Exchanging Money For Travel
January 26th, 2007 by Ian McAfeeWe receive questions about currency and exchanging money quite often. Bob asked one very similar to questions many people ask:
I have plans to visit the UK in the near future, London to be exact. My concern is if i should convert some of my US dollars to pounds prior to arrival. I have been advised to use my credit card for as many purchases as i can. Should i convert at the airport when leaving the US, or at the airport in the UK? Would it be better to convert at a local bank? I dont think i will need more than 500.00 Pounds. I think that may mean I will be converting close to $1000.00 US dollars to get $500.00 Pounds. Can you advise? Thanks.
Answer:
Bob,
Avoid airports and banks as along with currency exchange booths, as they give you the worst rates. For 500 British pounds you are best off using your ATM card at a ATM in London. Depending on your bank, the charge is similar to using a credit card. Some credit cards are better than others. You may want to call them to compare their fees. A 3% markup with no extra fees is about normal. Mind you will pay an ATM fee too, but even with this fee, the total cost is still lower than exchange booths which charge close to 10%.
gocurrency.com
Posted: January 26th, 2007 under Exchanging Money, Money, Travel Tips.
Comments: 2
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