Is there a place in London where you can get a better exchange rate at?

Dear Becky <BR>Better than what? <BR>The usual recommendations on this forum are to 1. charge as much as possible on a credit card to get the best exchange rate, even with fees that some banks are imposing on these transactions <BR>2. Get cash when you need it by using a debit card at an ATM, also usually a good rate, even with bank fees <BR>3. Avoid changing money at your hotel or at the airport change counters where exchange rates are not as favorable <BR>And I will add, #4, which is unless your transactions involve many thousands of dollars the differences in exchange rates in the above venues may not be that significant to you.

I am also baffled by exchange rates and the whole process of exchanging money. What about either (a) going into a major bank here or American Express office and getting a pile of cash changed over, or alternately traveler's checks; or (b) going to a High Street bank once I arrive in England and doing the same? Is there any advantage in rates? What kind of fees do credit cards normally tack on? Thanks in advance for any information.

If you have a Visa debit card, then I would use that. It goes straight from your account and at least that way you can check up on the amount you have been spending! <BR>If not, I would say you should stick to credit cards for most of your purchases as at least that way you do not have to pay hefty charges and exchanges.

It is a little known fact that the best exchange rates in the UK are often obtained at the Post Office! <BR> This is the case for buying non-UK currency, probably also for buying sterling. <BR> Carrying cash usually isn't worth it, <BR>use visa/ATM.

Becky, not sure about London (will find out in Aug) but in Paris the best thing was ATM and credit cards. We never had any problems with either and had a record of all tansactions when we got home. the exchange rate was very good and no extra fees that I could see. I hope London is the same way !

This has been discussed so many times they ought to make a separate web page for the answers. 1. Travelers checks are not needed anymore. 2. Use credit cards and ATM machines. 3. Get a four digit pin for your ATM card. 4. Forget about worrying about the exchange rates. What you save by going from place to place to place looking is a waste of time and money saved will only buy you a couple of extra beers. Follow 1 through 3 and enjoy the trip.

I agree with Bob. I was in Great Britain in September. I arrived with no traveler's checks and used my ATM card exlusively. I traveled throughout England, Scotland, and Ireland during the month and never had a problem getting money with my card. I also used my Visa card when I made souvenir purchases. Forget traveler's checks. You just don't need them any more.

Before you take Diane & Bob's advise, think about these options: Check w/ your credit card company. Each bank is different, w/ different rates. My credit card charges a 3% conversion fee for purchases & money exchange. May not be much, but it adds up. Keep big ticket items on your credit card, if you don't want to be carrying cash (room charges, travel passes). Also, check w/ your bank about your ATM and/or debit card. Some independent banks & federal credit unions (like mine) will not guarantee your ATM card will work. Rather be safe, than stuck without money. If you are a member of a travel or motor club, check w/ them about getting Travelers checks. Triple AAA issues them at no charge for members. If you get them in British pounds before you leave (vs. American Express traveler's checks), you can cash them in for pound notes at any Lloyds Bank in England, and they do not charge you. This has always worked out the best for me, and at the most, I have waited in line at the bank for 5 minutes. Good luck.

<BR>Was in England this summer and took 40 dollars cash with me and came back with 40. Never needed to exchange any. We drove from London to Bath, Bristol and everywhere in between and never had a problem finding an ATM. We used my bank debit cards for larger meals, gas etc. I don't remember exactly what my banks ATM useage charge was but I think it was better than an out of network ATM here Tx. I use a small town bank, not a Bank of America, or Bank One, So if they didn't stick it to me most people should be OK.