hobbitthefoodlover

Originally I was going to ask the best place to exchange US dollars into Pound and Euro? Also, where can I get a better exchange rate---London or Scottland?

But now, I wonder if it is better to have it exchanged in the US and arrive with pound/euro or is it better to exchange dollar into pound/euro in Europe?

I don't want to use my credit card too much b/c they charge a fee and the bank is not going to waive it for me.

I am clueless about this money situation--never traveled by myself before and do not know that much about the money exchange thing.

Christina

first, there are a lot of exchange booths in main tourist areas -- I saw several along the road that Harrods is on and around Kensington and Cromwell, I just don't think you'll have a problem finding one. There is one inside Selfridges, also. I haven't been there in a couple years, though, but there were quite a few around.

However, your comment doesn't make sense, I'm afraid. The idea that you CC charges a fee so you don't want to use it so you are going to exchange money at an exchange booth. Do you think they are charities doing business for free? well, they aren't they are businesses and most likely mark up the rates more than your credit card will, unless your CC charges 15 pct or something. If you are in the US, I have never heard of a CC that charged more than 3-4 pct, and if so, it will likely be the lowest you will get if you refuse to use an ATM card at a bank.

flanneruk

Don't even think of changing $ into € in Britain. You get charged a fee for the $:£ conversion, then another for the £:€ conversion. Anywhere that claims "no fee" is just lying: they simply pump up each of the two conversion margins.

There's no Wal-Mart of forex. If you're mad enough to want to keep exchange businesses profitable (a very charitable, but utterly insane, attitude) then either:

- walk up and down any row of bureaux de change to see who's offering the best rate that day, or
- go to a post office or a Marks & Spencer. There'll always be a couple of hole in the wall bureaux offering better rates - but post offices and M&S are rarely that much worse and they're a lot less stressful to deal with.

To the best of my knowledge, UK post offices and M&S each have one standard national rate

hobbitthefoodlover

Ok. It seems like it is better to arrive with Euro/Pounds, right?

trvlgirlmq

Do you have a debit/ATM card? That is the easiest and least expensive way to get £ or € once you arrive. You will be charged the interbank exchange rate of the day. You will probably also be charged for using the ATM (roughly $5 per time) but if you get enough money to last several days the cost will be moot. If you have a Bank of America card you can use Barclay's ATM's for free. No need to use a credit card of bring $ to exchange at all.

janisj

YOU do <B>NOT</B> want to exchange currency - you want to use your ATM card to get £ cash and your credit card to charge things.

Yes, your cc company will charge you fees -- but those fees are a fraction what you would pay to exchange cash.

It is just a cost of traveling - you will pay small fees to your bank for ATM withdrawals and a slightly larger fee to the cc company. But you would pay between 7% and 11% or more if you exchange currency. And much more if you exchange $ for € in the UK since it would be a double transaction.

kayd

The easiest and least expensive way to get local currency wherever you are is by using your ATM or debit card in any bank ATM. Your own bank may charge a small fee ($2-5) for the transaction and possibly add a small percentage (1-3%), but there would be no cost from the ATM's bank. Check with your bank's website about its fees and either accept the fees for your rare foreign transaction or go to another bank for better prices on these services.

Using your credit card at an ATM might be treated as a cash advance, where your fees would be higher.

Exchanging one form of currency for another usually involves a mark-up of more than 5%, usuall around 8%.

janisj

just saw your second post - if you feel you MUST arrive w/ some £ cash, then get a small amount at your departure airport. But after that -- use your ATM card exclusively to get cash. Those few pre-purchased £ will be more expensive, but you are paying for the convenience of having a little cash on hand.

hobbitthefoodlover

AWESOME ADVICE

Thank you everyone for replying. I will arrive with some pocket money, but will get most money once I am in Europe by using my ATM card.

Yes. I have Bank of America. If there are any tips/tricks to using Bank of American ATM cards in Europe (London, Scotland, Paris, Gevena, Milan, Florence, Rome, Venice, Naples/Pompeii) please let me know

ParisAmsterdam

BoA is partnered with BNP Paribas in France so no extra fees using their ATMs.

I don't think anyone has mentioned this yet but it is very imprtant to notify your bank and your credit card company of your travel plans. You card(s) could get frozen if they suspect fraud so let them know.

I also usually increase my daily ATM limit from $500 to $1,000 as $500 is only about 370 Euros and that doesn't go as far as it once did.

Have a great trip!

Rob

mari5

This subject comes/goes around quite often on Fodors. Always a difference in opinions.
It boils down to "convenience" vs. fees.
We've never found the fees terribly high and usually buy a "Lot" of pounds from our banks in the U.S.....and HAVE them when arriving overseas. THEN when we need more cash we do use ATM's in Europe. We charge all hotels, that being the only time we use the credit card. (another interesting way it to overpay your credit card company before leaving the home, thus having a smaller bill upon returning ):!

Having said the above.....yes, we do carry lots of cash (pounds), but watch it very closely.....usually have a rental car, eat dinner early, ..we don't go into bars, or walk the streets too late at night.
Another travel style might not feel so safe with loads of cash,,, We;ve never had a problem.
It's just so easy to buy foreign from your bank in the U.S./

THere ARE some credit cards who charge ZERO fees (or just the 1% required,,,,NOt the extra 2% like so many do.

avalon

Bank of AMerica partners with Barclay's in the UK. If you are an advantage customer the exchange rate is even better. There is no out of network fee.

nytraveler

Do NOT exchange money at all. Pay for all you can with credit cards and pull walking around money from your checking account with your ATM card. this will typically cost to 1 to 3% over the interbank rate. Changing cash will usually cost you 8 to 10 % over the interbank rate. Check you credit cards to see which charges the lower fee and use that whenever possible.

Separately, if you're going to the UK what would you do with euros?

nancicita

When you use your BofA ATM card to withdraw cash at Barclays or BNP Paribas, pay attention when you enter your PIN. Some ATMs only accept 4 digit PIN numbers, so if your PIN number is more than 4 digits (as such is mine), then the ATM will display an error message. Do that 3x and the ATM may eat your card and not give it back to you!

(from personal experience and also happened to two of my friends)

sashh

Just to add if your trip is just England and Scotland you don't need Euros just pounds.

Hooameye

I was wondering why he/she wanted GBP AND Euros also.

janisj

Because he is going to other countries (the OP has other threads about the rest of his itinerary)

P_M

Echoing the above, use Barclay's ATMs in the UK and BNP Paribas in France and you will pay no fees. Be sure to call the bank and advise you will be using your ATM card in the countries you are visiting, otherwise they might flag it for irregular activity. If you plan to use credit cards be sure to advise the same to your credit card companies.