Getting GPB's in US now or @ ATM in UK

[4275princess]

What is the difference in getting GBP's @ bank in US now compared to waiting til in UK next week & using "free ATM" machine? When using UK ATM, my bank debit card & my pre-loaded debit card, will charge me $4 fee + 3% foreign exchange fee for the debit transaction.

 

I have a lot of tours starting early & they want payment in GBP's; I'm thinking it will be a "hassle" to stop @ ATM's while on tours.

 

Will UK ATM's really give me a better foreign rate after considering what my bank will charge? I did get some GPB's a few weeks ago & now thinking about getting more....unless someone can help me understand why it is more "practical & feasible" to wait til I get to UK.

 

I'm hoping to use my Capitol One credit card w/o foreign transaction fee's whenever possible or pay in cash/their currency...

 

(I got enough foreign $ @ local bank to pay for MOST of my tours requiring pounds or euro's...maybe I really don't need anymore til I get to UK for the rest of the tours/tips...I thought I had this ALL figured out & now I'm 2nd guessing my initial decision)

[CruiserBruce]

Look around and you will see this question asked many times. Answer- better- sometimes far better- exchange rates at the ATM.

[4275princess]

Look around and you will see this question asked many times. Answer- better- sometimes far better- exchange rates at the ATM.

 

I will look for UK "no trans fee's @ banks/not travelex ATM's & it sounds like even pay my bank ATM fee + 3%; I'm better off using the UK ATM....thanks for your reply, you saved me a trip to Wells Fargo & a FedEx charge for more foreign $

 

I live in a small rural (not a lot of large banks here) area; we bank with credit union. The credit union could not order me foreign $, which I needed for early tours the 1st couple days. Wells Fargo could get the foreign $ but I had to open an acct. The rep talked me into opening a "debit" card for overseas ATM withdrawals (with a $4 ATM fee + 3%), I also got a "debit" only card through Mastercard with the same fee's. ....I'm now considering using my credit union debit card (if it's available, they have some out of country loc blocked due to high fraud),,,, it charges a lower ATM fee & only 1% foreign transaction.

 

I also plan on using my Capitol One credit card with no transacitons fee's when possible (not applicable to ATM debit withdrawals though)

 

HOPE THIS HELPS someone else ? MONEY ....

(you're better off getting a "no foreign transaction fee credit card with a checking acct/attached to a debit card w/o foreign transaction fee's too. I'm thinking Capitol One has this)

[KirkNC]

We were just in the UK and got all of our GBP's at ATM's. just make sure yuor bank knows you are going there.

[DeloreanGirl]

We got GBP's and Euro's at our bank (BofA) before we left.

 

We used the cash for small items like souveniers an cabs.

 

We then used our Captial One card which was a LIFESAVER. Yes, please use this! No foreign transaction fee at all!

 

Then, to get more GBP's in London after the cruise, we went to Barclay's Bank (affiliated with Bank of America) and there was no % transaction fee at all.

 

Hope this helps! That Captial One card is best. :rolleyes:

 

Also, yes, call Capital One and your bank and let them both know what countries you're visiting so they can "flag" your account with a Trip Ticket.

[MATHA531]

The fees your bank charges seem much higher than they should be (the proper fee of course is $0 for ATM withdrawals and at most passing along the 1% currency conversion fee imposed by the shared teller networks although many banks eat that). Surprising more because you claim your bank is a credit union. Most credit unions have very advantageous deals for ATM and debit cards.

 

If it were me, I wouldn't put up with that garbage. I would open a dedicated account for travel with some internet bank. An example is Charles Schwab Bank. They issue a free debit card, they do not charge fees for use of ATM, they rebate the fees charged by (uusually) domestic US banks for having the audacity to use their ATM's (the British banks by the rules of the shared teller networks are not allowed to charge fees for this). I keep $1.01 in that account (no minimum balaqnce required). Just before leaving I deposit my estaimated cash expenditures into the account via my main bank's bill paying feature and if there's any cash left over when I get home, re-deposit to my main bank to bring the balance back to $1.01.

 

Although it seems you will need more cash than I usually pay when visiting London and Paris (I can spend a week in London and never once pay a single penny in cash as almost everybody takes credit cards for most everything there although a few less enlightned merchants have a minimum amount needed for a credit cqard but not all thqt many) and I use a credit card without foreign transadction fees but gives me a 1% rebate on everything I charge (my Penn Fed card which pays 5% on all gasoline purchases and 1% on everything else and no foreign transaction fee and no annual fee).

 

This is by far the best way to travel in the 21st century.

[KirkNC]

Look around and you will see this question asked many times. Answer- better- sometimes far better- exchange rates at the ATM.

