U.K. and Ireland - ATM Fees for US Banks in England.

Traveling from NY-London this weekend. I bank with both Chase and SunTrust. Does either bank have affiliates in London which will not charge ATM withdrawal fees?

In the UK bank operated ATMs don't charge a fee to withdraw to anyone. Other non-bank machines generally do but will warn you before you accept withdrawing the cash. Of course, your US bank will charge any exchange fees, but that will be the same whichever UK ATM you use.

Short answer any bank operated machine will be as cheap to use as any other.

Hope this helps!

Can not answer your specific question but I long ago gave up on finding a local bank that does not charge a fee. As said, most will warn you that they are going to charge you but remember your bank will still charge a fee plus the foreign transaction fee of 1%. So just withdrawal the maximum amount possible to defer the fees.

Check on your banks' website. They will tell you if they have an agreement with any banks in the UK. I know BoA has an agreement with Barclays so no fees for using the ATM.

If your bank does not have a "partner" in the UK then you will pay whatever usage fee and exchange rate your bank charges.

Doesn't help for this weekend, but some (many?) online/non-profit banks and credit unions not only don't charge for using any ATM worldwide, but will even refund surcharges that those ATM owners charge (for example, my bank refunds up to $15 per month of surcharges, and allows 10 free withdrawals worldwide a month before charging themselves). This, along with iPhone/Android check deposit, goes a *long* way toward mitigating any inconvenience not having a local branch would otherwise have.

Generally, I've found that bank ATMs in Europe, Israel, and India to pick a few places don't add their own surcharges, but some of the "convenience store" standalone machines do disclose and charge. But again, I often don't care as long as we don't go over the limits above.

For more discussion, please follow the thread as it moves to the Destinations->U.K. forum. Ocn Vw 1K, Moderator, TravelBuzz.

Under the rules of the two major shared teller networks, cirrtus and plus, banks are not allowed to charge fees on foreign atm/debit/credit caqrds used in their machines. Some privately owned machines do charge fees but if you stick to a bank atm, you won't be charged a fee by that bank.

However, your bank is allowed to charge whatever fees it wishs. It is an individual matter with banks. Some banks have a blanket policy of allowing unlimited withdrawals with no fees. Mostly these are, as noted, intenet type banks or credit unions. Others have agreements with certain banks. For example Bank of America has a list of banks it says it will not charge ATM withdrawal fees (Barclays in the UK) and then charges a flat $5 for withdrawals from other bank ATM's.

You have to check with your bank for their individual policies on this matter.

As above, I believe that no UK bank will charge you for using one of its ATMs. There are some ATMs not operated by banks that will charge a fee, but they must warn you before dispensing any money. But that won't be an issue if you stick with the "high-street" banks.

Your own bank will, of course, charge a commission for withdrawing foreign currency, and it may also charge a fee for using an ATM that is not one of its own.

It is likely, therefore, that all bank ATMs will incur the same cost to you unless you do find one that has some sort of arrangement with your US bank - I guess the easiest way to find that out will be to ask the bank.

Plenty (well, enough) Citi branches in London, and Citi doesn't charge you anywhere in the world that you use its machines I think.

Thanks for all the feedback. I was trying to figure out whether it's cheaper to exchange currency before leaving or just using ATMs once I arrive in UK. Does anyone have experience w changing currency at their home banks? Is that the cheapest place to do so before leaving?

Thanks for all the feedback. I was trying to figure out whether it's cheaper to exchange currency before leaving or just using ATMs once I arrive in UK. Does anyone have experience w changing currency at their home banks? Is that the cheapest place to do so before leaving?

It is probably too late but here is the best way to handle this....

Find a bank on the internet that has no minimum b alance reqirements, issues a free debit card and does not charge fees for ATM withdrawals. Even better are banks that rebate fees charged by banks for using their ATM's.

One example is Charles Schwab Bank has all the above features.

Keep $1.01 in the account (you may have to pay more to open the account but it can easily be drawn down to $1.01)....

