Money exchange

[hotzej]

My husband and I are going to London first and then on a cruise in August. We are arriving at Gatwick Airport and plan on taking the train into London. Is there anywhere to exchange US money to pounds? We would like to have some pounds before arriving in Victoria, but if not possible where would the closest palce be around Victoria Station? Thank you

[bsquare12]

My husband and I are going to London first and then on a cruise in August. We are arriving at Gatwick Airport and plan on taking the train into London. Is there anywhere to exchange US money to pounds? We would like to have some pounds before arriving in Victoria, but if not possible where would the closest palce be around Victoria Station? Thank you

 

Bill.. your post kind of made me giggle.... this is England, not a developing country:D:D

 

Our airports have lots of places right in the airport where you can exchange your $ for £.

 

Enjoy your trip.

 

Beverley:D

[ab0si]

there are both ATMs and exchange bureaus at Gatwick. You will not have a problem finding them.

[MATHA531]

Do you have a checking account? Almost every bank will issue you an ATM card; that is tyhe modern 21st century way to exchange money today and there are lots of ATM's at Gatwick airport; there are probably some in the baggage claim area while waiting for your baggage but if not you will find osme in the main terminal.

 

Check with your bank on their policies regarding international ATM withdrawals. The good news is that if you use a bank ATM throughout the world, the local bank is now allowed to charge a fee for the withdrawal but your bank might and these fees range from what they should be namely $0 to as much as $5 per. The currency exchange rate might also be subject to a charge which ranges from 0% to as much as 3% but you still do far better than you do with cash.

 

If your bank fees are too high, in this day and age it is very simple to find an internet bank to open up an account with no service charges, keep $1 in it to keep the account active and transfer in money before you leave. Most of these internet banks do not charge for ATM withdrawals and at most tack on a 1% currency exchange fee (this fee is on the actual exchange rate at the moment the withdrawal is made and can be had at any time on www.ie.com far far far better than you can do with cash. You need not worry about getting sterling before arriving in the UK.

[Hlitner]

Bill.. your post kind of made me giggle.... this is England, not a developing country:D:D

 

Our airports have lots of places right in the airport where you can exchange your $ for £.

 

Enjoy your trip.

 

Beverley:D

 

We used to think you were a "developing country" when your pubs all closed at 11! But alas, you have been dragged into the modern era :)

 

Hank

[scottbee]

My husband and I are going to London first and then on a cruise in August. We are arriving at Gatwick Airport and plan on taking the train into London. Is there anywhere to exchange US money to pounds? We would like to have some pounds before arriving in Victoria, but if not possible where would the closest palce be around Victoria Station? Thank you

 

Your bank in the USA can change currency into GBP before you leave. For example, the small local branch of my bank (I'm in Canada) stocks US$, €, £ and the larger ones have ¥ as well, and can order anything within 24 hours.

 

I'm pretty sure Charlotte is big enough that banks stock some foreign currency.

[MATHA531]

Your bank in the USA can change currency into GBP before you leave. For example, the small local branch of my bank (I'm in Canada) stocks US$, €, £ and the larger ones have ¥ as well, and can order anything within 24 hours.

 

I'm pretty sure Charlotte is big enough that banks stock some foreign currency.

....

 

In the USA, currency conversion is a minor thing for most banks unlike Canada where you start off with so many wanting to switch between CAD and USD. You lose big time on the exchange rate.

 

Well I hear such statements as I am willinmg to pay for convenience. But what convenience....pure and simple you pay at least 10% more. The simplest thing in the world is to use an ATM, especially for Americans travelling to London as American and English are pretty closely related languages. And for the most part, you don't even need cash to get from Gatwich to London. The National Rail Services take credit cards. When you get to Victoria you can buy an oyster card with a credit card but if you don't feel comfortable, as you are walking the distance from the exit from customs to the train station, I would wager you will pass five or six ATM's....in London, it almost seems there is an ATM on every corner (some corners have 4)...personally I just don't understand this desire to run to a bank, lose big time on the exchange just to have British money in your pocket when you land at Gatwick (or Heathrow or Luton).

 

As a matter of fact, I can spend a week in London very easily, start out with one £20 bank note in my wallet and never have to use an ATM again. Hotels either include breakfast or almost all fast food places (maybe not your idea of breakfast) take credit cards. Pret a Manger takes credit cards, that's lunch. The grocery stores where I pick up sodas for half time at shows take credit cards. Theatres take credit cards. Almost all budget priced, moderately priced, higher priced restaurants take credit cards. The Underground takes credit cards. About the only places I can't use my credit card is at my favorite internet cafe where I pay £1/hour at a pub or two if I stop in for a pint (cold lager of course) and I can't think of anywhere else.

 

Yes there are some places in Europe where credit cards are not the thing. Germany for example. But London is not one of them.

[financialgrl]

I too checked with my bank about converting some money ahead of time. Sure they'll do it but it'll take a day or two but it's still more expensive than just using an ATM card.

