Get Pounds in US before trip or in London? Does it make a difference?
 

I should know this, but I am not sure. Should we pick up all of the pounds we need for this trip before we get to London? Or, just get some cash now and get the rest of the money from ATMs? Assuming that there is no issue with carrying the money around with us - my concern is the exchange rate - any difference here or there?

I wouldn't advise exchanging large amounts of currency before your trip. Depending on where you are planning to make the transaction, the fees and rates can often be very poor. Moreover, making use of your credit cards for many purchases and ATMs for cash needs is safer and a lot more convenient than carrying a large amount of currency with you.

Agree totally w/Flyboy...you might exchange just enough to get you to the arrival airport and an ATM there..use it to get cash for the best exchange rates and use your credit card instead of cash whenever possible.

We plan on using a credit card for as much as possible. And the safety of the cash is not the issue - we just thought that since we were going to get some pounds here, why not get a lot - is the exhange better there?

Unless someone has discovered a recent secret, there is no way to get pounds in the US as cheaply as you will get them in London drawing them out of your own checkig account via at ATM. You might call your bank and see if they have a UK bank with a reciprocal agreement to even save you the $1 to $3 fee some US banks charge for using foreign ATMs.

Hi Susan,

You get the best exchange rate using your ATM card in Europe. The worst is from your local US bank.

European banks do not charge for use of the ATM. Ask your bank about their fees for "out of network" transactions, and maximum withdrawls.

Hi Susan,
I just returned from the UK a couple of weeks ago. I'd advise getting some GBP over here and if possible, and you need more cash while there, use your ATM card. Yes, you will get a better rate doig that.
Happy Travels,
BC

Before you leave, get yourself enough pounds to get yourself through the first day. Thereafter, use ATMs and your credit card.

Just wondering if anyone has experienced any ATM gliches recently? I know some of you are big proponents of the use of ATM cards. It seems that years ago, everyone who tried relying on ATM cards had a horror story, but I'm guessing the availability and effectiveness of the machines have increased dramatically.

My son felt he needed some European currency to carry with him, and the fees for getting it were usurious. Not only was the exchange rate skewed, there was also a delivery charge.

I am not a vastly experienced traveller, but I have yet to be unable to obtain local currency from an ATM at the airport after arrival. Once the first ATM I tried was out of service, but there was another nearby that worked.

I'm curious why people feel they need the local currency before they get to the destination airport? Where can you spend it? Even when I have had a tight connection (plane to train in Venice) there has been plenty of time and opportunity to use the ATM.

Hi CB,

Some of us feel that arriving in a strange place disoriented and jet lagged, where you don't know the language and are unfamiliar with the layout, with no money in your pocket is an unpleasant experience and prefer to spend a dollar or two to avoid it.

I am a big propopnent of arriving in Europe with enough currency to get me through the day. I can't tell you how many times I've flown into CDG and seen that the ATM machine was out of order or that there was a long line to use it.

I just don't choose to spend my time fussing with getting money after an all-night flight and usually with a full day of train and car travel ahead of me before I reach my destination.

Where do I spend it? On a taxi to take me into Paris to the train station. For a cup of coffee and a croissant at the airport or train station. For a sandwich to take on the train.

I have an account with Ruesch International and can get currency ahead of time without paying any major fees, so the costs of getting it are not an issue.

I?m reading these responses and I?m with you all on getting cash from the ATM, but what if you need a large amount of cash? I?ll need big bucks for an apartment balance and you can only withdraw I think 200 or is it 300 euro a day?

There are 4 of us and with our ATMs we?ll only be able to come up with a small portion of the balance as the owner requires cash payment on arrival. So same question, is it best to get euros in the US or bring travelers checks and exchange at a bank there?

Thanks for suggestions.

For about $5.00 you can get an international draft in euros for whatever amount you need to pay for the apartment. For the apartment owner, it's the equivalent of cash. If he/she will accept it, it's a lot easier than arriving with a wad of cash or making several trips to the ATM.