Just before leaving use the bill paying capability of your main account, says the one at Chase, to transfer enough money to cover what you think you might need. When you arrive, use that ATM or debit card to withdraw your estimated cash amounts. (Personally, because of the possibility of fraud and theft of atm cdard numbers, I personally think one should not use their main checking account for cash withdrawals form ATM's, especially abroad. If the account is compromised, while you will get your money back, during the time it takes to get your money bacvk, some of your outstanding checks might turn to rubber, you will probably have to end up with a new checking account number and go through the hassle of notifying all those merchants who automatically dbit your account such as utility companies and mobile phones etc.). If you underestimate and need more cash, simply find an internet cafe if you're using wifi and transfer more money. When you return, write a check into your main account leaving $1.01 in the account!

Also, of course, I try not to have to use cash especially when travelling although I almost never use cash at home. There are places, like London, where you can use credit cards for everything and not have to worry about cash. I spent a week in London at the end of June, made a 20 quid withdrawal upon arrival from an ATM and came home with £9.75 (and the only reason I spent any cash at all is my insistance every morning at stoppng off at an internet cafe to do my internt work i.e. reading the newspapers, doing my banking and due diligence, checking e-mail......of course many places, I get it, are not as conducive to the use of credit cads for everything as is the UK and especially London but still by using credit cards everywhereyou can (of course one with no annual fee and no foreign currency fee) your need for cash will be cut down greatly!

As above, I believe that no UK bank will charge you for using one of its ATMs. There are some ATMs not operated by banks that will charge a fee, but they must warn you before dispensing any money. But that won't be an issue if you stick with the "high-street" banks.
It may be useful to note that Tesco and Sainsbury's-branded ATMs count as 'operated by banks' - they're just rebadged RBS machines.

Plenty (well, enough) Citi branches in London, and Citi doesn't charge you anywhere in the world that you use its machines I think.
There are four (http://www.citibank.co.uk/personal/banking/info/contactus/branches/index.htm), two of which are in Canary Wharf!

Thanks for all the feedback. I was trying to figure out whether it's cheaper to exchange currency before leaving or just using ATMs once I arrive in UK. Does anyone have experience w changing currency at their home banks? Is that the cheapest place to do so before leaving?

It is usually cheaper to pull money from a bank ATM when you arrive. If you have a fee then make sure and pull the max daily allowance. Buying money in the US is almost always more expensive.

If you don't want to buy money in advance or use the ATM then take US dollars and exchange cash for cash. This would be cheaper than buying in advance in the US.

There are bank ATM's and currency exchanges in all the airports if you want money when you arrive.

thanks all. if i decide to exchange dollars for pounds in the UK, what is the cheapest method? will banks offer the fairest exchange / lowest fees?

by banks in last post, I mean banks in the UK

thanks all. if i decide to exchange dollars for pounds in the UK, what is the cheapest method? will banks offer the fairest exchange / lowest fees?

Marks & Spencer is supposed to be one of the very cheapest (M&S has a large store on Oxford Street!)

It is usually cheaper to pull money from a bank ATM when you arrive. If you have a fee then make sure and pull the max daily allowance. Buying money in the US is almost always more expensive.

If you don't want to buy money in advance or use the ATM then take US dollars and exchange cash for cash. This would be cheaper than buying in advance in the US.

There are bank ATM's and currency exchanges in all the airports if you want money when you arrive.

This is what we've learned to do. We live in a medium-sized Midwestern city with a large public university, but if there's a place to do reasonable currency exchange (even to € or ¥), we have yet to find it.
We use a card from Merrill Lynch that allows us 52 fee-free withdrawals a year.
Yes, there are always ATMs in the airport, but I think it's a good idea to have a minimal amount of the currency of he destination country in hand before departure. I have a ¥ 10K note left over from our last big trip....also some € and yuan, not sure how much.

JeffJaguar - do all M&S have currency exchange in-house? I used to live in Bayswater and do not remember a center within that particular store.

thanks all. if i decide to exchange dollars for pounds in the UK, what is the cheapest method? will banks offer the fairest exchange / lowest fees?

Banks make money by giving a less favorable exchange rate and by charging commission, either flat rate or percentage. Those banks offering low or no commission usually offer worse exchange rates - the spread can be as high as 15%. Shopping around is the only method, as charges are extremely opaque. By using debit cards you will benefit from exchange rates with massively lower spreads (even though your US bank may add its own %age on top of its fee. Nevertheless, it's normally significantly cheaper to use a debit card in an ATM - and far safer than carrying around loads of dollar cash

Not all M&S do currency exchange. The rate is not that brilliant IMO, compared with the likes of Thomas Exchange Global (http://www.thomasexchangeglobal.co.uk/)for example.