 

When I began to travel more I also got a credit card used solely for travel. I make a few charges here and there to keep it activated. I did so, after being with my SIL whose card had a temporary hold placed on it while we were in Canada. (And yes, I was there a few days ahead of time when she notified the company of the upcoming travel outside the US, so it can still happen). I have three recurring monthly utility bills that get automatically charged each month that I pay off when due and don't want any hold to affect billing for my electricity, propane deliveries and phone.

[newport dave]

What ever you do don't use the currency exchange booths at the airport, the rate of exchange is a complete rip off. Better off using a high street bank, ATM or travel agent once you're in central London.

[Bookmarker]

My husband and I are going to London first and then on a cruise in August. We are arriving at Gatwick Airport and plan on taking the train into London. Is there anywhere to exchange US money to pounds? We would like to have some pounds before arriving in Victoria, but if not possible where would the closest palce be around Victoria Station? Thank you

 

 

I buy foreign currency packs from AAA prior to our overseas trips. Competitive exchange rate with a small conversion fee and next day delivery of the money. I have found from our last two trips abroad that I come out ahead in the exchange rate buying the money here and paying the small fee up front rather than the multiple charges with 3% fees for each charge in the foreign country.

[schoolinmy3]

I buy foreign currency packs from AAA prior to our overseas trips. Competitive exchange rate with a small conversion fee and next day delivery of the money. I have found from our last two trips abroad that I come out ahead in the exchange rate buying the money here and paying the small fee up front rather than the multiple charges with 3% fees for each charge in the foreign country.

 

I just spoke with our local AAA travel agent and he said that if you exchange $1000 into a foreign currency you avoid paying any fees. We plan to do this for exchanging into Euros as our hotel pre cruise requires payment in cash.

diane

[hotzej]

AAA will be the place I visit prior to leaving for London,...thank you

[MATHA531]

I buy foreign currency packs from AAA prior to our overseas trips. Competitive exchange rate with a small conversion fee and next day delivery of the money. I have found from our last two trips abroad that I come out ahead in the exchange rate buying the money here and paying the small fee up front rather than the multiple charges with 3% fees for each charge in the foreign country.

 

How competitive? The official rate today is $1.36488 = €1

 

You usually don't do nearly as well as what you would pay if you used an ATM.

[handfordr]

In the UK the standard guidance is that the best cash return is from ATM's for the best exchange rate with one of the better credit/debit card. You can see the rate credit/debit card companies will convert at at this url.

http://www.xe.com/

 

However, the actual money you will get in cash depends on your credit card company. In the UK there are credit cards that levy a 0% on this charge and others that go as hogh as 3%, you need to check with your credit card/debit card company what charges they apply to the wholesale exchange rate.

[whogo]

I just spoke with our local AAA travel agent and he said that if you exchange $1000 into a foreign currency you avoid paying any fees.

 

That is a good line for a salesman to use. Exchange bureaus the world over tout "no fee". Unfortunately, bureaus markup the conversion rate. You can pay 20% over the interbank without paying a fee.

 

Things may have changed at AAA since I priced them a few years ago, and rates may vary from club to club. At that time a tip pack was marked up 15%.

 

Currently $1 equals €0.7389. If anyone can get €738 for $1000 from a US bank, exchange bureau, or motor club, let us know.

[Bookmarker]

How competitive? The official rate today is $1.36488 = €1

 

You usually don't do nearly as well as what you would pay if you used an ATM.

 

 

I ordered money about a month ago for my mom's trip to UK. At the time, I think the exchange rate was 1.58 pounds = $1.00 (may have been slightly lower but I don't recall for sure). I have the receipt from AAA showing that the exchange rate they charged for the conversion was 1.60 pounds for each dollar. AAA charges a $12 service charge for less than $1000 dollars converted. My local bank was charging 1.75 pounds for each dollar plus $15.00 processing fee.

 

I'm just the opposite of you in that I get my money before I leave and only use my credit card once or twice while I'm gone (usually the hotel and a large shopping purchase such as Louis Vuitton). I pay using mostly cash at home for eating out, gas, small grocery store shopping and see no need to change when I travel overseas.

[whogo]

I ordered money about a month ago for my mom's trip to UK. At the time, I think the exchange rate was 1.58 pounds = $1.00 (may have been slightly lower but I don't recall for sure). I have the receipt from AAA showing that the exchange rate they charged for the conversion was 1.60 pounds for each dollar. AAA charges a $12 service charge for less than $1000 dollars converted. My local bank was charging 1.75 pounds for each dollar plus $15.00 processing fee.

 

The highest interbank rate in March according to http://www.oanda.com/currency/historical-rates was $1.5367/£. At AAA's rate of $1.60/£, the markup was at least 4%. The $12 fee, if added, adds at least 1.2%.

 

I will point out the dangers of buying a small amount of foreign currency in the US using the local bank figures quoted above for those that insist on getting $100 worth of foreign currency so they have something in their pocket on landing.

