UK Currency Exchange

The standard recommendation is two ATM cards tied to two different account. If you are not willing to do that, then you will be dependent on money exchanges with much higher fees. There is really no middle ground. Don't consider Travelers Check as that is the worst idea of all. We have been totally dependent on ATM cards for nearly fifteen years without absolutely no and never needed the backup. I use a credit union. It might help if you id you concerns about your credit union.

I also use a credit union and haven't had any problems.

Make sure your credit union belongs to one of the international "networks" (Cirrus, Plus, et al). Apparently some credit union belong to smaller networks that only work with ATMs in the US or North America. You'd be out of luck in Europe.

My SO has an account with a credit union here in Denver, and her ATM card worked in Germany, and she was only charged 1% for the exchange.

Thanks for the feedback. Just had some screwy use things happen with my card at times..maybe just over thinking it. Glad to hear credit unions have done ok. I did check and they are a member of networks that also have surcharge free ATM's I can use in London. SO I suppose that seems the definite way to go!

My credit union card is my main card (I also carry one from an online bank, linked to my credit union account in case I need to transfer money from one to the other). My credit union card has no fees at all (my online bank charges 1%). Until fairly recently (the past couple of years) my credit union wasn't even aware that I could use my regular card in Europe, though I had been doing it for years (ok, it's a small credit union in the middle of Illinois). Now, I just call a few weeks ahead and inform them where and when I will be traveling, and I never have a problem. You will occasionally, for no apparent reason, encounter an ATM that won't work with your card. You can either try your other card, or just go half a block to the next ATM and try again. As for surcharge free ATMs, almost no bank-associated ATMs charge fees, anyway. Unless your own credit union is going to charge you for going out of the network, you won't see fees from European banks.

I,too use my credit union debit card. Never had a problem. My husband uses his too, from same credit union, different account. Make sure to inform your credit union when and where you will be traveling. You don't want them to block your transactions. Plus, you might want to find out what your daily limit is and either increase or decrease depending on your needs.

I use a debit card to withdraw foreign currency from an ATM and a credit card to hotels and large purchases and advise the same for most travelers.

http://thomasexchangeglobal.co.uk/exchange-rates-check-exchange-rates.php Thomas Exchange Global has a number of locations in London and offers pounds at less than 2% markup; a better rate than many credit cards and debit cards and a better rate than you will find at AAA or any US bank or exchange bureau. If you use an exchange bureau, ask how many pounds you will receive for the dollars you want to exchange. If exchanging $1000 dollars today at Thomas Exchange Global, you should expect about £611. Recount the money in front of the clerk. Don't be rushed! I was badly stung by a short change artist in 1973 and I have not forgotten it.

donsebara,

I also use a Credit Union ATM card as my primary means for obtaining cash in Europe, and it works well. As Frank mentioned, it's a good idea to have two different cards in case of any problems with one. Using ATM's generally provides the most favourable "Interbank" exchange rate, which will be better than using currency exchange offices or whatever.

Note that travel funds must usually be in a chequing account with a four number PIN. European ATM's often don't provide a choice between chequing and savings, and will access the "primary" account (although I did find a few ATM's this year that offered a choice). You can ask your Credit Union which of your accounts is the "primary".

Be sure to notify all your ATM and credit card firms that you'll be travelling, so they don't "freeze" your cards when they notice transaction activity in Europe.

Happy travels!

Have you read the article on the Graffiti Wall under "Money/Communications - ATMs: Minimizing Fees" yet. Does not sound like it. You should read it and since it sounds like this may be your first trip to Europe, you should read RS "Europe thru the Back Door" book as it will help prepare you for what you will be getting into. I go to Europe every summer for over ten years now and do not take European currency with me from the US. I get it from an ATM machine using a Debit Card at whatever is my arrival airport. Never had a problem doing that. Make sure to follow up on Ken's suggestions.

Continued thanks to all for the great info. I have let the CU know my travel dates. Thanks for the reassurance on using the card. I think the weird things that happened in my case were isolated and I am overthinking the whole thing.

One other thing. Only use your debit card only for ATM withdrawals, but not for other transactions as a "credit" card purchase, especially in restaurants. Often when you charge at a restaurant, the wait staff will take your card to a machine to run the charge... out of sight, potential of credit card # theft. Use a credit card for any retail/restaurant/hotel/travel purchases. Depending on your credit card's conditions, you are mostly protected in the case of theft.

I've had my company visa card compromised several times with fraudulent charges shortly after business trips. The only thing I can think of is that someone on the wait staff at a restaurant scanned or copied all the credit card information, then either used or sold the credit card numbers and other information.

We've used ATM's for cash without a problem for international travel since 2005.