Currency Exchanging
 

Hello. I'm traveling from the USA to Ireland to the UK. How much cash should I bring, I'm thinking $2500 US, and when should I exchange it for local currency, Euro or Pound? Before I leave, in Ireland, or the UK? Is there a way to go about this so I lose the least amount of value?

I would not carry that much cash in any currency.Not to mention, exchanging actual currency often has a poor exchange rate.

To get the best rate, use your ATM card. But ask for the local rate, not DCC (Dynamic currency conversion). I hope others can chime in on what that means.

Make sure you tell your bank(s) if you plan to use your ATM or credit cards overseas.

Are you going to Northern Ireland or Republic of Ireland? There is a difference. You will not be using the pound unless you go to Northern Ireland. Edit: I see now that you are going to the UK. Advice above is the same for all.

Too much cash!

My routine is to take the equivalent of $100 in the local currency of my first stop, purchased for a fee from my bank at home (insist on small bills only).. That's enough to get to my hotel and have a snack without trying to find a cash machine in an airport while jetlagged. All other transactions are by credit card. If actual cash is needed, I use my debit card at an ATM at a bank.

Every time I travel overseas, I go prepared with a couple of different ATM cards and several credit cards. I have used my Capital One ATM card that has no fees in many foreign countries, and I have saved leftover (foreign) cash to bring on the next trip. Each year I've traveled, cash -- local or U.S. dollars -- is becoming less and less needed. I can charge my cards simply by tapping my phone -- even on public transport -- and RARELY have I ever needed cash. I find it's becoming obsolete.

As always, YMMV. Have a great trip.

Welcome to Fodors. If you are the type who is more comfortable carrying some cash at all times -- then maybe $200 in € and maybe a little less in £ -- at the very most. You really don't need any cash but me personally I do like to carry a little. You would use £ 100% iin the UK -- in the Republic it will be 100% €. You can order some € from your own bank or just wait and use the Bureau de Change at your departure airport. But you will almost exclusively be using credit cards for day-to-day spending so definitely don't take a lot of € or £.

ps: I wouldn't fret about seeking out the best exchange rate (your bank vs. the B-d-C) because you'd be buying so little the extra fees will be a drop in the bucket of your trip in full.

Thanks. I was wondering how much cash to take. I traveled around Europe last summer and in some places all they took was cash but most only wanted card, or 'pin' as they called it. My concern about exchanging currency came from two places. Czech uses their own currency and the fees for withdrawing cash were enormous, and I spent a night in Dover and was kinda shocked about how much more I lost going from US to Euro to pound.

Where were you getting your cash at?

ATM? If so, make sure you do not select DCC. That's where it (usually) gets you. It may say something like "do you want to convert to your home currency?" Always say NO.

Or were you going to an exchange bureau?

I think you may have been taken. Withdrawing cash from an ATM doesn't involve big fees. You ask for £ and receive £. There is no 'conversion' going on. Mostly the fees are charged by your own bank back home when they convert the £ to $ to deduct from your account.

> I lost going from US to Euro to pound < that definitey was a learning experience for you going forward. Exchanging one currency (the actual bills/notes) for another is always the most expensive option and you were doing that TWICE over the same transaction. US$ bills to UK£ notes to € you ended up paying double 'conversion fees' and losing on the exchange rates both times. One never 'sells' currency for the same amount you cab buy it -- Just don't do it -- use an ATM.

Avoid Euronet ATMs

Euronet aren't really any more expensive than other non-bank cash machines. Their fees run from free in some locations to €4-ish in others. Its a flat fee and isn't based on the transaction amount. Close to what many ATMs charge for out-of-system withdrawals in the States.

OP will find contactless card (credit or debit) payment increasingly favoured over cash in the UK (I don't know about the position in the Republic but I'd be surprised if it's much different).

You'd only have to worry about your own bank's charges then.

100%. The only thing you have to watch out for is these machines are very wily. They will attempt to get you to do DCC not once but twice. Same as some bank ATMs..

