Originally Posted by
JTbeatsNYC
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!