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Help with Currency Exchange Rates?

Nicoleluvsmjj84

Nicoleluvsmjj84

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Hi guys!

I just wanted to create this thread for those like me who are traveling from a different country, what would be the best route in getting your money's worth when getting a different currency, without too many fees racking up?

-Going to a local bank in your country?
-Exchanging money at a international airport?
-Or exchanging money once in London?

Thanks!
 
Use a debit card if you don't want to carry tons of cash or worry about converting too much. Then find out how much interest is charged on a foreign transaction is at your bank.

My bank charges 2% interest on all foreign-purchased items. So let's say I have $500 U.S. Dollars spending cash. Then I take 2% of that away, and that leaves me with $490 spending dollars. Then I convert that into British Pounds, which is £295.

So if I pay for a meal and it's 5 pounds, that leaves me 290 pounds. I won't have to worry about the 2% interest because I already subtracted it from my available amount to spend.

Of course, you'll probably want at least a few dollars in pounds on you for convenience, and I believe you can do that at any airport, or you can use your debit card at an ATM machine.

If you don't have a checking account (which you'll need for a debit card), it's pretty easy. Most banks have free checking accounts and all you usually need to open an account is $50 (which is yours.. you just deposit it and it's usually available the next day). You'll get a free debit card in the mail a few days later. The whole process is quick and easy, all you have to do is be 18 or older.
 
Last edited:
Superstition said:
Use a debit card if you don't want to carry tons of cash or worry about converting too much. Then find out how much interest is charged on a foreign transaction is at your bank.

My bank charges 2% interest on all foreign-purchased items. So let's say I have $500 U.S. Dollars spending cash. Then I take 2% of that away, and that leaves me with $490 spending dollars. Then I convert that into British Pounds, which is £343.

So if I pay for a meal and it's 5 pounds, that leaves me 378 pounds. I won't have to worry about the 2% interest because I already subtracted it from my available amount to spend.

Of course, you'll probably want at least a few dollars in pounds on you for convenience, and I believe you can do that at any airport, or you can use your debit card at an ATM machine.

If you don't have a checking account (which you'll need for a debit card), it's pretty easy. Most banks have free checking accounts and all you usually need to open an account is $50 (which is yours.. you just deposit it and it's usually available the next day). You'll get a free debit card in the mail a few days later. The whole process is quick and easy, all you have to do is be 18 or older.
Click to expand...

Great reply. :D & also great thread.. one of the things I worry about when travelling. Yay for the debit card I have. Time to start saving up money on that chequing account.
 
Superstition said:
Use a debit card if you don't want to carry tons of cash or worry about converting too much. Then find out how much interest is charged on a foreign transaction is at your bank.

My bank charges 2% interest on all foreign-purchased items. So let's say I have $500 U.S. Dollars spending cash. Then I take 2% of that away, and that leaves me with $490 spending dollars. Then I convert that into British Pounds, which is £343.

So if I pay for a meal and it's 5 pounds, that leaves me 378 pounds. I won't have to worry about the 2% interest because I already subtracted it from my available amount to spend.

Of course, you'll probably want at least a few dollars in pounds on you for convenience, and I believe you can do that at any airport, or you can use your debit card at an ATM machine.

If you don't have a checking account (which you'll need for a debit card), it's pretty easy. Most banks have free checking accounts and all you usually need to open an account is $50 (which is yours.. you just deposit it and it's usually available the next day). You'll get a free debit card in the mail a few days later. The whole process is quick and easy, all you have to do is be 18 or older.
Click to expand...

Thank you so much for the advice.
 
Just remember that every time you use your debit card you will be charged the fee by your bank. And not all debit cards work everywhere in the UK - for instance, the UK debit cards differ from the European ones and as a consequence I often can't use my debit card when I try to buy something in the UK. So for me using cash has been easier.
 
^ Oh okay, well this should be interesting since I have one of those Debit cards that you can reload money on at checking cashing places like Ace, The Money Box, Western Union. etc. I closed my checking account last year due to overdraft fees etc. But according to my All Access Debit card it can still be used all over the world. So hopefully all of it will work out.:)

Thanks for everyones help!
 
If you get one of those Visa/MC debit cards then you should be good.. DON'T GET MONEY FROM THE AIRPORT, THE EXCHANGE RATE CAN BE PRETTY HIGH!! I was told to get it from my bank.. Also Capital One doesn't charge any extra fees for converting pounds into USD. I used my card to purchase the tix and I was only charged the total amt for the purchase (using the currency exchange of course). Traveler's checks can be a lil tricky as well, I say carry some cash maybe $100 for food and stuff, and if you plan on buying MJ stuff at the concert then make sure u bring CASH.. But stuff from stores I say use your card..
 