Pounds will not do you any good in London. They use the EURO. I have always used the ATM machine at the airport for my first cash. Make sure your ATM card is linked to your checking account and not your savings account. I have never had any problems using the ATM in any country.

No, herself, England does NOT use the euro. Pounds are still the British currency.

Huh?

I have to correct you, "herself", - Great Britain uses pounds; not euros.

That "Huh?" was supposed to hit before St. Cirq posted. But since I'm back.... I must say that I have some anxiety going into a country with absolutely no currency, but never, not once, ever having had a problem locating or using an ATM, it less stressful every time. By the way, at Heathrow, there's an ATM almost straight ahead of you as you exit customs.

I read that it is not unusual for an ATM card or credit card to be declined for a few minutes or hours while you are in Europe. That source said it had something to do with transatlantic lines and not being able to verify the account, but I don't know if it is true.

Sure enough, two years ago in London, when I got to my hotel, one of my credit cards was declined (the other one was OK). I used the same card at other times during the trip with no problem.

The first 3 times I tried to use an ATM, my dept card was refused. 1 & 1/2 hours later it worked at the same machine that wouldn't work the first time. There was no other problems with ATMs during the trip.

I'm glad that I took a few pounds with me and glad that I had heard of this before I experienced it.

Keith

And here's something else to consider: my ATM card has never, ever worked at any machine in France on a Sunday until about 4 pm France time. I don't know what the deal is - probably something to do with inter-bank communications, but such things DO happen. And who wants to spend all kinds of time planning and paying for an overseas trip and then have it botched by some silly glitch like this?

I'm with you, StCirq. That's why I still take traveler's checks. I exchange them at Lloyd's of London and get a pretty fair rate of exchange. Of course, I'm older and a little old fashioned, but I like the feeling of knowing my traveler's checks will be replaced if lost or stolen.

I typically have brought some currency and traveler's checks. I echo Ira's concerns about landing without any currency. That said, you can usually find change bureaus (to change cash or TCs) at most ports of entry, though their exchange rates are nearly as bad as at home. Obtaining currency while at home, even if not a necessity, is kind of a fun way to gear up for the trip.

Hi ecat,

You can ask your bank to raise your daily withdrawl limit.

If that won't be enough, ask the apt wner if he/she will accept TC's in Euro. There might be a charge from the bank for he/she to deposit them.

Open another bank account. That way you double your ATM limit.

I was always under the impression that your ATM limit is based on what your home bank sets. I've never heard of a 200-300 euro limit unless this is somethings that's imposed by the local bank. I haven't had any problems before but have always withdrawn small amounts at a time. So if my daily ATM limit is $2000, is it safe to assume that I can withdraw up to the equivalent amount in local currency in one single transaction if necessary?

I just came back from London at the end of January.

I didn't get any Pounds until I arrived at the LHR airport.

As Bank of America customer, I used Barclays ATMs free of charge. There's one right at the Tube connection in the airport. There are Barclays ATMs everywhere in London. The daily limit is what my limit is here at home.

I've checked both my bank statement and credit card statements. Using cash definately gives you the best exchange rate. Credit card companies did not give me a good exchange rate for some reason.

Most, but not all US banks seem to think Sunday is a good time to pull their systems down and voila, ATM access can be a horror. This can happen at home, but often hits people while traveling overseas.

In fact, I have often found even contacting my own bank, while at home on a Sunday gets a response such as "I'm sorry, but our systems are down right now, can you call back in an hour or so." It might be time of day, but it can be anytime on Sunday, also depending on which time-zone one lives in.

So I now remember not to even bothering contacting my bank anytime on Sunday whether by phone while Stateside or if overseas thru an ATM.

Patty asks
>.... if my daily ATM limit is $2000, is it safe to assume that I can withdraw up to the equivalent amount in local currency in one single transaction if necessary?<

No. $2000 is rather high. The ATM machine might run out of money. You might have to use more than one machine.

