exchanging money
Dec 18th, 2008, 08:24 AM
#1
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exchanging money
I'm headed to the UK and Ireland in a few weeks and am wondering how to get the best exchange rates. I've thought about using a debit or credit card for most of my purchases abroad but am not sure if the bank exchange rates are higher if u do it that way. If anyone has any advice, it would be greatly appreciated!
Dec 18th, 2008, 08:26 AM
#2
for the 10,000th time (sorry, not your fault, but this question is asked a few times every day)
Use your ATM/debit card to get cash. It will get you the best rates. Also - be sure to notify your bank the dates you will be out of the country.
Now you will get LOTS of add'l responses adding details - but he basics are 1) ATM to get cash, 2) credit card for many/most purchases.
Use your ATM/debit card to get cash. It will get you the best rates. Also - be sure to notify your bank the dates you will be out of the country.
Now you will get LOTS of add'l responses adding details - but he basics are 1) ATM to get cash, 2) credit card for many/most purchases.
Dec 18th, 2008, 08:30 AM
#3
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There have been abuot a thousand posts on this. Pay for all you can with you CCs. Use debit card to pull cash from ATMs for walking aruond money. This will get yuo as close aspossible to the Interbank rate (that listed on-line and in newspapers). How far off it is - usuaoly 1/3% - depends on your bank's charges.
Changing cash wil cost you, usually, 8 or 9%.
Changing cash wil cost you, usually, 8 or 9%.
Dec 18th, 2008, 08:38 AM
#4
Use your debit card to make withdrawls from an ATM from your home checking account to get local currencly (don't necessarily plan to use it directly in stores or businesses for purchases).
Credit card charges depends on what type of credit card you have and what their foreign transaction fees are. They vary widely.
Credit card charges depends on what type of credit card you have and what their foreign transaction fees are. They vary widely.
Dec 18th, 2008, 09:48 AM
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As for use of CCs, only pay in local currecny, do not accept their kind offer to bill you in $. You get really dinged on the exchange rate.
I use CC for large payments (hotel,car.etc) and ATM withdrawals for meals, souvenirs,etc..
I use CC for large payments (hotel,car.etc) and ATM withdrawals for meals, souvenirs,etc..
Dec 18th, 2008, 09:52 AM
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<i>Author: janisj
Date: 12/18/2008, 12:26 pm
...he [sic] basics are 1) ATM to get cash, 2) credit card for many/most purchases.</i>
Credit cards should only be used for large purchases, at well-known establishments. The chance of fraud being perpetrated by a mom'n'pop is much greater than at a London hotel or railway ticket office.
I say: get enough cash to operate with (especially food, sightseeing, souvenirs, and incidentals), and use the credit card only for big-ticket items. If this means replenishing your cash frequently, so be it.
Date: 12/18/2008, 12:26 pm
...he [sic] basics are 1) ATM to get cash, 2) credit card for many/most purchases.</i>
Credit cards should only be used for large purchases, at well-known establishments. The chance of fraud being perpetrated by a mom'n'pop is much greater than at a London hotel or railway ticket office.
I say: get enough cash to operate with (especially food, sightseeing, souvenirs, and incidentals), and use the credit card only for big-ticket items. If this means replenishing your cash frequently, so be it.
Dec 18th, 2008, 12:24 PM
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The term "exchanging money" is archaic. Generally speaking you "exchange" money if you really don't care about spending more of it to do so. If janis is a "Fodors snob" it's because she is exactly right (and she doesn't confuse euros with pounds as the poster who loves to berate others does).
If you are the type who really worries that the ATMs won't work when you arrive at the airport (that does happen to about one person in 10,000) then you might get some foreign cash at home before you leave or at the airport when you depart and make yourself feel better.
If you are the type who really worries that the ATMs won't work when you arrive at the airport (that does happen to about one person in 10,000) then you might get some foreign cash at home before you leave or at the airport when you depart and make yourself feel better.
Dec 18th, 2008, 01:13 PM
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I think it could happen to more than 1 out of 10K, or one perhaps couldn't find one readily available. ATMs at Heathrow don't seem to be that convenient, but I just had a difficult time finding one when I wanted one.
In any case, I think a better alternative, even if ATms don't work, is to change at your ARRIVAL airport, not departure. Major airports certainly have exchange desks in Europe and they are usually better than in the US because a lot more people want to change money there, than people who want to get euro in the US airports. The rates I've seen are always better in Europe, even at the airports, than at US airports. That way, you don't have to actually get it until you KNOW the ATm situation won't work, rather than ahead of time.
