Sewook_Oh

I'm planning to go to England this time. I heard there are some countries where they charge higher tax - I don't know how it is called but i mean the tax that is added to normal exchange rate - than in US. So in case of UK, would it be better to bring dollar to UK and exchange it to pound there? or exchange here and then bring pound to UK? Which saves you more money, not considering the fluctuation of exchange rate?

p.s I don't use traveler's check, but only cash.

CarolynAnn

I'd like to know the answer to this one, too. I've always heard that the best exchange rates are at ATMs in the country visited. Is this true for UK?

Racer042

My wife and I are going to London and then Burgundy next month. We always bring some pounds and euro's, but as soon as we get off the flight we hit an ATM machine. I call our bank and let them know that we are going to be using the card in which countries and have not had a ;problem. The charges from the banks vary from 3% to 1% but are always less than using a foreign currency exchange either here or abroad. Our bank charges 1%.

adrienne

The best way to get money is to use an ATM card to get British Pounds. Most people do not exchange cash as you will only get the best exchange rate from using ATMs.

No one can answer the the converting cash question as different exchange places offer different rates. You would have to explore every available place in the US to find out what each charged and then do the same for the places you'll visit in England. That is the only way to get your answer.

It's not the country that is charging the tax but the banks or exchanges. And it's not a tax. It's an exchange rate.

janisj

DO NOT (!) 'exchange' currency. Leave your money in your checking account and use your ATM/debit card to get £ cash when you need it.

(I was interrupted about 10 mins in the middle of writing this so you likely will have other answers by the time this posts)

StCirq

<<So in case of UK, would it be better to bring dollar to UK and exchange it to pound there? or exchange here and then bring pound to UK?>>

Neither. Just bring your ATM card and go to the first ATM machine card you find (there will be lots of them) and withdraw cash, which will be in pounds, from it.

nytraveler

There is NO tax on exchanging currency - just fees charged bythe company doing the exchanging - and for cash they are awful anywhere (can be 10%).

The least expensive way to travel is to you credit cards wherever you can and pull walking around money from your checking account at an ATM (preferably a bank ATM).

PatrickLondon

I'm not aware of a tax, but the people you're dealing with may charge a commission fee on top of whatever exchange rate they choose to set. Bank ATMs in the UK don't charge a fee to use them (but NB, you should be careful of ATMs that aren't obviously tied to a major bank chain, as they may charge such a fee); use your debit card and you're drawing on your own bank account, just as you would be at home, and you'll be paying whatever exchange rate (and/or other charges) that your own bank sets on cash withdrawals. Don't use your credit card for cash, because credit card providers normally charge a fee for cash (because you are borrowing cash from them).

Check with your own bank what they charge and what exchange rate variations they normally apply to such withdrawals (and to let them know you will be making transactions from abroad). They may also have a special arrangement with a particular bank in the UK that they would prefer you to use.

bigtyke

I needed to exchange when I was changing planes in London last Dec. At the change desk, I was charged 3 pounds and the exchange rate was $1.76 (real rate should have been about $1.60)

Use the ATM whenever possible

Michael

If you have a Bank of America account, use Barclay's to withdraw money. It is a partner bank and BofA charges nothing for the transaction, whereas it does if the money is withdrawn from any other bank's ATM. This applies to the UK only. Other countries, other banks.

BigRuss

The OP means the "fee" for exchanging currency when he refers to "tax."

The answer is you don't exchange. You bring an ATM card and withdraw what you need. You do NOT need to bring cash of any kind from the US.