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Swap vs Swindle: Your Money on the Go

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Swap vs Swindle: Your Money on the Go

Q. What is the best place to get money exchanged? I'm traveling from the US to the UK and don't want to pay high fees to change my dollars to pounds.

A. You can often get away with just using your bank card to make withdrawals at any ATM, depending on how much your bank charges for foreign withdrawals. Some banks don't charge a fee for this. Otherwise, a credit card with low foreign surcharges (such as Capital One) is a good option too. Stay away from airports and hotels, which tend to have the worst exchange rates.

We also encourage you not to rely entirely on an ATM card. What if the machine eats your card, or isn't able to access your bank info? Hey, it happens! More on this subject over in the blog.


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Captial One "No Hassle" card has zero exchange fees, and you pay the rate based on date of purchase or posting... been to Europe more than 15 times in past 10 years, used the card every time, never paid a fee, never had a problem, except there are still a lot of places in Europe that dont take credit cards, period. I have used Chase debit card in ATM's, and did have to pay a fee, but still better rate than doing an exchange of $ to Euros.
by yahoo on Monday, May 23, 2011
Couple years back, T3 at Heathrow, row of ATM's(you can check which banks on Heathrow web-site)chose Barclays, used American Airlines credit card(not one associated with Citibank)-no fees, all for trip!
by gleebeck on Saturday, May 21, 2011
I travel in the UK a lot and I use my ATM to get cash for the most part. I let my bank know the circumstances so there aren't any false reports. They only charge a 1% transaction fee, but my amex card has a high fee so I don't use it abroad. The only problem I've ever had is that in the UK their cards have a little chip in them the machines read rather than swiping it. I can't tell you how many times a store clerk has looked confused when I hand them my card. They don't know how to swipe it but most machines are equipped to handle american cards. It can be quite frustrating (and once in Scotland they refused our card entirely) but usually they figure out how to use it eventually.
by Tally on Sunday, August 29, 2010
For the person going to Japan: Interestingly, you are best off bringing traveler's checks and exchanging them at a bank. (You get about 1 to 1 1/2 % better rate that way. Also, many Australian exchanges have a preferable rate for bank checks/ traveller's checks. Shop around! And don't forget to ask about any service added to the percentage.
by josanpu on Sunday, August 29, 2010
Ask your bank for correspondent banks in other countries. No charge for "foreign" ATMs. For Bank Of America, it is Barclays Bank in UK. See ATMs in the airport when you arrive.
by longhorns on Friday, August 27, 2010
Oh my! I was told the opposite! I changed my finds @ chase before going to the uk! I was planning on doing the same for my yen when I go to japan next month. I've heard japan doesn't use american debit cards. And that when u with drawl $$ from an atm in an another country you are charged all kinds of fees, for using the atm, for being in another county, a fee for converting it, and a fee for being on a different network. I heard it takes several weeks to know what the actual amount that was debited.. oh, I don't know what to think now,,,,
by Mimi on Friday, August 27, 2010
Marks & Spencers, any British Post Office, London's Tourist Centre are good places.
by TessM on Friday, August 27, 2010
Your bank ATM card is probably cheaper than a Visa/Master card. Some banks require notification that the card will be used in another country to reduce fraud. Airport ATMs are usually reliable, while those in small cities may not connect to your network. Carry one card in your wallet, and another hidden elsewhere.
by Jupiter on Friday, July 09, 2010
Ask your bank if they have a correspondant bank in UK. If so, no "foreign" ATM charge. Example: Bank Of America is "connected" with Barclays Bank and no charge to use their ATMs. You should be able to find a Barclays ATM in the airport when you arrive. If you don't see one right off, ask the airport info desk.
by longhorns on Friday, July 09, 2010
Hi, I've used my ATM card for years all over Europe and never had a problem. I do make sure that I can get a cash advance on a credit card if necessary (just in case I lose the ATM card or some other disaster happens) and I carry some US dollar cash to see me through a couple of days if all I can do is go to a bank and exchange it. Check with your credit cards, ATM bank, etc. to find out what their fees are for using your ATM or credit card in a foreign country - Capital One has a low fee and so do some credit unions. I pay one percent for ATM withdrawals in any foreign currency with my credit union. It's worthwhile to check around for hte best rates.
by kileysmom on Friday, July 09, 2010
If you have left over fureign currency at the end of a trip put it on ebay. you will get more than its worth and someone else will feel bettere having currency on hand when the plane lands.
by rraabe on Friday, July 09, 2010
When traveling to London I simply openned an account at a local(here in US) HSBC branch bank. I would use HSBC banks white traveling and never get charged a foreign terminal fee. There are HSBC banks all over London.
by beenthere on Friday, July 09, 2010
See "One-time-use cards virtually halt abuse" from July 19 Chicago Tribune business section by George Gombossy for possible other safety precautions when using credit cards.
by jjjs on Sunday, July 26, 2009
+1 for Bank of America Barclay's. BoA's partnership means *really* good exchanges rates with its partner banks, and not ATM fees or conversion fees --- they only charge the exchange rate.
by ebuceci on Saturday, July 25, 2009
For anyone who has leftover currency in their purse / wallet before returning home: you will feel ripped-off when you re-exchange the money at your local bank--because you are being ripped off! Plan carefully for your airport transporation and pay part of your final hotel balance in cash. Or plan a possible duty-free splurge with the leftover cash. If you run low or get in a pinch, you can always use your credit card. Changing foreign currency back into USD is not a good value. On a related point, Marks and Spencer's main department store on Oxford Street in London will give you a great exchange rate for cash without a commission. Shop around first (easy to do since there is a money exchange on every corner in central London), then compare with M&S.
by StanScan on Saturday, July 25, 2009
Also, tell your bank that you're withdrawing overseas. They may freeze your card (it happened to me). Tell your credit card company too. You may want to increase your ATM withdrawl amount. Almost everything in the UK is twice as much so you will want to take out twice as much money.
