gabi

hi,<BR><BR>this has probably been asked before, but what is the best way to exchange money in London. I would think that the exchange rates from an ATM with a debit card would be the best. Am I correct, or is it simpler or more advantageous another way? Also is there anything special I should about their ATM system there?<BR><BR>Thank you so much.

Steve

ATM is best. The rate will be about 1.57 USD per GBP plus a small commission by your bank per withdrawal(1-2 dollars). Credit cards are accepted more in London than most other European countries, but most cards charge an extra couple of percentage points for transactions in another currency, making ATM withdrawals a slightly better option from an exchange-rate point-of-view.

Jamila

I used my Bank One debit card at the airport atm and was not charged any fee. I also used my MBNA mastercard while shopping and was not charged any fee either.

carolyn

The first week of this month I used my ATM card in London for 100 GBP, and my checking account was debited for $158 U.S. My charge card is a Visa, and the items on which I used it were billed at from $1.61 to $1.64 per pound. I called about an item that was not mine and while on the phone asked if there was a charge for using the card abroad. I was told that Visa International does make a very small charge per conversion.

Colleen

There is an international law against foreign banks charging a fee to use an ATM machine, so any withdrawal cost will come solely from your own financial institution. (My Credit Union doesn't charge any fee for foreign ATM usage.)<BR>Re: MBNA charge card - you didn't see a separate charge for using it internationally, but what you don't see is the difference in the exchange rate of your purchase. <BR>All VISA/MC cards include a 1% conversion fee for foreign purchases; that fee comes directly from VISA/MC. Your own financial institution determines any additional fees. I believe AMEX runs 2-3%, most VISA/MC fees are about the same - but be careful - sone are as much as 5%. Call your card carrier to inquire, or look at your Terms of Agreement.

YOUR bank

The international fee is whatever your HOME bank charges you. It has nothing to do with the European bank or whatever exchange rates are given.<BR>

Jen

Some US banks don't charge a fee for withdrawals at foreign ATMs.

Gabi

thanks a lot guys. I guess all it's left to do is call my bank and credit card companies.

xxx

I know that Bank of America charges 3% on all international transactions and on any charges outside of the lower 48 states.

wishediasked

In the past I've used my debit card exclusively to obtain cash abroad and was nominally by my bank (washington Mutual, to do it. I don't like having huge amounts of cash on me when I travel so I usually visit an ATM every three days or so. Well, this summer I was happily getting cash whenever, wherever I wanted just like before. When I got home there was a WHOPPING amount of bank charges from my trip. Seems WAMU's policy has changed and they now charge $10.00, yes $100.00 for EVERY ATM transaction overseas. I shoulda joined that credit union.

moniciao

I was just in London last summer and I was shocked to see that my bank charged 10.00 per transaction. Luckily I only got cash 3 times. I charged everything else to get miles ! Thank goodness I did , otherwise I would have spent a bundle using the ATM!!

Susan

Correction to xxx above. Bank of America only charges 2%, but Visa or Master Card also charges 1% making the total 3%. You won't avoid that 1% no matter whose card you use.

Gabi

wow, thanks! I have washington mutual as my bank. At least now I know if I take out money to take out a lot at one time. How about going to exchange offices, did anyone find them too expensive or just about the same?

Christina

Do you mean exchange bureaus to change foreign currency or travelers' checks? I only used one at the airport in London because there were no working ATM machines when I landed in August and I needed some cash--at least all the ones close to the departing transportation area where you cash Airbus or the train were down and I wasn't about to search the entire airport. I just figured out the cost of that from my receipts and I think it was about 12% less than the interbank rate. Airport exchange bureaus are usually much worse than ones in town. There were tons of exchange bureaus in London, I was surprised at how many there were given people use ATMs a lot nowadays. I did check out the posted rates at a few around where I was staying (near Gloucester tube stop), and I did notice the rates were a lot better than the airport -- I didn't write down specifics, but from my memory, it might cost around 5-8 pct off interbank rates. A credit card or ATM machine (assuming you have a reasonable ATM fee and don't take out small amounts) would be a lot better, obviously, but it shouldn't bankrupt you if you have to use an exchange bureau once or twice. If you have a bank that charges $10 per transaction (wow!) they would be just as good if you are taking out modest amounts from ATMs.

Gabi

thanks, I checked with my bank, Washington Mutual, and they only charge $3.00, so that not bad. I'll just use the ATM. I noticed the same rules applied when I went to Italy.

xxx

B of A charges $3.00 for the foreign banks not on the Plus system. We found it very easy to use the ATM's in Paris. We used ATM's at BNP Paribas and there are many. No fees charged. But in Switzerland we needed cash &amp; although the logo had the Plus logo we were charged $3/transaction-obviously that bank was one of those independent ones not connected to Plus.

Patrick

My account is with Bank of America and this summer in three months I did a whole lot of ATM transactions. I did have a record of the total number and the individual costs. I've lost that record now, but I know I posted it here. From memory it was something like 22 transactions, at least half were free (I had checked which banks to use in UK and France), several were $1.25 and several others were $1.50. I'm not sure why your B of A charges $3.00. I've never seen a charge over $1.50.

xxx

I'm not sure either why it's $3 but that's what a rep. told me and it's what I was charged. And you were charged different charges-they weren't all consistent. Is there a reason for the different charges-some higher and some lower?