janisj

I certainly hope you meant your bank charges 6% to BUY foreign currency - and not 6% to use an ATM

If that is their ATM fee - it is totally out of line. Who told you they charge 6% for ATM transactions?

janisj

Tara: I just noticed what website you are using. That is the British Airports Authority's Travelex foreign exchange site. $1.83 is how much they will give a Brit for each £ when they are traveling out of the country.

If you click on their currency converter link, you'll see they would charge you <b><u>$2.04</u></b> per GBP If you were landing at LHR and using Travelex to get some cash.

Sorry - but you just mis-interpreted how foreign currency is bought/sold. There is alweay a huge gap between Buy and Sell rates.

tcreath

On our first Europe vacation, several years ago, we were naive and bought pounds through our bank (which I believe was Bank of America). If you really want to do it, check with your bank. It took a few days for them to get it to me.

But I absolutely agree with the above; its much cheaper to get money out of the ATM. Just get some money out when you get to Gatwick.

Tracy

ira

Hi Ma,

&gt;United States - Dollar 1.8301 199.99 366.00 Mixed

Commission on Currency Notes: 0.00

Total Due: 199.99&lt;

You are buying GBP at the rate of $1.99/GBP.

The GBP was $1.89 at 16:30 EDT, so you are paying about $8/100 more than if you got the GBP at an ATM.

janisj

Nope, ira. What Tara quoted is the Travelex computation for buying US$ w/ GBP -- <u>nothing</u> at all to do w/ buying GBP.

1.8301 = exchange rate
199.99 = cost in GBP
366.00 = the amount of US$ they will get for &pound;199.99 (It looks like Tara plugged in &pound;200 and &pound;199.99 is the closest full dollar amount)

As I said - today their rate for buying GBP w/ US$ is $204.

ira

Hi J,

Thanks.

&gt;- today their rate for buying GBP w/ US$ is $204.

The rate at an ATM would be about $192.

We do agree that the OP ain't getting it at $1.83?

ma23peas

I just called my bank and they said as of June they are charging 1% when using an ATM and that the British bank I use would not charge me a fee (don't know about that, doesn't sound right)....they charge about 6% to order the money here and have it converted. I don't plan on getting more than $300 US converted so it'll cost me $3 to do it there it sounds like a better deal...my concern is that I'm not getting an exact rate when I get the exchange...she couldn't answer that for me...what good is a 1% charge if they're using a higher conversion rate?

Tara

janisj

Tara: &quot;<i> . . . . the British bank I use would not charge me a fee (don't know about that, doesn't sound right)</i>&quot;

For once a US bank gave the correct info. It may not sound right to you but it is true. The British bank will not charge you a penny.

&quot;<i>my concern is that I'm not getting an exact rate when I get the exchange...she couldn't answer that for me...what good is a 1% charge if they're using a higher conversion rate?</i>&quot;

They don't just pick a rate out of the air. Your bank will use the interbank rate and add 1%. You are &quot;over thinking&quot; this whole thing. Just relax - use your ATM card after you are in the UK. It is the <b>cheapest</b> and the <b>easiest</b> way to get cash.