by bostonpam on Friday, July 24, 2009
As above, Barclay Bank is affiliated with Bank Of America and no ATM charge from their ATMs. Find Barclay ATM in the airport upon arrival. Ask YOUR bank which ATMs in UK are affiliated and find it in the airport. We never carry foreign currency with us. ATMs give the interbank exchange rates. You can't do better than that.
by longhorns on Friday, July 24, 2009
I thought that my daughter had a good idea before she left for Ireland. She lives in a populated area, so asked if anyone had euros or pounds on Craig's List. She paid the current going price for them and bought sevral people's leftover money. That way she had some money when she got to Ireland and people were happy to sell their over bought money.
by bridgebuddy on Friday, July 24, 2009
When I travel to Europe, I do as most of you by bringing 1 credit card with 0-1% overseas rate, and 1 debt card. It's great when you get to the airport and take out Euro for the beginning of your trip. The part I have yet to master is when I am on my return trip home, and I have just under $70 that sits in my purse for a couple of weeks until I can get to the bank. Once I've completed the transaction, I feel like I got ripped off. Does anyone have some ideas on best way to get rid of your last few euros when you only have a 70 minute layover before you're back in the USA? Be safe out there!
by LiveToTravel on Friday, July 24, 2009
Check with Everbank. At one time they had no fee for withdrawals at foreign ATM machines (there was a small charge from the network - I think Visa). I use a Capital One credit card when charging purchases abroad.
by on Friday, July 24, 2009
The idea of having two bank accounts (ATM cards) and two credit cards is an excellent one. When traveling, my husband and I each take one bank card and one credit card. That way, in case of loss or theft, we are not stranded. Also, be sure to copy thase cards, back and front, and keep the copy in a safe place, (not wallet or purse). In case of loss, you have the info to inform your bank or credit card company. Been there.
by abigail on Friday, July 24, 2009
Another point when using your check or credit card....If you pay with a credit card at a store or restaurant, it's normally a good point to tell them to run the charge in the local currency. While in Ireland, I discovered that many places were charging the card in dollars using the current exchange rate, and collecting an exchange fee. If you charge in the local currency, you should only have to pay your bank or credit card fee for the international transaction. Normally, this is a much better deal.
by Bruce on Friday, July 24, 2009
That last is important. I bought flowers for my daughter at Schipol, just before we left there for Venice. The cash register showed the price in both euros and dollars. Luckily, I'd checked the exchange rate right before we left the US, and KNEW that it couldn't have gone up that much in less than 24 hours, so told them to charge me in euros. When the charge showed up on our bank website, it was $6.00 less, just for a 20 euro bunch of freesias!
by mickisue on Friday, July 24, 2009
The bank where I have my debit card charges a higher conversion fee than some of my credit cards, so a couple of times I have deposited extra money on the credit card before I went to Europe so that I could withdraw cash with no cash withdrawal fee. It's a good idea to have several cards because sometimes a certain one may be turned down. Usually I take some US$ as a back-up too but try to mostly use the cards. I have made five trips to Europe, only exchanged currency in the US the first time, and never needed the $ except in US airports. At least the exchange rate with the pound is better now than it was a few years ago.
by LPhorn3 on Friday, July 24, 2009
I always use American Express - most medium to large sized U.S. cities have an American Express office(s) - if you are an Amex cardmember, there is no fee to exchange money and I've found their exchange rates to be better than a lot of other places. Check www.amextravelresources.com to locate an office near you and also offices where you will be traveling. A lot of uninformed people think Amex is a costly card/service to have, but I cannot tell you how many times Amex has helped and saved me $$$ - much more than the annual fee!.........and no, I do not work for Amex, just a longtime LOYAL customer.
by Jeff on Friday, July 24, 2009
ATMs in some countries (I've seen this in Europe & Mexico) don't have letters on the pin pad, only numbers. So if you remember your pin as a word, better commit the corresponding numbers to memory.
by whereverugo on Tuesday, March 24, 2009
In addition to a regular credit card, we always take two debit cards to use for cash, from different banks/credit unions in case one doesn't work. Two additional suggestions: call the customer service number on the back of any debit or credit card you may use when traveling out of the country. Give them the dates and countries where you are going. Reason -- they frequently decline the charge or cash unless getting advance notification from the card holder. Also, some cards still have a three digit PIN, and most ATM's in Europe and NZ where we've spent a lot of time require a four digit PIN. Best to check ahead of time.
by happytraveler on Monday, March 23, 2009
Never ever use a change booth at the airports. You are always going to pay more there. The best thing is to use your credit card for as many charges as you can. Otherwise, get pounds before you leave home and then use a bank or ATM once you are there. Banks charge different rates but they are usually within a penny or two of each other. We always charge on our Mastercard or Visa when we go over.
by ssbeagle on Monday, March 23, 2009
When traveling in UK one of the best rates of exchange is at the post office but not all branches exchange currencies, also I have found if you shop at a super market you can also get cash advances at good rates.
by liverbirdy on Monday, March 23, 2009
We have traveled extensively throughout Europe and were in South America for two months last fall. The only money exchange we use now is our ATM from a small bank in our community which does not charge a withdrawal fee or any type of international fee. Our exchange rates have been at the highest level in all cases. Making the mistake and using my credit card in Buenos Aires led to a 3% surcharge. Even booking our forthcoming tour of Turkey through Key Tours in Virginia and using my credit card, they charged us a 3% "international exchange" fee. Since we were not told of this "hidden charge" we objected pointing out we were booking this through a US company - how they paid the tour company in Turkey was their issue. They agreed to refund this 3% fee - hope we see the credit on our next bill!