Hopefully you have a credit card with no foreign transaction fees on purchases. (You can use xe.com to get an idea of where the US dollar stands against the euro or the pound.) In England, don't expect to use much cash at all, only credit card (usually contactless/tap to pay payment means, so look for that icon on your card). If you have an iphone, set up your apple wallet ahead of time in the US with your credit cards.

If you'll be in more rural areas, you may want cash. I withdrew cash to ride buses in the countryside as their apps didn't connect to my credit cards correctly, or they offered more expensive day passes rather than cheaper, single tickets. (With my leftover cash, I topped up my Oyster card in London.) In May, I withdrew £50/$66.64 from an HSBC Bank ATM and my US bank charged $2 for the foreign atm fee. (The UK atm didn't tell me what the fee would exactly be, only that "your bank may charge a fee," etc.)

If you're asking what you might budget (outside of air/hotel), for a solo who's not patronizing finer dining or adding alcoholic drinks at most meals, a rough budget is $100/day. In my 11 days, starting from O'Hare airport, I spent $930; $460 for family gifts + $470 for meals/groceries/events & tours. Though half of my trip was in the country for hiking, so little spending those days, and the restaurants I chose were informal; my meals were $20-$26 in those places (no alcohol). In cities, you spend more. I did secure theater tix ahead of time. And for the big sites (Tower of London, Hampton Court, etc.), there are those entry fees.

As your entry is Ireland, maybe google the ATM locations at the airport so you'll know where to withdraw cash after you exit border control.

I heartily agree with so much of the above. And I'd like to summarize it all, if I may:

• Don't be carrying cash! Instead, carry chip no-foreign-transaction fee credit cards and an ATM card (we carry two different ones).
• Never press any button on any machine anywhere that says "conversion". When you are in any country, you should operate in local currency only. Anyone who tells you the conversion is a convenience is a thief.

IMPORTANT PLUS!!!!
Smartphone payment systems work. The last time we were in Ireland in 2023, I was using my Samsung Pay all over the place, even when our drivers would tell us it would not work. Google and Apple Pay are similarly accepted.

FYI--We are heading to the UK/Ireland within 24 hrs. My husband (aka, "The Currency Hoarder") is gathering up his Euros and Pounds scattered throughout his old luggage and dresser drawers as we speak. This time, however, he intends to spend it all. "You know," he says to me this morning (as if I, Ms. "I've-Paid-Everything-With-Credit-Card or My Phone for the Past Decade", wasn't up on this), "It's a credit card world out there now."

Enjoy your trip!
AZ

I've been wondering whether if or when the currency appearance will be changed in the UK due to the change to King Charles? We've had the experience of some (formerly good) bills not being accepted due to them being outdated, so maybe The Currency Hoarder has the right idea to use it up.

UK currency does change, but change of sovreign is not like a guillotine

https://www.bankofengland.co.uk/banknotes

Then within the UK there are some other notes (Scottish, Jersey, Guernsey, Isle of Man etc)

Good to know. The British are sooooo civilized, eschewing the guillotine and all.

We took about $1200 on our recent trip to the Balkans as most tour guides require cash unless you've booked on viator or getyourguide. I don't book group tours anymore. A few churches asked for cash.

My experience has taught me to always take a bit of home cash with me as things can and do happen.

1. Phones can get lost or stolen.
2. Credit cards can get hacked.
3. ATMs can get hacked.

All three have happened to me and a friend. If I have a bit of cash, I can exchange it locally if needed. I had my travel only credit card compromised just 2 weeks ago when in Germany. I had my debit card and used that for purchases when not using euros that I already had on me. I also had a couple of hundred local money on me in case something happened to my debit card. I went into a church asking for donations via phone but did see a place for cash when wanting to lit a candle.

