Currency Exchange

[scoochy12]

Hello - what does everyone recommend for currency exchange?

 

ATM at hotel? or do at home before we travel? or any other suggestion?

I know the airport has services but their rate is usually a higher one and want to avoid that. We will only need cash for car transfer from LHR hotel to Southampton (can not pay with credit card we were told CASH) and also drinks out with friends that night.

 

Thanks in advance!

[Bob++]

You can get some at Heathrow from an ATM, but to save the hassle, I would buy some before I left. The taxi, should cost around £50, so you should only need, maybe $200 or so. The exchange rate is academic.

 

If you need more, ATMs are plentiful. The hotel will rip you off.

Edited May 8, 2016 by Bob++

[kerryincork]

Do not use ATM at airport, these also have lousy exchange rate. Exchange a small amount at home, about $100, enough to get you to your hotel. There are thousands of ATMs around London, just use Google maps to find the closest one to your hotel. Have fun.

[orchestrapal]

Use only BANK ATMs as all other private ones, such as airport ones, are charging you very high rates.

[4774Papa]

Do not use ATM at airport, these also have lousy exchange rate. Exchange a small amount at home, about $100, enough to get you to your hotel. There are thousands of ATMs around London, just use Google maps to find the closest one to your hotel. Have fun.

 

Our local bank in Georgia had terrible exchange rates. We have found that we generally do better using ATMs in Europe and at the Airports are BETTER than what we find in the USA.

 

However, if you want to buy Pounds or Euros in the USA, Bank of America and Wells Fargo offer the best rates, but you need to have an account or credit card with one of them.

 

Don't use the exchange counters at the airports like Travelex(sp?)

[CruiserBruce]

Use only BANK ATMs as all other private ones, such as airport ones, are charging you very high rates.

 

This is the key- use BANK ATMs, not private ones. I have yet to find a cheaper source that bank ATMs in the country you are traveling in.

[Pet Nit Noy]

Hello - what does everyone recommend for currency exchange?

 

ATM at hotel? or do at home before we travel? or any other suggestion?

I know the airport has services but their rate is usually a higher one and want to avoid that. We will only need cash for car transfer from LHR hotel to Southampton (can not pay with credit card we were told CASH) and also drinks out with friends that night.

 

Thanks in advance!

 

The OP is from PA, so I'm replying in that context.

 

Your use of the phrase "currency exchange" is a bit of a throwback to the era before ATM/cash points became widely available. Typically, the only currency exchange that takes place now is for people to exchange small amounts of US dollars for foreign currency before they leave home. Once at their destinations, as many have said, travelers use ATMs to withdraw cash in the local currency. No "exchange" takes place.

 

If I've understood your post, you won't need UK currency until after arrival day when you travel to Southampton. That means you should have opportunities to use an ATM in the airport or, possibly, in the area surrounding the hotel.

 

You don't want a "service" in the former sense -- the bureau de change -- the kiosk with the word for money exchange in many different languages decorating the facade. Admittedly, the exchange rate in the airport may not be the best since the ATMs tend to be run by a private corporation, Travelex. even if there's a bank name associated with the machine.

 

I'd email your hotel and ask for the location of the bank closest to the hotel. If the answer that comes back is "in the hotel" you're no better or worse than the mediocre exchange rate from the airport ATM machines. An ATM located in a bank is the place for the best rate of exchange.

 

Here's a link to cash facilities in all the Heathrow terminals.

 

http://www.heathrow-airport-guide.co.uk/cash-facilities.html

 

Here's another link to information about Heathrow cash facilities. The text on this web page claims that most of the ATM locations do not have a surcharge. While it's always a good idea to avoid a surcharge to use an ATM, that's not the same thing as the exchange rate.

 

http://www.heathrow.com/airport-guide/terminal-facilities-and-services/cash-machines

Edited May 8, 2016 by Pet Nit Noy

[GrJ Berkshire]

Use bank ATM's its the only real option. Pre-booked cars from LHR are usually cheaper and more reliable, all black cabs take cc's .If drinks are in a hotel/ pub then cards not cash are accepted in all good places, so you will not need cash.

[agabbymama]

All depends on you. Are you interested in saving $ or convenience???

 

You are going to pay some fees for the currency exchange, no matter which way you do it. Some charge more, some are less.

 

My ATM card doesn't go with me on my travels. I've had two experiences close to home where the machine kept my card. If that were to happen in Europe on a one day stop, how would you retrieve your card. And if a hacker were to get your info, you might not discover it until you returned home and started seeing charges to it. Your bank account could be at risk.

 

Are you a AAA member? They do offer small packets of currency. We purchased 75 EUR here for just such contingencies as taxi, bus, etc. for our first day in Paris and Rome.

 

And another poster (some time ago) suggested opening a travel bank account and using that card for currency withdrawal. That way your main bank account is not at risk, only the money for travel allowance would be at risk.

 

I have done everything from travelers checks, to cash for each country, to taking US cash and exchanging in a local bank. I just consider the exchange fees part of traveling. It's more convenient for me to get the foreign currency needed before leaving home.

 

It was interesting to note, that in a small village in Turkey, I was interested in a small Jade pendant, but I didn't have enough local currency for the purchase. The salesman knew I was American, so he offered to take US $. Once he did the exchange and named the price, I paid him in US currency.

 

Have a great trip, whatever you decide is best for you.

[dogs4fun]

Your best rate of exchange will be offered by bank ATMs.

[Bob++]

Many of the above posts put the exchange rate ahead of convenience. After a transatlantic flight I wouldn't want the hassle of getting cash in a strange airport. I cannot believe that the OP can't order some Sterling from his bank, local money exchange or travel agent. They may pay a little more or get a worse rate, but it won't amount to more than $5 either way.