Our other suggestion is that when using an ATM machine use one at a well known bank in the respective country and don't keep trying to use it if the first or second attempt fails. It may keep your card on the third failed try. Go to a different bank or inquire at a teller. We have witnessed others losing a card. (Fortunately, we carry two with us.)
by funtravel on Monday, March 23, 2009
I have my main acct at a small (one branch) bank, and have used my debit card successfully in three different European countries, getting the exchange rate in effect on the date of the withdrawal. One way to avoid tons of surcharges is to get a sizeable amount of cash with each withdrawal, making sure to keep the bulk of it in a safe place. Many smaller hotels and b and bs in Europe will give you a discount for paying in cash, so it has other benefits, as well.
by mickisue on Monday, March 23, 2009
I've found that most small banks, like local ones, don't charge very much to access your money at ATMs, maybe because they don't have a lot of branches. There is a local bank where I live that only charges $1 to withdraw money anywhere in the world. The great thing about using your ATM card is that you get the interbank exchange rate of the day. If you exchange cash for cash, you're going to get ripped off. Another positive to withdrawing cash as you go, you don't have to worry about carrying a lot of money on you at once.

Also, in the UK, it is illegal for the owner of the ATM to charge you to withdraw from it, unlike here in the States. So, you won't have to pay a fee to the ATM owner, only to your bank at home.

Since you're going to be in the UK, if you have Bank of America, they have a reciprocal agreement with six European banks, including Barclays in the UK. There are Barclays branches everywhere, including Heathrow and Gatwick airport.

CapitalOne also has a checking account that refunds all ATM fees, or so I've been told, a friend of mine has one. I think Charles Schwab has an account like that too. So find an account that has low fees or will refund them.

And, if you're concerned about your card getting eaten, bring a backup. You should have a backup source of money anyway, in case you got pick pocketed or something. I try not to use credit cards though, most of them have a 3% foreign exchange rate fee tacked onto the purchase (amex is 2%, I think CapitalOne has one that is 0%).
by tracker on Monday, March 23, 2009
There is a "Global ATM Alliance". Sure the purpose is to corral all our banking Business into one group but if you are already a Client of one of the members it MAY make sense as you will not be charged the +/- $5 Foreign ATM fee on each of your withdrawals. There is still a Foreign Currency charge that you will be dinged so you need to do the math. Take a look at http://en.wikipedia.org/wiki/Global_ATM_Alliance for more details.
by XBanker on Monday, March 23, 2009
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