^^^ I usually do have some 'seed money' in £, or €, or ¥ or whatever left over from previous trips. But if I'm out then yes, some 'home' currency is handy to have.

well, i just returned. I took less cash and used credit cards. I believe this may have been the wrong way. Do to the exchange rate from pound to US everything I bought I paid 30-35% on top once my banks converted to US. So if a hotel room was 100 pounds in reality I was paying closer to $140.

I cashed in 1700 pounds before i left and received $2200 so that was a relief but between the exchange rate and foreign transaction fees I wasted alot of money.

Don't think there is a cheap way to do it. Dublin and London are the two most expensive cities I've been in.

Actually -- Credit cards are the absolute cheapest way to pay for things. At the current $/£ exchange rate £100 = $134.42. With a 1% conversion fee tacked on by your credit card that £100 would be approx $135.76. If you paid a lot more than that, then you fell for DCC. Dynamic Currency Conversion was explained up thread. Never ever have your charges calculated in your home currency. That just adds on more fees.

Plus you lost $ on the conversion from £ back to $. £1700 would equal $2285 so if you received $2200 you paid $75-$85 to sell back those GBP. (the exact dates make a difference because the exchange rate fluctuates). But no matter the date -- you paid a premium to buy those £ and you paid another premium to sell them back.

I was paying roughly 35% more in US the Pounds when i used credit cards...that was my general complaint.

the pounds i cashed in were those i won playing poker

at any rate England is crazy expensive. everyone there agreed.

35% is crazy, either your bank screwed you or...
everyone there agreed.... we are having a "cost of living crisis" which is a different thing

If you think London is expensive don't bother with Switzerland, Norway or even Amsterdam.

Perhaps you have misunderstood how currency exchange works, and you will always lose money on it unless one crashes in your favour, and with the credit card it certainly sounds like DCC was at work. Either that your bank charges a ridiculous amount, in which case look for a different credit card.

I hope you enjoyed your holiday anyway.

It's not obvious the OP has a good understanding of exchange rates......The 35% is consistent with the GBP to USD exchange rate, not fees, which is right around 1.35 to 1 right now....

Using that same math, traveling to Italy before the euro, things were incredibly cheap. For $1 is could get around 2000 Lira in exchange...

I know how exchange rates work i just didn't do research on going from US to Pounds. I, wrongly, assumed that it would be roughly the same as last summer when i was going from US to Euros, which wasn't so bad.

I don't what was happening with my banks but I always chose to use local currency when given the choice and paid for everything else in pounds or Euros, as that is what businesses used.

The exchange rate was 1 pound = 1.29 US so when i cashed out i got more in return, which is basically the opposite of what i was charged by my banks.

I spent some time in Amsterdam last summer. I stayed in hostels and ate once maybe twice a day s i didn't find it as expensive as others have.

If i decide to travel to the UK again i will do more research into what US banks will charge less fees on foreign transactions.

I enjoyed parts of it. I love long train rides, Riverdance was spectacular, the water at Weymouth beach was nice, the Bronte Parsonage Museum, walking along Hadrian's Wall, and many other smaller things like meeting people and random brief interactions, etc...however England is not what I was hoping it would be, i pay enough attention to current events to know that England isn't as "English" as it used to be . And the food is crap compared to the food in Europe.

Knowing what i know now I would have never taken the trip.

I think a lot of places are expensive to many people for different reasons. I’ve gone to a place and when looking at what I paid when getting home wondered what I did wrong. I’m going back to Iceland and have already told my travel companion, I don’t want to hear how expensive everything is. I already know.

Your posts don't make sense. Sorry, but you've either left something out or misinterpreted things -- what do you mean you paid a 35% premium??. I travel to London a few times every single year and the absolute most I've ever paid is 3.5% (i.e. $3.50 per $100 due to fees with that bank) Most of my charges are only 1% over the official exchange.

But if you think you understand how it works . . . carry on . . .