Actually, I was just going from what I've read and heard about Marks and Sparks and no, only the large department store branches tend to have currency exchanges.

Let me give you an example of how this works and you can decide. The key rate for currency exchange is something called the interbank rate. This is available to the seconde by gong to xe.com (it is constantly changing but not by much). this is the rate established by banks which exchange millions of each currency between themselves and is the basic rate used by mc and visa.

Let's say for simplicity sake, the interbank rate of the GBP and USD is $1.60 for £1 (it's actually a little bit better than this right now). Go to an ATM and request £100 and you should be charged $160. To this, visa and mc usually add 1% so when the transaction reaches the visa/mc systems (visa and mc control the shared teller networks plus and cirrus) the transaction will now be $161.60. Conversion done and sent to your bank. Your bank may pass along the 1% fee and debit your account for $161.60, may add another 2% and debit your account $164.80, may eat the 1% and debit your account $160.00...all this is up to your bank. They may also add another fee of whaqtever they choose for an international ATM withdrawal (the same mth works for credit card transactions).

Now....if you went into a currency exchange on that same day, you will most likely find a chart saying something to the effect USD buy $1.75 sell $1.45. That means if you get the same £100 from a currency exchange, that will cost you a base rate of $175. To thjis, they may add % fees or a flat fee (this will come off the £100 so you might get only £98 or even less).......£15 lost on a £100 withdrawal. (It also means if you came in say as a Brit and wanted to change £100 for US$ for a trip to the USA, you would receive only $145 plus they would subtract a %fee or a flat fee and you'll be lucky to leave with $140.

Changing in the USA will be worse probably. The only sane way to travel in the 21st century, at least the way I see it is:

1. Credit card everything. You will find that at least in London, credit cards are taken for most everything and few places enforce minimum purchase requirements. On a typical day in London, before leaving my hotel for whatever, I will stop by a convenience store and pick up a few goodies (bottle of water, aero bar for instant energy...will cost something like £1.40 or so, credit card. Lunch at say pret a manger for around £4 credit card. Theatre tickets...credit card...fill my oyster card...credit card. Snacks for half time at the theatre (picked up before the theatre) credit card, theatre tickets credit card, dinner credit card snacks before arriving back at the hotel credit caqrd. Not one need for any cash whatsoever and believe me, I don't eat at top of the line restaurants. Make sure you have a credit card that doesn't charge foreign transaction fees.

At le3ast in England, I just don't see any need what soever for all that mucdh cash.

This is excellent. Thanks Jeff.

I am heading into town for the Olympics and figure I need cash for street vendors, etc. In those instances, i just want to keep fees minimal. Of course, when possible, I plan to pay by card.

Also, I usually use debit cards (chase, Suntrust) and charge them as credit. Does anyone know whether fees are different for debits charged as credits v just using a credit card?

Also, I usually use debit cards (chase, Suntrust) and charge them as credit. Does anyone know whether fees are different for debits charged as credits v just using a credit card?
It depends on the card/bank. You'll have to ask your bank. The fee usually varies from 0% to 3% of the transaction amount. Your debit card will only work as a credit (signature) transaction overseas.

And as others have said, even with the 3% fee and a charge from your financial institution for using a third-party machine, ATMs are the best way to get foreign cash. Credit/Debit is at least as good (depending on your fee) as you won't have the extra ATM fee.

Actually, I was just going from what I've read and heard about Marks and Sparks and no, only the large department store branches tend to have currency exchanges.
I think for a time they were ahead - and outside of the London specialists they are still not that bad.

When I first started traveling to the UK, I had the same questions as the OP. 60+ visits later and I have to concur with the excellent advice given by multiple people in this thread:

1. Find out if your US bank has a UK bank "partner" where you can utilize the CashPoint machines for free
2. If no "partner" bank in the UK, use any bank operated CashPoint - avoid the ATMs in convenience stores, pubs, etc.
3. Use your credit card where possible. Tell the cashier that your card does not have a "chip" so they know to provide a pen for your to sign your receipt.
4. Avoid the hassle and fees of converting currency in the US.

