Buying Pounds

Our bank price for Pounds right now is $1.30 to 1 US Dollar....should I buy pounds for a future trip to the British Isles we have planned? Would that be wise in case it goes up?

When is the trip? Is your crystal ball reliable?

Unless you are a futures trader in currency, just get money from an ATM once you get into town. IF you want some in hand prior to arrival, maybe buy like 100 quid from a local bank just prior to departing

Considering the last few times I was in the UK I paid about $1.78, $1.88, $1.83 and $1.68, YES - get them earlier rather than later. I got mine about 6 weeks ago when the rate was about $1.24 but I still need about 70 more so will be paying the higher price. The closer it gets to summer, the higher the rates go. There may be a drop here or there, but that is generally the case.

If you can wait, get them at an ATM in the UK but be prepared to pay fees and not be able to get as much as you think. You might have a daily limit of $300 US, but with the exchange rate and fees, that could only be 222-ish GBP which doesn't go as far in the UK. A site I use to convert USD to GBP is: https://www.foreignexchangeservices.com/FES/paint.html?focusid=CalculatedCostLabel Another good option is to charge as much as possible. The bank rates are really good on charge cards.

You don't really need much cash. A few GBP for snacks and coffee, and maybe a taxi fare, but anything over a fiver can nearly always be charged on whatever card gives you the best deal on foreign exchange.

I live here and for the most part, those items plus takeaways delivered and drinks in the pub are all I pay cash for.

You don't really need much cash. A few GBP for snacks and coffee, and maybe a taxi fare, but anything over a fiver can nearly always be charged on whatever card gives you the best deal on foreign exchange.

I live here and for the most part, those items plus takeaways delivered and drinks in the pub are all I pay cash for.

But use a card with no foreign transaction fee. My Capital One does not and it's my go-to card when outside the US.

Take a no fee card with a chip for charges and use bank ATM card @ a bank in London and you should not encounter any fees at all.

Futures through May-June are $1.24-25 so why buy in advance?

Also do not let any hotel, or other places where you charge something, to convert the charge to dollars. Those charges are always more expensive then when you are charged in Pounds.

Our bank price for Pounds right now is $1.30 to 1 US Dollar

Will the rate improve or deteriorate over the next week/month/year/decade? If you find out, could you please let us know next week's winning lottery numbers too?

You will find your need for cash in the UK while not yet on the level of Sweden is getting there. I was in the UK for a week last June and never once paid cash for anything and believe me for the most part I don't wine and dine in fancy places. Perhaps cash for a couple of pints in a pub but for health reasons, I no longer drink unfortunately or fortunately as the case may be. One might need cash for street vendors (not that I would ever eat from a street vendor but that's me), pubs for drinks and well I can't think of much else. Only way to travel and whatever the exchange rate is it is. Always make sure any credit card you use has the proper foreign transaction fee i.e. 0% like in zero percent Anything more is a rip off.

But use a card with no foreign transaction fee. My Capital One does not and it's my go-to card when outside the US.

Me too. Love that card!

Thank you everyone!

Can bus/tram tickets be purchased with a credit card? I have the same issue as to how many pounds I should buy for my trip. Most of our cruise will be in Ireland, Scotland. Thank you

In London you can't use cash on public transport. In fact, we are fast becoming a cashless society with contactless payment becoming increasingly popular. I would bring a minimum amount of GBP in cash.

Likewise when we visit ( frequently) the Eurozone we take a small amount of Euros. We pay for almost everything on a CC that doesn't charge for foreign transactions.

I think I read that some of the £ is changing?

When is this happening?

Which £ is going to change?

We have new pound coins which came into circulation this week.

The £5 note has just changed - we change them all every few years.

http://www.bankofengland.co.uk/banknotes/Pages/default.aspx

I will be on the 12 night British Isles cruise that goes to Scotland, Ireland, France and sets sail out to Southampton. I know I'll need GBP for some of the ports but can anyone tell me what ports other than France I'll need Euro's at. Also are there any exchange stations at the ports in case I need to exchange currency ( small amounts for things like snacks) I know it will cost more than going to a bank but I don't want to have to have to try to find a bank in case I run out. Some of the ports in Canada Had them right near the ship and it made it very easy for exchanging small amounts.

I will be using a credit card also with no exchange fees and have read that I will most likely need a pin number with most transactions.

Any info you can give me will be helpful. I have read thru this thread and found out about the new 5's. I'll be there in mid May when the old ones can't be used anymore.

Guess I'd better make myself a little list of the notes and coins for GBP and Euro's.

Linda H.

The Republic of Ireland uses the euro. But Northern Ireland is still part of the United Kingdom and use sterling. Are any of the channel islands included on the cruise?

Both Scotland and Northern Ireland merchants and banks sometimes issue banknotes (paper money) that is different than England which although they in theory have the same exact value are sometimes rejected in England as some merchants say in London are not familiar with them but that is a minor problem. The coins are the same throughout the United Kingdom issued by the Royal Mint.

You do not need a pin for your credit card. American credit cards almost universally do not use pins for purchases. You will probably insert the card in the chip reader (by now your card should have the chip) the message will flash signature required, the merchant will probably make a face while he or she searches for a writing utensil but again this is not a problem. Your card should work without trouble in most kiosks although some US cards have provisions for pins in kiosks. It depends on which bank issued your credit card as to whether you can get a pin for those occasions although if the bank does not issue pins, chances are excellent the card will work anyway.

My caveat to you is exchanging small amounts of cash for sterling or euro can become exorbitantly expensive in terms of fees. Credit cards are widely accepted in these countries although the best way to withdraw small amounts of cash is to use an ATM or debit card which doesn't charge fee for foreign withdrawals. Most bank ATM's in this country will not charge a fee for having the nerve to use their ATM's but our near criminal banks often do. Check with your bank.

Thank you for the information. The only channel island is Guernsey and it is a short stop so I don't plan on doing anything other than getting off for a while to walk around.

My credit cards are all chipped and I plan to use them as much as I can. None of them have a pin so I'm glad I don't have to try to get one. They started chipping our cards here in the USA a couple of years ago but several places still haven't changed their machines over yet.

I am trying to make sure I'm prepared for what to expect.

Linda H.

Chip cards without a pin will not be useable in most locations in Britain, the smaller units will require a chip/pin to work. Only at maybe a few larger hotels will the chip/signature route be available. As a Brit, can't remember the last time signed for a cc payments. However on a Dutch visit just 2 months back it was still a signature on the slip as well as pin in many places. In UK now a contactless bank debit card is very useful as a means of payment, as more and more people hardly carry cash.

Equally in the Euro zone most costs are whole Euro's and the small coins 1c,2c,5c,10c, etc are less and less used with rounding happening, only if you buy odd loose fruit in a market, supermarket are you likely to use. It's easy to end up with a pocket full of hard to shift small change in Euro zone.

Chip cards without a pin will not be useable in most locations in Britain, the smaller units will require a chip/pin to work. Only at maybe a few larger hotels will the chip/signature route be available. As a Brit, can't remember the last time signed for a cc payments. However on a Dutch visit just 2 months back it was still a signature on the slip as well as pin in many places. In UK now a contactless bank debit card is very useful as a means of payment, as more and more people hardly carry cash.

Equally in the Euro zone most costs are whole Euro's and the small coins 1c,2c,5c,10c, etc are less and less used with rounding happening, only if you buy odd loose fruit in a market, supermarket are you likely to use. It's easy to end up with a pocket full of hard to shift small change in Euro zone.

In all due respect, the bold printed statement above is simply not true. Chip and signature cards will work fine 99.9% of the time everywhere in Britain and other parts of Europe. I have never had any problems using a chip and signature card not only at pos locations but in almost all kiosks say of tfl and the National Railroads. Cards issued by different banks in different countries have different lists of card verification methods embedded on the chip. Almost all cards issued by USA banks have signature preference as a cvm ahead of pin. Thus since almost all terminals take signature cards, they will work. Period.

In all due respect, the bold printed statement above is simply not true. Chip and signature cards will work fine 99.9% of the time everywhere in Britain and other parts of Europe. I have never had any problems using a chip and signature card not only at pos locations but in almost all kiosks say of tfl and the National Railroads. Cards issued by different banks in different countries have different lists of card verification methods embedded on the chip. Almost all cards issued by USA banks have signature preference as a cvm ahead of pin. Thus since almost all terminals take signature cards, they will work. Period.

