Dollars to Pounds
 

We arrive Heathrow early morning and want to know when we should convert dollars to pounds ? where should we do this ?
We are assuming that it's a good idea to bring dollars ?

****We are assuming that it's a good idea to bring dollars ? ---
Not if you want to pay for taxi/train/bus. You will need pounds.

Best is to use an ATM. You'll need to know how much YOUR bank will charge you and you will also need to tell them that you are going abroad. You will also need a 4 digit (ie NUMBER) PIN

Take some USD "just in case" of problems

And it is best if you don't convert your dollars to pounds, but use an ATM to withdraw pounds once you are there. Do you know what your bank charges for the use of a foreign ATM?

>>We arrive Heathrow early morning and want to know when we should convert dollars to pounds ? where should we do this ? <<

You shouldn't do this <u>anywhere</u>. Take your ATM/debit card(s) and use them in cash machines in London to get ££ currency. Also take your credit card(s) to use just like at home - to buy things (NOT to get cash)

The question is not whether they can use dollars in the UK but rather when and how to get pounds.

Bringing dollars and converting them to pounds doesn't make sense in 2014. Nor does buying pounds before you depart your home country.

Bring your ATM card and get pounds from an ATM at Heathrow.

we were all posting at the same time . . .

make sure you ATM card's strip on the back is not worn - I've had cars that worked at home but would not always work in some ATMs abroad because of a worn strip - they would work in some ATMs and not in others - get a new card if yours is old.

I've just spent a day in London and have seen many exchange bureaux taking US$ at the rate of $1 to £0.58, which is around 1.724. Since mid rate interbank is currently 1.711, it's less than 1% worse (0.75%) with no commission. Just watch out for minimum exchange value such as $300-$500, and anything less will get you a worse rate. Also there is a worse rate for $100 bills.
So while ATMs usually get you a decent rate, it's not the only option. Similarly 1€ can be exchanged for £0.80, which is 1.25 and very close to the mid interbank rate of 1.249.

No bringing $ is a terrible idea (except for $100 or so in 20s that you keep in your locked suitcase for emergencies.

To avoid wasting 8 to 10% of your funds in poor exchange rate and fees you should pay for all you can with credit cards and pull walking around money from ATMs with your debit card (from your checking account - that is usually all you can access).

Alec: Be that as it may - That would require the OP to carry hundreds/thousands $$$$ with them. Not safe/not sensible.

It's also a good idea to have more than one account so that if things do go wrong and one card is blocked you can use the card from another account

Same BTW applies to credit cards

London is much like NY or any other US city. Credit cards are taken everywhere for most everything and don't believe the naysayers who tell you that you need a credit card with an emv chip (at least for the present). I was in London for a week last week and not once in that week did I find it necessary to pay cash for anything and believe me, I don't live high on the hog so to speak. Using your debit card, making sure your bank charges the proper fee for cash withdrawals from foreign ATM's namely $0, you might wish to make a £20 withdrawal upon arrival just in case but trust me. 99% of the merchants you will use will take credit cards. Just make sure it is a credit card that does not charge a foreign transaction fee (check with your bank). It is the simplest and best way to go.