JeffJaguar - do all M&S have currency exchange in-house? I used to live in Bayswater and do not remember a center within that particular store.
You can search for M&S branches with bureaux de change on their website (http://money.marksandspencer.com/travel/travel-money/overview/#bureau-finder). Many Post Offices will exchange foreign currency too, with not unreasonable rates. Their branch finder (http://www.postoffice.co.uk/branch-finder) lets you search for the ones that do.

1. Credit card everything. You will find that at least in London, credit cards are taken for most everything and few places enforce minimum purchase requirements.^
though that said, this applies to MasterCard and Visa only - Amex is not universally accepted, and I don't remember the last time I saw somewhere that accepted Diners Club.

^
though that said, this applies to MasterCard and Visa only - Amex is not universally accepted, and I don't remember the last time I saw somewhere that accepted Diners Club.

Noted and logged! However, perhaps I'm naive. I don't know very many people who have Amex and don't have either mc or visa!

As a minor wrinkle to this, some merchants have minimum credit/debit spends of £5 or £10. Where this is the case, it's often possible to get them to waive the minimum for a credit card, but not a debit card. This is because the merchant charge for a debit card is a flat rate (35p or 50p per transaction, IIRC), whereas the charge for a credit card is a %age.

Also, the more off tourist track you go, the more likely you will find merchants who either won't accept signature credit cards, or charge extra for them, because of the extra risk involved. Finally, as has been repeated in many threads, generally automatic machines won't take signature credit cards.

Whatever you do, if the merchant/ATM/etc. offers to convert your charge to dollars for you, reject this and insist on being charged in pounds. I have yet to find a bank that offers a worse rate than the rate charged in stores.

As a minor wrinkle to this, some merchants have minimum credit/debit spends of £5 or £10. Where this is the case, it's often possible to get them to waive the minimum for a credit card, but not a debit card. This is because the merchant charge for a debit card is a flat rate (35p or 50p per transaction, IIRC), whereas the charge for a credit card is a %age.

Also, the more off tourist track you go, the more likely you will find merchants who either won't accept signature credit cards, or charge extra for them, because of the extra risk involved. Finally, as has been repeated in many threads, generally automatic machines won't take signature credit cards.

Having travelled the UK far and wide to the smallest of places on about 40 week long visits with my wife (I have UK chipped cards), using her US non-chip credit card, I have never heard of anywhere ever trying to charge extra for having a non-chip card. Until 2-3 years ago a lot of merchants thought they weren't allowed to accept non-chip cards, and frequently insisted that even if they tried to swipe the card the machine would reject it. Once you explain to them the reason they thought this (see below), only once did they still refuse to swipe it, and every single time it worked. It is getting much less of a problem and on recent trips no-one has questioned the card at all anywhere, probably for over a year now.

This is how and why:
1) If a UK merchant accepts a chipped card without using the chip (ie: they swipe it), and it turns out to be cloned/stolen/not enough funds in account etc, the retailer is liable for the transaction. If they use the chip and the transaction is accepted, the bank is liable.
2) If they set their terminals up correctly, and they swipe a card that is chipped (or a cloned card that SHOULD be chipped if it were the real one), the machine will reject it saying they need to use the chip. This is why many merchants believe that swiping won't work if you have no chip, they don't understand the difference between swiping a chipped and non-chipped card.
3) If you swipe a legitimately non-chipped card, the terminal will realise it is not chipped, and allow the transaction with a signature. In this case, the merchant is not liable if it turns out to be stolen/cloned etc. The terminal will know by the card number whether or not it should be chipped.

So, if they say they can't swipe it, explain it will work and their agreement with their bank explains what to do with non-chipped foreign cards. If they refuse to accept it on the basis of having no chip, they are breaking the terms of their agreement (and you will report them to Visa/Mastercard/AMEX...).

After all this, you will find places with a minimum transaction or a small fee for small transactions (usually under £5 or £10 at small independents - the big boys will take your card for any amount).

Traveling from NY-London this weekend. I bank with both Chase and SunTrust. Does either bank have affiliates in London which will not charge ATM withdrawal fees?

Bah.

You must know that you will be drilled. Not for an ATM withdrawl fee per se, but by your domestic bank for a non-network withdrawl, and often - more insidiously - in the exchange rate computed for that day.

Bah.

You must know that you will be drilled. Not for an ATM withdrawl fee per se, but by your domestic bank for a non-network withdrawl, and often - more insidiously - in the exchange rate computed for that day.

