This is my first business trip to the UK, and some suggest I use the Mastercard for everything, others say the international fees are too steep and use something else. Suggestions? Travelers checks? Exchange US dollars for pounds at the airport? (I'm new at this, can you tell?)
Thanks for any ideas, and sorry that our president is such a noodle. Cheers!
2007-01-31 07:03:30 · 10 answers · asked by $$ Profit of Doom $$ 2 in Travel ➔ Travel (General) ➔ Other - Destinations
I am from the US and whenever I travel abroad, the best way to exchange money is to use an ATM card at an ATM. I have done that in several European countries in the past couple years, including England, and I get the exact published exchange rate and the international exchange fee is less than 1%. (That might be somewhat different depending on your bank - I go to a small bank). But I've heard from other seasoned travelers as well that this is the best way to change money. The next best way is to use your credit card - Mastercard is accepted everywhere in London. The international fees I think might be very slightly higher than getting cash from the ATM but not much. Basically it's because the banks exchange currency in huge bulk amounts and therefore get the best rates, so even with the low fees they charge they're still making money.
You could exchange travelers checks or US dollars at an exchange bureau - there will be plenty of these at the airport and also in downtown London - but I wouldn't recommend this. They charge astronomical fees - either a flat fee or a percentage of what you're changing - and also give exchange rates that aren't so great. It's still better to use Mastercard because the exchange rate they give you will be good and the fees are far less.
And the Europeans will be glad to see that not all Americans voted for our president too. Have a great trip!
2007-01-31 07:17:55 · answer #1 · answered by Mike R 6 · 2⤊ 0⤋
Best Way To Exchange Currency
2016-11-16 05:56:04 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Love that about the pres being a noodle!
When I travel I use the ATM machines. It's super easy as they seem to be everywhere in most countries. You will likely only have to pay a fee from your bank at home, which is better than traveller's checks. You have to pay to buy them at home and sell them when you're travelling.
Most credit card companies charge the going daily exchange rate, but it might be a good idea to check with your card company first to make sure. Either way you will need some cash, so consider using the bank machine. There will be some at the airport when you arrive.
2007-02-01 03:53:15 · answer #3 · answered by Anonymous · 1⤊ 0⤋
#1 Don't use the exchange booths at the airports. They ripe you off with their fees. I did this in Jamaica to a taxi to the hotel and come to find out most people there perfer U.S. dollars. I think if you were to hail a taxi at the airport, ask them if they would take U.S. dollars instead of the U.K. pound. They know you just got there and most people in Europe are really nice.
#2 Use the ATMs. It is super easy and get out larger amounts so you just have to pay 1 fee. It is a whole lot easier than finding a bank.
#3 Use your charge cards - Mastercard or Visa. They are accepted everywhere. And the beauty is, you don't have to rack your brain with the exchange rates - just set a limit for yourself so you don't overspend.
Have fun in London. There is so much to do there. And the people were really nice when I went there - it was in 1999 but still very memoriable.
2007-01-31 07:34:36 · answer #4 · answered by sweetsxyazn2002 3 · 1⤊ 0⤋
Just order some UK pounds from your local bank before you come over. Like 500 dollars worth or something. Make sure they are small denomination notes because NO_ ONE likes notes bigger than twenties ( because of counterfeiting).
You will need cash for taxis and bars. Use your mastercard for everything else. The charges aren't THAT steep.
There are ATMs everywhere in the UK and you will have no trouble obtaining UK pounds from them.
Besides you'll be on expenses right?
Travellers checks are just so old fashioned . No one bothers with them nowadays.
PS prepare to be amazed by London, enjoy the trip!!
2007-01-31 07:10:12 · answer #5 · answered by Not Ecky Boy 6 · 1⤊ 0⤋
This Site Might Help You.
RE:
Traveling from the US to London - Best way to exchange currency?
This is my first business trip to the UK, and some suggest I use the Mastercard for everything, others say the international fees are too steep and use something else. Suggestions? Travelers checks? Exchange US dollars for pounds at the airport? (I'm new at this, can you tell?)
Thanks...
2015-08-10 14:39:29 · answer #6 · answered by Gusella 1 · 0⤊ 0⤋
Of course it's a good idea to have some kind of local currency when you get here, but to exchange in bulk I'd wait until you get to London and do your exchange at the Post Office..they do it commission free.
You're president's a noodle, our President (sorry...Prime Minister!) is a poodle and our weather sucks right now, so I think we're even!
Hope you enjoy your trip!
2007-01-31 07:15:46 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You get the best exchange rate at ATM's, and they are all over London. If you get charged fees on your credit card, then your company should pay the fees.
BTW - the US Dollar isn't worth crap, so be prepared to spend a lot of money.
2007-01-31 11:35:34 · answer #8 · answered by Sanmigsean 6 · 1⤊ 0⤋
Do whatever you like the US $ against the £ is not worth arguing about, you will get about the same rate where ever you go, at the airport on arrival in UK or any bank in the UK.
2007-01-31 07:17:18 · answer #9 · answered by budding author 7 · 0⤊ 0⤋
When I went to Germany, we exchanged at the airport and used our CC as back up. Fees can be high. Our bank charged us $6.00 per transaction, luckily there were only 2.
2007-01-31 07:09:17 · answer #10 · answered by rebel g 4 · 0⤊ 0⤋