#1MJstan said:
If you get one of those Visa/MC debit cards then you should be good.. DON'T GET MONEY FROM THE AIRPORT, THE EXCHANGE RATE CAN BE PRETTY HIGH!! I was told to get it from my bank.. Also Capital One doesn't charge any extra fees for converting pounds into USD. I used my card to purchase the tix and I was only charged the total amt for the purchase (using the currency exchange of course). Traveler's checks can be a lil tricky as well, I say carry some cash maybe $100 for food and stuff, and if you plan on buying MJ stuff at the concert then make sure u bring CASH.. But stuff from stores I say use your card..
Click to expand...

Oh that's good to know about the airports! Thanks.:)
 
don't get ripped off with currency conversion. I learned my lesson from the ticket purchase. I gave my bank a very HEFTY tip -- involuntarily of course.

I have since signed up with a credit card that charges NOTHING to convert and in fact, pays for the visa currency conversion fee of 1%.
 
#1MJstan said:
If you get one of those Visa/MC debit cards then you should be good.. DON'T GET MONEY FROM THE AIRPORT, THE EXCHANGE RATE CAN BE PRETTY HIGH!! I was told to get it from my bank.. Also Capital One doesn't charge any extra fees for converting pounds into USD. I used my card to purchase the tix and I was only charged the total amt for the purchase (using the currency exchange of course). Traveler's checks can be a lil tricky as well, I say carry some cash maybe $100 for food and stuff, and if you plan on buying MJ stuff at the concert then make sure u bring CASH.. But stuff from stores I say use your card..
Click to expand...


So when you say Visa/MC debit cards do you mean your bank card, but use it as credit instead of debit? I do that here, so it comes right out of my account, but I don't get charged the debit fee.

Thanks for the info about the airport, I've heard to convert money at the bank as well.
 
If you exchange money when you come to the UK go to Marks and Spencer. They don't charge a commission
 
jilliebean said:
So when you say Visa/MC debit cards do you mean your bank card, but use it as credit instead of debit? I do that here, so it comes right out of my account, but I don't get charged the debit fee.

Thanks for the info about the airport, I've heard to convert money at the bank as well.
Click to expand...

Yep, your bank card.. They also sell those Visa/MC debit cards here in the states (not sure where you are located), but if you live in the US you can buy one of those cards load it with money and use it the same way, and just incase you lose it, you can call them and have it replaced and that way whoever stole your card won't actually have your "Bank Card"..

But also check with your bank and see how much they will charge you to exchange money.. I used my capital one credit card to purchase the show tix and I wasn't charged a conversion rate... Thank God... I am planning to get all this done about a week b4 I leave because I hate trying to convert american money in to local currency exspecially when I have a pocket full of american coins and the locals won't take it..lmaoo, (my friends and I tried to explain how 4 quarters equal a dollar while we were on vacation in Jamaica, lets just say they kept telling us No politely... lol)
 
my question is....

How much American Dollars..... would one need to save for a 5-6 Day Stay in London? You know for meals mainly and transportation?
:) Any suggestions? I mean how much is it to eat breakfast, lunch and dinner there?

And how much would it be to travel for 5 different days? I am just going there to site-see... nothing major, except for THRILLER LIVE I might go to. :) I would love to see it.
 
depends on what u wanna spend. breakfast normally comes with the hotel price. u can eat cheap or expensvie theres a wide range. £10-£15 for a half decent evening meal maybe. u can get travel cards for transportation u could buy 2 3 day travel cards which covers buses underground etc. everything u will need. i think a 3 day pass is around £22.also depends on whether u will be buying loads of gifts ect. if its jsutthe basics id maybe plan at £60-70 a day min if u are just gonna be buying food and not much else.always take abit more than u think u will need u can always change it back in $
 
does anyone know if using papal you still get charged fees, when you buy something?
 
elusive moonwalker said:
depends on what u wanna spend. breakfast normally comes with the hotel price. u can eat cheap or expensvie theres a wide range. £10-£15 for a half decent evening meal maybe. u can get travel cards for transportation u could buy 2 3 day travel cards which covers buses underground etc. everything u will need. i think a 3 day pass is around £22.also depends on whether u will be buying loads of gifts ect. if its jsutthe basics id maybe plan at £60-70 a day min if u are just gonna be buying food and not much else.always take abit more than u think u will need u can always change it back in $
Click to expand...

Thank you very much.. I'll only be buying maybe 2-3 souvenirs.

And If I can, I will eat off the kids menu lol
 
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