The best exchange rates are usually give at an ATM. The US bank may have an out-of-network fee but that is why the advice is to pull the max amount from the ATM.

Bah.

You must know that you will be drilled. Not for an ATM withdrawl fee per se, but by your domestic bank for a non-network withdrawl, and often - more insidiously - in the exchange rate computed for that day.

I'll have to go back and find the numbers, but last time I was in both Israel and India I used different methods and calculated the rates because I was curious -- the ATM was by far the best overall exchange rate, significantly better than either of my credit cards (one of which has a 3% forex fee, one has none), and far better than any exchange rate I saw posted. I do have no-fee withdrawals (and reimbursement for machines that charge, but most non-US ones don't seem to).

The main downside to using ATMs and cash is having to predict accurately, as converting back can wipe out the savings. I generally get enough cash for basic transactions and use credit cards for larger and more sporadic ones, accepting that the rate is a bit higher.

So, if they say they can't swipe it, explain it will work and their agreement with their bank explains what to do with non-chipped foreign cards. If they refuse to accept it on the basis of having no chip, they are breaking the terms of their agreement (and you will report them to Visa/Mastercard/AMEX...).
I have done this and reported a merchant. AmEx thanked me and I did not have an issue using my card with the merchant when I returned a month later. ^

I have a Suntrust ATM card and routinely use it for cash in the UK. It is cheapest way to obtain cash with the minimal of hassle. Suntrust does not have an agreement with a UK bank but I believe the out of network fee is only about $5. I just withdrawal the maximum limit.

I have a Suntrust ATM card and routinely use it for cash in the UK. It is cheapest way to obtain cash with the minimal of hassle. Suntrust does not have an agreement with a UK bank but I believe the out of network fee is only about $5. I just withdrawal the maximum limit.

....but wouldn't it be better to withdraw cash and not have your bank charge you? Open up an account with Charles Schwab Bank and just before you leave move the amount of money you think you'll need in London...no need to make large withdrawalsx and when you get home, transfer the money back to Suntrust. Charles Schwab Bank does not require a minimum balance, gives you a free debit card, does not charge a fee for ATM wthdrawals (they pass along I believe the 1% shared teller network conversion fee, I don't know what Suntrust charges).

Besides, in London at least but also in many other parts of the UK, there is little need for cash. I spent an entire week in London at the end of June, as I think I've said earlier here, made 1 £20 withdrawal, did not go through it, used my credit card (a visa card with no foreign transaction fee and a 1% cash rebate rewards) everywhere for everything for amounts as small as £1.16 (two 500 ml bottles of diet coke cherry for half time at a show) for every last thing (refilling my oyster dcard, topping up my mobile phone, all meals and I don't eat at top of the line restaurants, theatre tickets, snacks). Why should I or anybody have to pay $5 to access my money (btw while the shared teller networks are not supposed to allow the British banks to charge a fee for having the audacity to use their machines, in the USA of curse banks get away with that garbage and Charles Schwab Bank reimburses for all such fees up to an amount each month, not that I spend any cash at home either and have much need for ATM's). Now that I can deposit checks via an app on my smartphone, who needs a bank?

Besides, in London at least but also in many other parts of the UK, there is little need for cash. I spent an entire week in London at the end of June, as I think I've said earlier here, made 1 £20 withdrawal, did not go through it, used my credit card (a visa card with no foreign transaction fee and a 1% cash rebate rewards) everywhere for everything for amounts as small as £1.16 (two 500 ml bottles of diet coke cherry for half time at a show) for every last thing (refilling my oyster dcard, topping up my mobile phone, all meals and I don't eat at top of the line restaurants, theatre tickets, snacks).
+1. This has been my experience most places as well. I get cash only when I need it for drinks/cover charge at clubs, but I often make it through an entire weekend only using a single £20.00 note. While I frequently encounter merchants in the US that require a minimum spend for credit cards, I have yet to encounter that in the UK (I'm sure it happens...it just must be relatively rare). I've used a credit card for a £.68 purchase at Tesco and nobody flinched.

Hi Everyone,

I'm a BofA customer and have been using them a long time with no issue pulling money out of Barclays, BNP Paribas, etc.

However, over the past week, BofA has assessed both the foreign transaction fee and $5 ATM fee - anyone else having this issue?

:mad: