My friend who is traveling to London with me called to tell me she wants to order pounds through her credit union. The cost is $14 flat fee. I always just get money at the ATM at the airport when we land.
She always insisted on going to one of those currency exchange places in the US airport. I always knew that was a rip off but she wouldnt' listen.

Is the credit union thing a good idea?

The cost may be a flat rate but what exchange rate will they use?
IF she gets $100 changed into £ then $14 is expensive. IF she gets $1000 changed, not so bad.

You should continue to do what you do because it is the least expensive way to exchange funds.

You are right, your friend is wrong.

It is probably better than using an exchange bureau at airports.

It is still not a good idea if you want most pounds out of your dollar.

The empirical data driven objective considerations can easily be made subordinate to beliefs. You can't do anything about it even for a subject matter so dear to most people and which can be irrefutably verified empirically.

Let her do what she wants. She is free to waste money if she wants. You continue using ATMs when you are over there.

I have experience traveling w/ a friend I couldn't convince to do that. You need to pick your battles - there will be other things you need to compromise on during the trip. Just hope she doesn't lose that cash during the trip -- I also have had that happen and had to bankroll a friend's cash needs for the entire trip since she didn't bring an ATM card since she knew getting cash in advance would be all she'd need.

(I don't travel w/ that friend anymore)

So what is she going to do when she loses the pounds (or they are stolen?) I had a friend who lost hers on the train ride from the airport to London!

Don't take more cash than you can afford to lose.

There are plenty of ATMs at LHR for you to use. Maybe she'll catch on when you get your needed Pounds at one with a better rate than she got..

I let her do what she wants (we've gone to Italy together twice and both times she got the euros at the US airport currency exchange.... And she ISN'T taking a card with a pin #....

Rather than a new thread -- what about Oyster? I never got one but I read you can't get them in London. We only have 2 weeks; I dont' think it's enough time to have it mailed....

If she's been to Europe before, this is just her issue, so why even care about it. You know what she does, why get involved.

It's possible the credit union deal is okay if they really gave her interbank rate. I don't know what credit unions do. So then if she really wants GBP before her trip and exchanges $500 or so, that isn't really a bad deal. I just wouldn't want to carry around that money wiht me, but some people have their customs.

I know some people who are leery of using ATMs, also, and rarely use them even in the US. It's not unheard of.

>>Rather than a new thread -- what about Oyster? I never got one but I read you can't get them in London.<<

Huh? Of course you can get them in London! They are London transport tickets. Maybe you mean 'Visitor Oysters'? They are an invention TFL mainly offers to get your money early Absolutely no reason at all to pre-purchase Oyster cards

And you can get a refund on the unused balance on Oyster when youleave. I forgot than, then cashed it in and now we have alot of pounds left over. Hope we go back.

Aren't most ATMs at LHR Travelex, which charge more for currency exchange than bank ATMs? I would wait, if possible, until I can find a Barclays, Lloyds, HSBC or other bank ATM.

I just read that -Travelex signed an agreement so they kicked out all the bank ATMs - and I do remember that my last trip (to Stresa, arrival in Milan) that was my only choice.

So her idea might not be bad as far as getting enough to just get through a day until I can come upon a 'real bank ATM' in London. I have a few coins but dont' like the idea of having no cash until I randomly come across a bank ATM in London

>>Aren't most ATMs at LHR Travelex,<<

Yes

>> . . . which charge more for currency exchange than bank ATMs?<<

No. Travelex has an agreement w/ BAA that they do not charge fees at their airport Cash machines (Just don't accept the DCC offer and be sure have the transaction calculated in £). The only fees will be assessed by your own bank.

But the rate is terrible

For the sake of a peaceful trip, I wouldn't get into an argument about it, but you could tell her your bank's charges and exchange rates, as against hers.

FWIW, my bank here in the UK now charges something like 2% up to a maximum of £5 for foreign cash withdrawals on my debit card, so it all depends exactly what your friend is getting for her $14.

Vicki: >>But the rate is terrible<<

I'm not sure you if are responding to my post -- But that is not how cash machines work. The machine does not set the exchange 'rate' (as long as you don't choose DCC).

You ask for say £100 and you get £100 -- no 'exchange' is happening. The 'Rate' (how much that £100 costs in US$ coming out of your checking account) is determined by <u>your own bank/bank's system.

I've used the Travelex ATM machines at LHR. Convenience and necessaity can be a priority. Just withdraw enough to get you into London and then visit the bank ATM's. As janisj has already stated, Travelex does not charge you a fee ( don't go for DCC) and it's your bank that determines the rate. If the rate is bad then talk to your banker.

Ok got it