 

At the interbank rate of $1.5367/£, $100 would buy £66.07. But the bank takes its $15 fee first, selling you only $85 worth of British pounds at an inflated exchange rate of $1.75/£. This gets you only £48.57, except they don't sell foreign coins and give you only £48. You have lost £18.07 in fees, or $27.76 out of your original $100, or 27.76%.

 

If the bank eliminated their $12 fee, they would still be making 13.8% on the markup. "No fee" does not mean "no cost". The bank exchange rates quoted above are on the high end of what is available in the US. If you do not compare foreign currency quotes to the interbank rate you run the risk of getting ripped off and if you thought you would never need high school math again you were wrong.

[xpcdoojk]

The three best options are: ATM, ATM, ATM. Verify with your bank before you leave that they know you plan on using ATMs in whatever countries you are visiting. I even make sure I have the email address of someone at the bank who can intervene if they fail to authorize ATM withdrawals out of country. Generally they charge a flat small fee for the transaction, and you get the best exchange rate at that time. For USA based travelers, you can benefit from having a credit card that does not charge a 3% foreign exchange charge on each transaction. If you don't have one you are over paying 3% on every purchase. As far as I am aware Capital One is the only company that issues such a card. No matter how you arrive in England, there will be ATMs in the building (whether you arrive by ship, by plane or by train). If you can't find an ATM there are exchange businesses that do not offer you a great value, but do offer convenience at all ports, airports or terminals.

 

jc

[Mapu]

The three best options are: ATM, ATM, ATM. Verify with your bank before you leave that they know you plan on using ATMs in whatever countries you are visiting. I even make sure I have the email address of someone at the bank who can intervene if they fail to authorize ATM withdrawals out of country. Generally they charge a flat small fee for the transaction, and you get the best exchange rate at that time. For USA based travelers, you can benefit from having a credit card that does not charge a 3% foreign exchange charge on each transaction. If you don't have one you are over paying 3% on every purchase. As far as I am aware Capital One is the only company that issues such a card. No matter how you arrive in England, there will be ATMs in the building (whether you arrive by ship, by plane or by train). If you can't find an ATM there are exchange businesses that do not offer you a great value, but do offer convenience at all ports, airports or terminals.

 

jc

 

While it is true that Capital One does not charge a foreign transaction fee on charged purchases out of the US, if it is used as an ATM in or out of the country it is considered as a cash advance at 24% interest starting with the day of the ATM withdrawal.

[Love the beach]

While it is true that Capital One does not charge a foreign transaction fee on charged purchases out of the US, if it is used as an ATM in or out of the country it is considered as a cash advance at 24% interest starting with the day of the ATM withdrawal.

Even if you take the money out of your own checking account???

[moyaroo]

Even if you take the money out of your own checking account???

 

Capital one is a credit card. Advances on credit cards get hit with instant start of interest. The only way around that is to pre-pay the card.

[scottbee]

....

 

In the USA, currency conversion is a minor thing for most banks unlike Canada where you start off with so many wanting to switch between CAD and USD. You lose big time on the exchange rate.

 

Why would US banks do less currency transactions to Euro/GBP than a Canadian bank? How is it any different? Ask your bank, you'll be surprised how cheap it really is, and then it's done in advance and you don't have to stress about it. Also, remember that a lot of US Banks are actually owned by someone else these days; such as TD (Canada), RBC (Canada), BMO (Canada), or HSBC (UK).

[Love the beach]

Capital one is a credit card. Advances on credit cards get hit with instant start of interest. The only way around that is to pre-pay the card.

I was thinking of the Capital One checking ATM card---they advertise no foreign exchange fees on withdrawals.

[whogo]

Ask your bank, you'll be surprised how cheap it really is, and then it's done in advance and you don't have to stress about it.

Wells Fargo currently quotes a 5.9% markup on euros and a 4.5% markup on British pounds*. Do you consider that cheap? Can you quote cheaper bank rates?

 

Bookmarker just quoted an atrocious markup plus a high fee from his bank. Cheap rates from a US bank are hard to come by.

 

*Wells Fargo's online quotes were $1.6099/£ vs the interbank rate of $1.5363/£.

 

Wells Fargo's online quotes were $1.4293/€ vs the interbank rate of $1.3501/€.

[bam1958]

called capital one a few days ago concerning fees. use it as a credit card, no problem, no fees. use it as an atm, it is seen as a cash advance with a whopping 20% or more charge-depending on your contract. b of a military atm charges 1% of your withdrawl amount plus a $3-$5 fee depending on your contract and then whatever the atm that you are withdrawing from charges. the usaa atm card that we have charges 1% of the withdrawl amount and then you get up to 10 free withdrawls a month and then they reimburse you up to $15 for any fees you incur on an atm withdrawl from another bank. or bring cash and exchange when needed. after spending the past 2 summers traveling in europe we used the capital one for almost everything and just exchanged dollars when needed-which wasn't often.