 

Ditto

[whogo]

What is the difference in getting GBP's @ bank in US now compared to waiting til in UK next week & using "free ATM" machine? When using UK ATM, my bank debit card & my pre-loaded debit card, will charge me $4 fee + 3% foreign exchange fee for the debit transaction.

 

(I got enough foreign $ @ local bank to pay for MOST of my tours requiring pounds or euro's...maybe I really don't need anymore til I get to UK for the rest of the tours/tips...I thought I had this ALL figured out & now I'm 2nd guessing my initial decision)

 

How many euros did you buy? How much did you pay for them? When?

How many pounds did you buy? How much did you pay for them? When?

 

Tell us and we can figure how much your financial institution charged you over the historical interbank rate as listed at http://www.oanda.com

 

What other fees are there with your prepaid card?

[4275princess]

The fees your bank charges seem much higher than they should be (the proper fee of course is $0 for ATM withdrawals and at most passing along the 1% currency conversion fee imposed by the shared teller networks although many banks eat that). Surprising more because you claim your bank is a credit union. Most credit unions have very advantageous deals for ATM and debit cards.

 

If it were me, I wouldn't put up with that garbage. I would open a dedicated account for travel with some internet bank. An example is Charles Schwab Bank. They issue a free debit card, they do not charge fees for use of ATM, they rebate the fees charged by (uusually) domestic US banks for having the audacity to use their ATM's (the British banks by the rules of the shared teller networks are not allowed to charge fees for this). I keep $1.01 in that account (no minimum balaqnce required). Just before leaving I deposit my estaimated cash expenditures into the account via my main bank's bill paying feature and if there's any cash left over when I get home, re-deposit to my main bank to bring the balance back to $1.01.

 

Although it seems you will need more cash than I usually pay when visiting London and Paris (I can spend a week in London and never once pay a single penny in cash as almost everybody takes credit cards for most everything there although a few less enlightned merchants have a minimum amount needed for a credit cqard but not all thqt many) and I use a credit card without foreign transadction fees but gives me a 1% rebate on everything I charge (my Penn Fed card which pays 5% on all gasoline purchases and 1% on everything else and no foreign transaction fee and no annual fee).

 

This is by far the best way to travel in the 21st century.

 

My credit union does charge only the 1%, Wells Fargo charges 3%. They both have $4 ATM fee's plus any fee's the foreign ATM machine may have (which is why I will look for ones that say "FREE". I am glad many purchases can be used as "credit" & I will certainly use the Capitol One no foreign fee's card. I am keeping a copy of your reply for future overseas travels. Opening a Schwab acct is certainly something for "future reference"...thanks

[4275princess]

How many euros did you buy? How much did you pay for them? When?

How many pounds did you buy? How much did you pay for them? When?

 

Tell us and we can figure how much your financial institution charged you over the historical interbank rate as listed at www.oanda.com

 

What other fees are there with your prepaid card?

 

My husband went to WELLS FARGO & got foreign $ request on 7/19/12

The paperwork shows:

Euro's

@ top 1.2915

6 20 = $120

4 10 = 40

 

Pounds

@ top 206.64

4 50 = $200

4 20 = 80

2 10 = 20

1.6350

$490.50

(704.14) with ord # & $7.50 processing fee

 

The debit card/by Mastercard (ordered through local credit union @ Beacon

has the following rates:

Foreign ATM fee - $4.00 per transaction

3% international fee

 

We could have used the credit union "debit" card attached to our checking & savings for .50 per ATM fee & 1% foreign transaction fee. At the time, we didn't want anything connected to our regular checking & savings accts....

[hubofhockey]

My husband went to WELLS FARGO & got foreign $ request on 7/19/12

The paperwork shows:

Euro's

@ top 1.2915

6 20 = $120

4 10 = 40

 

Pounds

@ top 206.64

4 50 = $200

4 20 = 80

2 10 = 20

1.6350

$490.50

(704.14) with ord # & $7.50 processing fee

 

The debit card/by Mastercard (ordered through local credit union @ Beacon

has the following rates:

Foreign ATM fee - $4.00 per transaction

3% international fee

 

We could have used the credit union "debit" card attached to our checking & savings for .50 per ATM fee & 1% foreign transaction fee. At the time, we didn't want anything connected to our regular checking & savings accts....

 

The euro has been between $1.22 and $1.23 for a while. So, you paid seven cents more for euros. I'm not sure what exactly you paid for pounds sterling. It's price has ranged between $1.55 and $1.57 for quite some time.

 

We have done four European vacations in the last four years and decided before our vacation last year to get both the Capital One debit and credit cards. There are no ATM fees, no currency conversion charges, and you get the stated rate. We left for Paris with 17 euros in our wallets and ZERO pounds sterling for a Paris pre-cruise and British Isles cruise and never thought about cash too much. The first thing we did after getting are luggage at CDG Airport was to get 300 euros at the HSBC ATM. I wasn't sure if every taxi would take credit cards. But it was good to get euros right away.