Yes, MATHA531, this is my experience as well. I routinely use my U.S.-issued Capital One chip & sign card throughout the UK, and have never encountered any difficulties. In supermarkets, department stores, & the like, the card machine automatically prints out a slip; the clerk hands it to me (without any questions or strange looks), I sign it, & I'm on my way. At TfL & National Rail ticket machines, the ticket is dispensed without any need to enter a PIN.

By the way... Our British cousins' frequent suggestion that American visitors should "use a contactless card" is useless for most Americans, for the simple fact that they are rare as rubies in the United States. At least, I have never seen one offered on any U.S. credit card website; nor have I ever seen one actually being used on the western side of the Atlantic; nor have I ever noticed or been aware of a "contactless" pay terminal in any American store where I've shopped. I don't know any Americans who have a "contactless" credit card--at least, no one has ever told me that they have one. Not only that, whenever I've mentioned this type of card to any of my American friends, they don't have the foggiest notion of what I'm talking about. (Of course, this may be because I tend to lead a somewhat sheltered existence & don't customarily hob-nob with hipsters; and I don't frequent sophisticated circles except when I'm on board a Cunard liner. ;))

Thanks for all the info.

I did go ahead and get a pin for 1 card just in case I need it for my capital one card. When I spoke with them about using a pin they said the only time I will need the pin with their card is if I take a cash withdraw. The person I spoke with also reminded me that the transactions with their card have no fees but a cash withdraw incurs a 3% fee on top of interest that begins from the day I withdraw it.

While looking at info for the cruise ports I'll be at I did read that a few of the vender's will take US dollars. I won't be counting on that however. I will go ahead and get a few GBP's and Euro's before leaving here so I will have it on hand when I arrive.

Linda H.

Thanks for all the info.

I did go ahead and get a pin for 1 card just in case I need it for my capital one card. When I spoke with them about using a pin they said the only time I will need the pin with their card is if I take a cash withdraw. The person I spoke with also reminded me that the transactions with their card have no fees but a cash withdraw incurs a 3% fee on top of interest that begins from the day I withdraw it.

 

And the current APR for cash advances using a Capital One Quicksilver Rewards credit card is 23.74% :eek::eek::eek: I've heard of loan sharks who charge less. (Well, not really, but I couldn't resist saying that.;p) The friendly credit card folks will be delighted to loan you money at that rate, but don't be tempted. Just say No to using a PIN with a chip & sign card!

 

While looking at info for the cruise ports I'll be at I did read that a few of the vender's will take US dollars. I won't be counting on that however.

 

 

Indeed, it's extremely unlikely you'll come across any business in the U.K. accepting payment in U.S. dollars, unless perhaps you work in international finance and investing. Or unless some enterprising chap decides he'll be happy to take your dollars at a personal exchange rate of about $1.75 to the pound. (Look at it this way: Do you know of any vendors in American ports who take payment in pounds, euros, drachmas, or any other currency? Sure, some tourist-related businesses in Canada accept U.S. dollars, but that's a different story.)

 

I will go ahead and get a few GBP's and Euro's before leaving here so I will have it on hand when I arrive.

 

 

Always a sensible idea, just to avoid a bit of stress. Otherwise, you can use your bank debit card to withdraw local currency from any bank ATM, as previously suggested. (Do remember to notify your bank beforehand that you will be traveling abroad.) Easy-peasy.

 

 

Linda H.

Bon voyage!

Bon voyage!

Oh yes I am very much aware of what they charge! :o I'm sure they would just love me to make a cash withdraw. I always disappoint them however as I never take cash on credit cards and always pay the entire balance when I receive the bill so as to not pay any interest. :cool:

I have not paid any interest on anything for 14 years. Paid everything off even my home.

Linda H.

Oh yes I am very much aware of what they charge! :o I'm sure they would just love me to make a cash withdraw. I always disappoint them however as I never take cash on credit cards and always pay the entire balance when I receive the bill so as to not pay any interest. :cool:

I have not paid any interest on anything for 14 years. Paid everything off even my home.

 

Linda H.

Linda, you're a gal after my own heart. :halo: