Based on what everyone has said re:atm transactions vs credit card fees, how much is possible using the bank Visa debit card? Is this universally accepted now in UK? If so, is conversion rate and fee structure in line with ATM transactions vs credit cards?

Cheapest way I found for me was buying when a good rate is available traveller cheques.
I never use my german ATM card or my Creditcard to get money outside of germany, the fees are just unbelievable.
Other than that, I just go to my local bank and get cash before I leave.

If you're talking your bank debit card, that's basically an ATM. If you're talking a Visa debit card that's tied to your credit card, run don't walk away from that idea unless you're the type that pays off the balance every month, because it's considered a credit card cash transaction which has a higher interest rate than just charging things.

Use your bank ATM card when you arrive in UK to get cash & then use your Visa (which is accepted almost everywhere) for purchases, etc. If you're the traveler cheque type, get those but I don't bother anymore in the UK. Cash & Visa work fine. Have a bit of US in your pocket as a back-up in case an ATM is out of order, although normally there are plenty around so that shouldn't be an issue.

Ps - don't forget the currency rate when buying things - right now it's about $1.61US to the GPB (ie, things are 61% more expensive).

Edited to add: PSS - if you're using your bank debit card, check w/ them before going over to see what the limit is - my local ATM is $200/day, although w/ the exchange rate it's come out a bit more & went through so not sure if there's a limit overseas or if it was just close enough it was ok.

If you're using a debit card tied to your credit card, check your account for cash available & that's the limit - although that's also based on the credit card co - some allow you to pull it all out up to the limit, others limit you to $500/day.
------------------
Sharon

[This message has been edited by SkiAdcock (edited 05-17-2003).]

[This message has been edited by SkiAdcock (edited 05-17-2003).]

I don't know what a bank Visa Debt card is, as to where the advance lands.

If it lands on your credit card statement and is a Visa charge, there is a 2 or 3% premium added to the cost of the money. If you usually pay off your credit card bill every month, and do not take credit card cash advances, you pay no interest. You take a foreign currency advance, they hit you the 1.5% or so on your entire charges for the month, and maybe (due to carryover interest)for the next month also. If you have a card that works as an ATM card and a Visa, and you can debit your bank account, the cost seems close to the bank exchange rate, plus some nominal ATM fee. I get a $1.75 to $2.00 charge for each withdrawal.

For my local bank card, I am theoritically limited to $500 per day. Most European ATM's will only allow $200 or $300 max withdrawal. Sometimes a machine will allow multiple withdrawals, sometimes it will not. THe $500 limit is frequently not enforced, as the European machine does not seem to always post immediately.

Get a 4 digit password, and tell the bank, and your credit card companies you are going to Europe.

Visa/MC are universally accepted, and preferred. Charges on most Visa/MC get tagged with a 2 or3% surcharge for currency conversion. MBNA cards(Amtrak & LH) are exceptions, and have no surcharge.

It is difficult to tell if you got charged the correct rate, as the rate fluctuates during the day, and the rate is at the time of settlement, not the time of charge.

There are a lot of ATM's in central London, and every one I tried recently has worked. In most other places, about 90% work. If the machine does not work, do not keep banging on it, as it may eat your card.

We recently returned from 3 weeks in Europe (including U.K.). I was finally convinced by a number of very helpful F/T'ers to get an ATM card, as that is the cheapest and most convient way to convert. They were absolutely right. Machines everywhere and the best rates available. Also, our bank issued and activated the ATM card while we waited.

An ATM/debit card removes money from you linked bank account. In europe they do not charge fees for using a "foreign" ATM as they do in the states. But you want to make sure that your bank doesn't charge you a fee to withdraw from someone else's ATM. Years ago I got a Citibank account for that reason, as my other bank at the time would have charged me $3 per transaction. Without fees, it is by far the best rate of exchange. Many debit/ATM cards now have either a visa or mc logo, which means you can also use it for purchases just like any other credit card. If it is a mileage giving debit card such as citibanks, when using it for purchases you have to use it as a credit card to get the miles. Still comes out of your bank account. But I believe it has the same conversion surcharge as a regular credit card.

------------------
Ms.DtG

[This message has been edited by dgordon (edited 05-19-2003).]