Foreign Currency
 

So I'm in a bit of a bind. If this is in the wrong forum feel free to move it, but I didn't see one for currency so I figured I'd ask my fellow CO travelers.

I always used to order my foreign currency through AMEX. According to their website they don't do the online ordering of foreign currency anymore, the website claims I have to go to a partner's store (and the closest one is a couple hours away). This is unfortunate as I've used AMEX for years and their product was really nice (you could actually pick which denominations you wanted and they'd ship it to you FedEx for like $12).

I bank with a Credit Union, that doesn't do any foreign currency, so I'm left with a problem. I need to order British Pounds for an upcoming trip and need a new place to order them. I've been on the Travelex website, but I thought I'd ask the community here where you order your currency before I went with Travelex. If anyone has any suggestions I'm all ears.

Thanks!

Get the money from an ATM on arrival. You'll get the best conversion rate and likely the lowest fees.

And, while there is no dedicated forum for currency discussions, the TravelBuzz! forum does have several threads on the topic, including these:
http://www.flyertalk.com/forum/trave...light=currency
http://www.flyertalk.com/forum/trave...light=currency

using Amex or TravelEx was simply a way to throw away at least 10% of your $$$

as sbm12 said use an ATM once overseas, even better is using a no % CC and get as little as you can get by with via the ATM

Agree with previous posters. I just want to add that if you only need small amounts of cash in foreign currency, use your ATM card would be good enough. However, if you anticipate larger cash withdrawals, then the foreign exchange fee would be a factor. In that case, you might wish to look into Schwab 2% cash reward Visa (credit card, no foreign exchange fee) and also their checking products with free ATM use (no foreign exchange fee, I believe). Check the credit card forum for the Schwab products.

Traveling to a developed nation like Britain requires no advance currency, but when going someplace without abundant ATMs (think Paupa New Guinea---even though I'm sure some FTer will contradict me) it is not a bad idea to have some local currency. I would advise going to your local AAA office. They usually can order currency for less than the mail services.

I have an HSBC account that I just use for international ATMs -- they really are everywhere, I get the best rate, and it's safer than carrying cash.

The only time that doesn't work is when I'm travelling somewhere where HSBC doesn't have an ATM in an airport (or there are no ATMs at all at the airport), like Bangladesh. In those cases, getting cash in advance isn't an option because the currencies aren't stocked here in the US, so I just go to a moneychanger on arrival and argue endlessly about not wanting to accept worn bills and fight to get the denominations I want at the right rate.

peace,
~Ben~

The last time I used the Lloyd's TSB ATM at LHR there was a maximum 500 pounds withdrawal per use. But, the exchange rate was far better than if I had gone to a bank or exchange counter like Thomas Cooke.

I don't think maximum withdrawals are unique to Lloyd's -- almost every ATM has it and I think that 500 pounds is actually a higher than average limit. Usually you can do multiple transactions, though there is typically a daily withdrawal limit in addition to the per transaction limit.

peace,
~Ben~

Just to echo seoulmanjr, I also have an HSBC account and have used it in both the UK and in Hongkong without having to pay any fees. I remember calculating the implied exchanged rate and having it be very close to the printed rate.

If you ever do need to go through moneychangers, I suggest carrying $100 bills that are both crisp and have the most recent year printed on them. They gave me a hard time in Africa with even crisp bills that were a few years old - I'm guessing they're afraid of counterfeiting.

Per everyone else, in developed countries (i.e. anywhere in Western Europe, Japan, Hong Kong, etc.) use an ATM although there may be daily limits. They are everywhere (even in small towns) and the rate is good. Also, you don't have to worry about carrying large sums of cash. The only caveat is make sure you have 4 digit pin code (or less) as some foreign machines will not accept a longer one.

Barclay's is an ATM partner with Bank of America.

I use Barclay's ATMs with my BofA ATM card when in the U.K., for no fees whatsoever.

Bank of America also partners with BNP Paribas, Santander, Deutsche Bank, Scotiabank, and one or two other banks that I cannot recall offhand. No ATM fees if you use your BofA ATM with any of these banks.