Dollars into Pounds - How much?

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May 6th, 2002, 05:46 AM
  #1
Aubrey
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Dollars into Pounds - How much?

I am going to London for a week and was wondering how much British Pounds should I get her in the States to take with me. Should I change ALL the money I intend to take with me into Pounds or just SOME of it? I'm thinking it would be less of a hassle to just have it all in pounds rather than looking for a bank to change money every day. My bank says that by using the ATM's over there I will be charged my bank rate plus the foreign bank rate and I don't want to use a credit card. If I change money in London are the bank rates higher there? Would appreciate any help!
 
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May 6th, 2002, 05:52 AM
  #2
Rex
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The rates are far more favorable there than in the US. You might purchase a modest amount at an American Express office; despite new fees, your ATM and credit cards remain your best options.

Best wishes,

Rex
 
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May 6th, 2002, 05:53 AM
  #3
Suzy
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You will be charged a rate or fee no matter where you exchange your money.

Almost everyone on these boards recommends waiting and just getting pounds from ATMs in Lonodn. British banks are forbidden to charge you a fee for using the ATM, but your bank might charge a per-use fee (just ask them), so try not to go every day!
 
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May 6th, 2002, 05:56 AM
  #4
janis
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Aubrey: First some definitions. The "bank rate or exchange rate" is how much each pound costs. A "service fee" is what the banks charge to use the machines. Banks in London do not charge a service fee to use their ATM machines. Your bank will but that is usually only bewteen $1 to $2. An ATM card gets you the best exchange rate (along with credit cards) so the pounds will cost you less from an ATM machine. gettin the pounds before you leave is much more expensive.

If you really want to take some pounds with you it is OK - but only take maybe $50 worth (You don't even need to do that because there are lots of ATM machines at each airport).

During your trip just get the cash you need every few days so you are not carrying too much around with you. The only cost is the small fee your bank will charge.
 
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May 6th, 2002, 06:56 AM
  #5
Patrick
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And ask your bank which banks in the UK you can use that your bank will not charge you a fee for using. I have learned that Bank of America will let me use ATMs at Barclay's in the UK, and at BNP in France and there will be no fee at all from their bank or my bank for using the ATM -- a general agreement apparently that they have.
 
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