get some at home, along with some for pocket money when you land, cab fare/train to hotel. But for the serious "poundage", use the ATM when you get there.