In any case, I think a better alternative, even if ATms don't work, is to change at your ARRIVAL airport, not departure. Major airports certainly have exchange desks in Europe and they are usually better than in the US because a lot more people want to change money there, than people who want to get euro in the US airports. The rates I've seen are always better in Europe, even at the airports, than at US airports. That way, you don't have to actually get it until you KNOW the ATm situation won't work, rather than ahead of time.
Dec 18th, 2008, 03:07 PM
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Well, this could start an interesting discussion, and I should probably start a new post (which would likely get hundreds of responses), but please, please, give me some proof of a time Janis was actually wrong (as opposed to having an opinion you didn't agree with) about something having to do with London or the UK....
Dec 18th, 2008, 05:25 PM
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Sorry Robespierre -
Have been to europe more than 70 times, use CCs all the time for all sorts of purchases (just like at home) and have never had any sort of problem. I don;t think the issues are any different in europe than in the US.
And your CC will make good any losses. Carrying a ton of cash leaves you open for significant losses.
Have been to europe more than 70 times, use CCs all the time for all sorts of purchases (just like at home) and have never had any sort of problem. I don;t think the issues are any different in europe than in the US.
And your CC will make good any losses. Carrying a ton of cash leaves you open for significant losses.
Dec 18th, 2008, 05:30 PM
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I've spent a couple of years in Europe total over the past 15 years and charge almost all purchases over about $10. There have literally been thousands of charges, mostly at smaller businesses as I don't shop or eat at many large places. I have never had a single incident of fraud or attempted fraud. I think only paranoia would cause someone to think using a credit card in Europe is more risky that using one in the US.
Dec 18th, 2008, 07:29 PM
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<i>Author: nytraveler
Date: 12/18/2008, 09:25 pm
Have been to europe more than 70 times, use CCs all the time for all sorts of purchases (just like at home) and have never had any sort of problem.</i>
Your experience is interesting, but not statistically definitive. Tourists get ripped off for fraudulent charges in Europe every day. If you use a credit card, there's a finite chance it will happen. If you don't, there's not.
<i>Carrying a ton of cash leaves you open for significant losses.</i>
Then don't carry a ton, ferchrissakes! Duh.
Date: 12/18/2008, 09:25 pm
Have been to europe more than 70 times, use CCs all the time for all sorts of purchases (just like at home) and have never had any sort of problem.</i>
Your experience is interesting, but not statistically definitive. Tourists get ripped off for fraudulent charges in Europe every day. If you use a credit card, there's a finite chance it will happen. If you don't, there's not.
<i>Carrying a ton of cash leaves you open for significant losses.</i>
Then don't carry a ton, ferchrissakes! Duh.
Dec 19th, 2008, 02:23 AM
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i lerve these '10 000th time' questions cos it enables me to learn something without the search!
it's amazing how sometimes one searches and searches and comes up with lots or nothing at all...
thanks ms!
it's amazing how sometimes one searches and searches and comes up with lots or nothing at all...
thanks ms!
Dec 19th, 2008, 04:41 AM
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"Your experience is interesting, but not statistically definitive. Tourists get ripped off for fraudulent charges in Europe every day. If you use a credit card, there's a finite chance it will happen. If you don't, there's not."
I don't think that was the issue -- that it "can't happen" -- but rather that it is no more likely to happen in Europe than it is at home. Do you have the "statistically definitive" proof that there is more credit card fraud in Europe than in the US? That doesn't seem to be what I keep hearing.
If you use credit cards in the US, is there any glaring reason why you shouldn't use them with equal confidence in Europe?
And to repeat what someone mentioned above: Most tourists are just as easily ripped off by an unscrupulous shopkeeper by using cash they are not familiar with as they are using a credit card. And the big difference? If you were a victim of fraud using a credit card, your credit card company will stand behind you. Who stands behind you if they didn't give you back the right change in cash?
I don't think that was the issue -- that it "can't happen" -- but rather that it is no more likely to happen in Europe than it is at home. Do you have the "statistically definitive" proof that there is more credit card fraud in Europe than in the US? That doesn't seem to be what I keep hearing.
If you use credit cards in the US, is there any glaring reason why you shouldn't use them with equal confidence in Europe?
And to repeat what someone mentioned above: Most tourists are just as easily ripped off by an unscrupulous shopkeeper by using cash they are not familiar with as they are using a credit card. And the big difference? If you were a victim of fraud using a credit card, your credit card company will stand behind you. Who stands behind you if they didn't give you back the right change in cash?
