• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

Traveling to the UK... what's the best way to handle/use money there?

Red Storm

Red Storm

Lifer
In a few weeks I'll be going to London to visit friends. What I'm not sure about is what to do about money. Do I go to my bank here and exchange before leaving (some, or all that I'll need?)? Do I use traveler's checks? Pretty sure using a credit/debit card overseas entails paying big charges.

I'm staying with friends so I only need money for spending (and I don't plan on doing too much of that).
 
I remember withdrawing money from an ATM using my Visa check card. It was a direct currency conversion plus a couple bucks fee for using an ATM not affiliated with my bank. It was cheaper than exchanging my money at the airport or using some other service.
 
I've always travelled to foreign countries with a few hundred dollars worth of their currency obtained from my local bank, and then used credit cards to pay for the majority of the items. There is a conversion factor and fee with the transactions, but it generally isn't any more than what you would pay to exchange money at a bank.

I haven't used travellers cheques in a long time.

I do not use ATM's, as these often have significant fees. During a recent trip to the US I saw a private ATM in a hotel lobby that stated it had a fee of $5 for a $50 withdrawal.
 
KnightBreed said:
I remember withdrawing money from an ATM using my Visa check card. It was a direct currency conversion plus a couple bucks fee for using an ATM not affiliated with my bank. It was cheaper than exchanging my money at the airport or using some other service.
Click to expand...

this is what I always do when I travel, not sure if it's the best option, but I've never been ripped off with humongeous fees.

or I just pay for stuff with my CC.
 
visa/mastercard/amex
take out cash from ATM's

it is almost like, a modern country and junk
 
If it were me I'd just convert some cash before you can over. Don't do travellers cheques they are a pain in the arse.

CC DC might be fine, but like you say there could be charges.
 
Yeah I just called my bank to ask them about the debit card (it's a Mastercard), and they said that using the card for purchases works normally, no additional fees for being out of the US. I'll probably just take a hundred or two in local currency with me and I should be good.
 
when I used to travel, the best thing to do was keep some local currency on hand, and use your credit card for the majority. I have never been charged any fee for conversion.

In fact, my understanding is the CC companies pool the money from everyone into a large sums; which they use to drive discounts from the banks... i.e. They make more money off of the deal, and *you* get a better exchange rate to boot.
 
I was just over there, and travel overseas pretty often. I generally just go to an ATM and pull money out when I get there. A currency exchange company is going to be much more expensive than the 1% fee that most creidt or debit cards charge.
 
I'd recommend taking some GBP with you but overall you'll be better off using ATMs or your credit card. The translation rate will likely be better even with the small transaction fee.
 
I used to get a bunch of euro/pound before i'd travel, and try to get it on a downward swing, so make the most...but now I just use my airway CC because it has zero %% on each transactions over seas.
 
HAL9000 said:
If it were me I'd just convert some cash before you can over. Don't do travellers cheques they are a pain in the arse.

CC DC might be fine, but like you say there could be charges.
Click to expand...

are smart chip cash cards common there? seemed that was 50% of the payment options for things in amsterdam. and of course the smart chip card one guy ordered here that was guaranteed to work, didn't.
 
A lot of the bigger banks (Bank of America and Barclays, for example), have deals so that customers don't have to pay ATM fees for taking money out.
 
crashtestdummy said:
A lot of the bigger banks (Bank of America and Barclays, for example), have deals so that customers don't have to pay ATM fees for taking money out.
Click to expand...
that was how it worked for me, we got the daily exchange rate minus a 1% fee. Figure 10 bucks on a thousand ,very cheap for the convenience and way better than my bank was going to do on actual currency.
 
do you have a capital one credit card? they are known to be one of the few CC lenders don't charge ANY foreign transaction fees. you can pretty much use your credit card EVERYWHERE in London.

It may raise an eyebrow because those people are not used to handle swiping card. they use PIN and CHIP there.
 
ElFenix said:
are smart chip cash cards common there? seemed that was 50% of the payment options for things in amsterdam. and of course the smart chip card one guy ordered here that was guaranteed to work, didn't.
Click to expand...

OH YEAH!

Good point, Over here it's chip and pin only, no signing and swiping, make sure your card can do that.
 
You must log in or register to reply here.
Back
Top