 

I guess I can understand why some people would want to have SOME euros or pounds sterling before they leave. I just don't like carrying around that much cash with me at one time, especially in a foreign country. I rarely carry more that $150 in my wallet in the US at any given time and I'm certainly not going to travel with that much worth of euros and pounds sterling. In any case, we returned with next to nothing in foreign currency. We needed euros at our last stop in Le Havre/Normandy and got enough for lunch and to tip the driver guide. We spent our remaining 15 GBP for carryon lunch at the airport.

[4275princess]

The euro has been between $1.22 and $1.23 for a while. So, you paid seven cents more for euros. I'm not sure what exactly you paid for pounds sterling. It's price has ranged between $1.55 and $1.57 for quite some time.

 

We have done four European vacations in the last four years and decided before our vacation last year to get both the Capital One debit and credit cards. There are no ATM fees, no currency conversion charges, and you get the stated rate. We left for Paris with 17 euros in our wallets and ZERO pounds sterling for a Paris pre-cruise and British Isles cruise and never thought about cash too much. The first thing we did after getting are luggage at CDG Airport was to get 300 euros at the HSBC ATM. I wasn't sure if every taxi would take credit cards. But it was good to get euros right away.

 

I guess I can understand why some people would want to have SOME euros or pounds sterling before they leave. I just don't like carrying around that much cash with me at one time, especially in a foreign country. I rarely carry more that $150 in my wallet in the US at any given time and I'm certainly not going to travel with that much worth of euros and pounds sterling. In any case, we returned with next to nothing in foreign currency. We needed euros at our last stop in Le Havre/Normandy and got enough for lunch and to tip the driver guide. We spent our remaining 15 GBP for carryon lunch at the airport.

 

Ever since paycheck auto dep & all the other stuff direct dep; we also don't carry much cash anymore...(people are also desperate now a days & it isn't safe to carry cash) We fly in the day of the cruise (normally don't do that)..& wasn't sure where/how easy it would be to find ATM's. We have several early excursions @ the beginning of the cruise, so needed POUNDS to pay private tour co's + their tip. We will be vigilant, use the money belt & got a safepack bag. $ will go & stay in safe til excursions. We plan on using Capitol One credit card when possible. I had hoped to get their "debit card" also for ATM's w/o fee's & exchange rates...but had to have a checking acct with them also. Our problem is that we live in a small, rural area & most banking is done @ a small Beacon credit union (who had 1% debit fee & .50 ATM) but not great on other overseas services & fraud dept. I've gotten some great advise on cc for future overseas travel & money...and will definitely look into the Scwabb acct mentioned in an earlier post....so think on the next trip I will be better prepared.

[skisteamboat]

If your credit union belongs to the STAR, Cirrus or other ATM network, it is a piece of cake to use an ATM in the UK (and elsewhere).

 

Just get on any high street and there are a plethora of ATM's and easy to find one in your network. If you absolutely need foreign cash the instant you step past customs and immigration, there are ATM's in the terminals although they do not offer the best rates.

 

If I don't have the currency from a previous trip, I just use my Cap One card to get to town, walk around a short while, find an ATM and draw on my Credit Union Account from the appropriate network. They only charge the 1% fee.

 

Cheers

[whogo]

My husband went to WELLS FARGO & got foreign $ request on 7/19/12

The paperwork shows:

Euro's

@ top 1.2915

6 20 = $120

4 10 = 40

 

Pounds

@ top 206.64

4 50 = $200

4 20 = 80

2 10 = 20

1.6350

$490.50

(704.14) with ord # & $7.50 processing fee

 

The debit card/by Mastercard (ordered through local credit union @ Beacon

has the following rates:

Foreign ATM fee - $4.00 per transaction

3% international fee

 

We could have used the credit union "debit" card attached to our checking & savings for .50 per ATM fee & 1% foreign transaction fee. At the time, we didn't want anything connected to our regular checking & savings accts....

Good move getting smaller bills. I have not found any cheaper source of foreign currency in the US than Wells Fargo.

 

The interbank rate for euros on 7/19/12 was $1.2271/€. Wells Fargo marked the euro up by 5.2%.

 

The interbank rate for pounds on 7/19/12 was $1.5638/£. Wells Fargo marked the pound up by 4.6%.

 

The $7 processing fee added 1% to the above rates. Figure a 5.9% average rate from Wells Fargo. I think that Wells Fargo customers avoid this fee at walk up international teller sites.

 

Small withdrawals with the $4 fee cost you more. Your break even point for ATM withdrawals is about $140 worth of foreign currency. Anything less than $140 is cheaper with Wells Fargo. Anything more than $140 is cheaper with your ATM card with the markup rate steadily decreasing for larger withdrawals.