 

I am off to Euroland shortly and will buy some from a local supermarket before I go. Just enough to get me through day one. Especially since day one is a national holiday in France.

[Pet Nit Noy]

I am off to Euroland shortly and will buy some from a local supermarket before I go. Just enough to get me through day one. Especially since day one is a national holiday in France.

 

Getting local currency does not require a one-size-fits-all answer. Your own travels have the added challenge of your first day in France being a national holiday. However, the OP hasn't indicated any need for money on arrival day. There's no indication that Scoochy12 needs money to get to the hotel near LHR. No indication Scoochy needs money for meals on arrival day. There appears to be at least an overnight stay in a hotel before there's any need for local currency. That's why I recommended asking the hotel (concierge?) if there is a bank ATM within easy walking distance of the hotel. If the answer is "no" then I could be persuaded to convert USD to pounds while still home.

[MHF]

Check with your own personal bank to see if they have "partner banks" in other countries. For example, if you look at the Bank of America website for ATMs, you will find banks in England and other countries that you can use without a BOA charge. It's just a matter of tracking one of those ATMs down on Google/Etc maps. I used Barclay's in England with my BOA debit card and it was easy.

[Putterdude]

We always get our GBP before we leave from our bank, it sometimes takes a few days to get as our branch is in rather a small community. If we need more while in the UK we seek out a bank ATM. Which reminds me, I should order some currency this week.

Edited May 9, 2016 by Putterdude

[Kylie]

If you ask for 200 euros from the ATM what denomination of bills do you get? Do you have any choice for smaller bills and what about getting coins for the restrooms?

[kerryincork]

I'm afraid the machine will give it to you by whatever bills it has in machine. Example if you ask for €200, you are most likely to get 4x €50. If you want smaller bills best ask for €210 or €180, etc. This way you should get a mix of 20 & 50 notes. I can't remember ever getting anything smaller than a 20 or more than a fifty. Don't worry you want have any trouble getting change of a fifty. Buy a packet of gum from a news agent or a cup of coffee to get smaller change, no problem.

[Pet Nit Noy]

I'm afraid the machine will give it to you by whatever bills it has in machine. Example if you ask for €200, you are most likely to get 4x €50. If you want smaller bills best ask for €210 or €180, etc. This way you should get a mix of 20 & 50 notes. I can't remember ever getting anything smaller than a 20 or more than a fifty. Don't worry you want have any trouble getting change of a fifty. Buy a packet of gum from a news agent or a cup of coffee to get smaller change, no problem.

 

The ATM machines linked to Citibank are where we typically get our money throughout the US. On the machine, it clearly states the size bills stocked in the machine -- $10 and $20 -- and it instructs customers to pick an amount that can be reached by a combination those two denominations. I can't recall whether the cash points in Europe make this same declaration either on the screen of on a decal attached to the machine itself.

 

Does anyone else know the answer to that question?

Edited May 9, 2016 by Pet Nit Noy

[Globaliser]

The ATM machines linked to Citibank are where we typically get our money throughout the US. On the machine, it clearly states the size bills stocked in the machine -- $10 and $20 -- and it instructs customers to pick an amount that can be reached by a combination those two denominations. I can't recall whether the cash points in Europe make this same declaration either on the screen of on a decal attached to the machine itself.

 

Does anyone else know the answer to that question?

That instruction isn't one that I've seen anywhere in Europe.

 

In the UK, we're all used to machines dishing out £10 and £20 notes, and I think that we're all conditioned to making sure the number ends in a zero. There was a move to get more machines to dispense £5 notes, and the display screen would sometimes advise you of this. But I've seen fewer £5 notes recently, so this initiative may have fizzled out (although to be fair, I have also substantially scaled back my use of cash in the last year or so, so I rarely use cash machines now at all).

 

In addition, many machines give you a list of pre-chosen common options as well as a default setting to choose your own amount. Most people, as far as I can see, just pick one of the pre-chosen options. So this reduces the need for an instruction to do some mental arithmetic.

 

Funnily enough, I've never tried deliberately to ask for an amount which the machine could not dispense. I suspect that if you ask for an amount which the machine can't dispense, it will simply tell you to choose again. I will have to try this sometime, to see whether German machines bark a very big "NEIN!" at you, Italian machines giggle, or French machines simply shrug.

 

However, in Luxembourg I did encounter a machine that allowed you to choose how many notes of each flavour you would like to have, rather than just selecting an overall total. That was useful, if a little more time-consuming.

[Bob++]

The ATM machines linked to Citibank are where we typically get our money throughout the US. On the machine, it clearly states the size bills stocked in the machine -- $10 and $20 -- and it instructs customers to pick an amount that can be reached by a combination those two denominations. I can't recall whether the cash points in Europe make this same declaration either on the screen of on a decal attached to the machine itself.

 

Does anyone else know the answer to that question?

 

There may be some, but I have never come across one. In the UK you usually get a mix of 20s and 10s. on Continental Europe you usually get 50s 2os and sometimes some 10s.

[Pet Nit Noy]

In addition, many machines give you a list of pre-chosen common options as well as a default setting to choose your own amount. Most people, as far as I can see, just pick one of the pre-chosen options. So this reduces the need for an instruction to do some mental arithmetic.

 

I think every ATM has a similar set up. However, we've gotten in the habit of requesting odd amounts from the Citibank ATM we patronize most. We've found this particular machine will dispense an occasional $100 bill even though there's no mention of that being an option. Breaking up such a large bill is a big problem and usually requires a trip inside a bank during business hours. So we've gotten in the habit of making weird requests like $140. With that amount, the machine typically dispenses $120 in $20 bills plus two $10 bills. Ask for $220 and you can be sure to receive $120 in $20 bills plus one $100.