Regarding bank fees..there are lots of options so it definitely pays to do your homework.

my US credit card (from chase) charges no foreign transaction fees.
my bank debit card charges no ATM fees or foreign transaction fee. They will also reimburse me for any bank fees the owner of the ATM may tack on.

The exchange rate on electronic transactions (ATM or cc) is always going to be better than exchange paper money.

these days I’ll seek out a bank ATM upon arrival at the airport and get about $100 worth of local cash. Some trips I spend little or no cash due to the prevalence of tap and pay, for even the smallest purchases at many places.

I’m an American retiree who lives in the UK on my $ income, mostly from pensions and Social Security retirement benefits. Like janisj wrote, “Your posts don’t make sense” to me either. My US credit cards give me 1.5% cash back with no foreign transaction fees, so I use the US credit cards whenever I can, then pay the full balance online each month when I get the bank statements.

Right now the exchange rate is $1.34 to the £. Just because the £ is worth $1.34 doesn’t mean you are paying 34% more. In fact many things I buy here in the UK are actually cheaper than in the US. When you use a credit card or withdraw money from an ATM, your bank back home will determine the exchange rate unless you fall into the trap of DCC, when you are giving the vendor permission to set the rate (which will always be higher).

Both Visa and MasterCard have websites you can use to determine what you will pay in $ when you withdraw money from an ATM or make a purchase abroad. Frankly I don’t use them because I already know roughly what my bank will be charging and they are more trouble than they are worth, but here they are:

https://usa.visa.com/support/consume...alculator.html
https://www.mastercard.co.uk/en-gb/p...-currency.html

You need to find out what your bank at home will be charging, if anything, for foreign currency transaction fees. Ignore the spoiler which I can’t get rid of.

I think you've nailed it -- the OP thinks because the exchange rate is £1 : $1.34 instead of 1:1 he is paying 34% more for everything. And in the Euro zone @ €1 : $1.17 would have him paying 17% more. Nope - doesn't work that way. But I doubt anything we say will convince him.

That seemed pretty clear to me from the get-go. But since the OP appears to be so invested in the idea he’d been had it didn’t seem worth the effort to enlighten him, if in fact that was possible.

james, looks like you may be conflating exchange rate with bank fees. Exchange rates indeed are quite different than last summer, and not to our favor. Rates are highly dynamic, even from day to day, and the dollar has been losing ground against the pound and the euro. Your paying USD134 for a purchase of £100 is based on the exchange rate.

Additional fess can vary widely. Your best bet is a credit card that charges no foreign transaction fees, as is common with many cards marketed to travelers. Some ATM/debit cards also waive fees, including ATM fees - shop around. As noted, avoid the nefarious Dynamic Currency Conversion (DCC) scheme at all costs. It is ALWAYS optional, and if a dishonest merchant tries to tell you otherwise let them know you are aware of that fact and absolutely decline it.

Now, as to food in UK and Ireland - boy, you sure must have eaten at a lot of poor choices! Once infamous for boiled to death meat and veg, both countries have had a culinary renaissance, Ireland even moreso than the UK. Do a bit of diligent research beforehand, and rely on advice of locals.

tommie the turtle

👍 😀

Seamus, I had the exact same thought about the "fees." Many years ago I did foreign exchange at a major bank. Some customers didn't understand about the exchange rate, and they assumed any cost over $1 USD was a fee. By the same token, they perceived that had made money buy getting a currency with a lower value than the US$. One woman came in and asked for $30 worth of Australian currency. When I gave her $40 AUS, she was delighted and said she made money. I tried to explain that she didn't, and that $30US equals $40 AUD. But in her tunnel vision, all she saw was that she gave me 30 dollars and got back 40.

When we are traveling to France, Italy or Austria (from Switzerland), we usually bring about 600 euros in cash with us, plus cards of course. We also bring about 200 or so francs.
Some places/people are really happy to be paid in cash, esp taxi drivers, others prefer cards. We've been doing the cash and card mix for nearly 3 decades of living in Europe. Works fine for us, YMMV.