Money in London????

Where do we exchange our dollars to pounds?
Any ATM.

Where do we get Euros in Paris?
Any ATM.

Please search this board for how to manage your money.

In short - you do not exchange your dollars for Pounds or Euros. You use your ATM card to withdraw cash from any bank-owned ATM, this cash will be in GBP in London, and Euros in Paris. And rather than paying a fee of 5% or more to some intermediate money-exchanger, this will be settled with your bank for well under 1% by the machines. Hopefully you have an account at one of the several banks/credit unions recommended here which also do not charge ATM fees (European bank-operated ATMs do not charge fees). When you need more money, you make another withdrawal, just like at home. Managed carefully you will not have excess cash that has to be exchanged back to $$s. Also pay attention to when the screen offers to do your withdrawal in your home currency -this IS a money exchange and you will pay for ti. Always have it done in the local currency.

You also need to remove your duplicate post of this question.

For a quick primer on cash and credit in Europe, check the Money section of Travel Tips on this website. It should answer all your questions and more...

Thank you so much. All the tips were very helpful. I bought all the Rick Steves' books, but the tips were short and simple!

First - you don't exchange money here or in London unless you like the idea of paying high service fees - maybe 10 to 12% of the exchange. Second, the most convenient and cheapest way to obtain local currency is a debit card at a bank owned ATM in country. I prefer to use ATMs attached to banks during open hours. And take two debit cards tied to two different accounts.

Thank you Frank. I am taking all the cash I withdrew and depositing it back again. So glad I asked the question!

I'm headed to Europe in a few days. I've read Rick's money tips to always get money and pay bills in local currency. However he says if an ATM says "you can be charged in dollars" you should say yes and no to euros. That seems the opposite of his other advice. Can someone explain that to me?

I think you have this backwards. You ALWAYS want to be charged in the local currency (ATM, or on a debit card or credit card purchase). If they charge you in dollars, then they are doing a money exchange and will charge you several percent for seeing the total appear on your slip in dollars, as opposed to letting the money network do it for no or virtually no charge. This is called "Dynamic Currency Conversion", and you can research it here. Always decline it, there is no requirement for you to accept this.

Always use the local currency when paying cash. Merchants will gladly take $$s and give yo ua horrible exchange rate.

The ATM advice does seem backward to his other advice. That is what is says though and that is why I'm confused.

Can you please show the EXACT quote of this advice? I for one have never seen this presented here in such manner....

I think you mis-read the last paragraph under Travel Tips - Money - Tips on Using ATMS in Europe - "dynamic currency conversion" link - Avoid dynamic currency conversion (DCC).

That whole section is very important. That last paragraph tells you the ways ATMS may try to confuse and mislead you. Specifically it says "Other prompts might say 'You can be charged in dollars: Press YES for dollars, NO for euros'. Always choose the local currency in these situations."

The article is describing the terms an ATM might use to fool you into selecting DCC. It is not telling you to do that.

That's why I was confused as well. So DON"T take the money in dollars right? Just let me make sure I have this.....when I land go to an ATM at airport or find a local bank and use their ATM. Withdraw a decent amount in pounds in London and euros in Paris.....

In "travel tips/money/card fees (and how to avoid them)" it says, "independent ATMs may also try to confuse customers by presenting DCC in misleading terms. . . . . Other prompts might say 'you can be charged in dollars: press YES for dollars and NO for euros.' Always choose the local currency in these situations. " end quote. This confuses me because it says to press yes for dollars but then says always choose local currency.

That might explain it Lo. I thought Rick was telling me to do that. He is saying its a trick. Don't do that. I should press yes for euros or whatever the local currency is.

two additional notes:

Be sure to check what your daily maximum cash withdrawl is on your card (most are usually $300/day which is about 200 gbp pre-Brexit).

Be sure to let your financial institution know that you are going out of the country before you leave or else they may suspend your card for potential fraud.

lesley,

You may not have time to do this now, but I always find it helpful to have £50-100 for travel expenses until I get settled and find an ATM. Your bank should be able to provide them, but they may have to order them, which could take a day or two. The local funds is useful for meals, taxis or whatever. If you don't have time to get currency before you leave, you could look for a bank ATM at the airport when you arrive in London.

As others have mentioned, be sure to notify all your financial institutions that you'll be travelling so they don't freeze your cards. If possible, it's a really good idea to have a second ATM card on a different account, in case your primary card malfunctions. Finally your travel funds must usually be in a chequing account (or whatever is designated as your "primary" account), as ATM's in Europe often don't provide a choice of which accounts to draw money from.