Others have posted to this board that they had their bank raise their daily limit to $500 - $1000.

Patty:

I think there are two limits when using an ATM. On is the limit set by your bank; the other is the limit set by the bank that runs the ATM. I know in Switzerland I was able to withdraw up to the limit set by my bank (subject to rounding, of course, since you can't get 47 francs from a machine), while in Italy, France, and California, I have been limited to a lesser amount, obviously set by the machine. Both my wife and I carry cards, so we can usually get all we need, as we use credit cards for many purchases.

I think the answers here vary because of where we all live. I live near Cleveland, and our local banks simply don't deal with foreign currency, except Canadian, so to get foreign currency I have to contact some kind of exchange service, get a lousy exchange rate, and pay a delivery premium. I expect that if I lived, for example, in New York city many of the banks would handle foreign currency.

Related question: If you do decide to get pounds or euros before leaving the USA, where do you get them? I would like to have a few pounds when I land in Heathrow to use for transport, tips, etc.

I think you've answered your own question, azresptech. If you want some before you land then you HAVE to get them before you leave the US, unless you happen to run into someone on the plane who wants to sell you some. I usually wait until I land and get them from an ATM right in the airport.

GBP could be bought after leaving the USA and before landing at LHR by buying them at FRA before their connecting flight to LHR.

Hi StCirq, Where do you get a bank draft issued for $5. Also, remember that on a draft you will pay a fee for the draft as well as incur a currency exchange fee. I am quite familiar with the whole draft business as our son is an international student in Canada. The fees for his drafts are $20 US; but we have a very favorable exchange rate in exchange. For large sums of money, this works well.

We always order some of the foreign currency before we go as a matter of familiarizing ourselves with the currency and the convenience of being able to be prepared with money and ready to go when we land.

I am in NYC, so I have no problem with getting foreign currency before we leave. I bank with Citibank and can get foreign currency easily at a branch that is nearby.

I get my currency from Bank of America, but have obtained from a smaller,local bank, also. Thomas Cooke has a service, I think, but considering the exchange rates for TC locations IN Europe, I'd hate to see what they have here in the US!

Sharon:

I have an account with Ruesch International, which has offices in most major cities in the USA. They charge $5.00 for an international draft and $15.00 for a wire transfer. I believe you need an account with them to get these prices, but that's just a matter of signing a form.

Ira

Thanks for the suggestion of getting my ATM limit raised. I did ring the bank who said I could have this done, up the limit for ONE day.

I would need to go into the branch tell them the date I want it for and let them know the amount. Still thinking this over but seems like it could be a solution, so thanks.

azresptech,

I don't think anyone answered your question. You can usually get a few pounds from the main branch banks in cities. Typically they offer prepackaged quantities. In smaller communities, some banks can order foreign currency in, but the price is higher.

Another option is to exchange a few dollars in your departure airport, but if you are unfamiliar with the foreign currency it may be nice to get familiar with it in advance of your trip.

Keith

I like to get about $100 in foreign currency in small bills from my bank before a trip. It costs about $5 more than using an ATM at the destination, but avoids hassles and looking for one more thing to do while jetlagged.

I also carry a back-up ATM. It's for one of those "abolutely free" checking accounts a local bank promoted a while back. Most of the time I keep a minimal balance, but I top it up with just in case of emergency funds before a trip. If my credit card fails, or my primary ATM card is zapped, I still have my backup. Plus, I got a neat tool kit when I opened the free account.

I suggest you use all forms means for tansactions depending upon the situation. Some hotels do not accept credit cards and accept cash only. Other hotels that accept credit cards often offer a discount for cash. Bank card companies charge a conversion fee for transactions. Rental cars require credit cards. When I go to Europe, I get a few Euros or Pounds before I go so I am ready when we land. After that I use cash machines and bank cards, depending on what I need to do. I never use travelor's checks. I also notify my bank and credit card companies when I will be in Europe. Do not walk around with very much cash in your pocket. Theft is a pasttime in Europe. Use a money belt.