money issues

You will get your Oyster card at the tube station or train station at the airport. You don't want to go to an exchange both to get money the exchange isn't that good plus they charge for it. Use an ATM at the airport...you will get a lot better exchange rate. You could order an Oyster card online if you would want. I would suggest getting money out of an ATM daily or every couple of days...as you need it. Again, if you exchange it back...you won't get what you paid for it.

I agree that you should get smaller amounts out at a time to avoid back conversion expenses. One of my banks in Denver is a small, local bank, without a foreign currency operation. When I make a European ATM withdrawal, they have no choice but to pay the Network's 1% exchange fee and pass it on to me. They also charge me $2 for an non-system ATM. That's $507 to get $500 worth of foreign currency in one withdrawal, or 1.4%. If I take the money out in five withdrawals of $100, it will cost me an extra $8. That's a lot less than I would give up changing the foreign currency back to dollars. This is where my computer comes in very handy. Before the trip I've made all my reservations; I know how much accommodations will cost. I've figured out the cost of transportation. I also know the cost of any admissions I will have. And I know from experience that I will spend an average of €20/day for food. I make up a dummy expense report (Excel spreadsheet) with all of my known expenses and total it. As the trip goes on, I delete everything I've already paid, so the total is always what I need to finish the trip. When I go to the ATM the last time, I know what to take out.

If you shop around, you might find a local bank or credit union that charges little or nothing for foreign transactions. Unlike Lee's bank, neither of my small, local credit unions charge anything at all for taking money from a foreign ATM. No 1% fee, no per-transaction charge. Nothing. And the rates are not inflated to cover the charges, either.

Deborah: 1. I buy 100 pounds at my departure airport from TravelEx. The rate isn't good, but I like having enough to get me out of the airport and to my hotel, especially if something goes wrong. That's worth eating a few dollars. 2. I use an ATM card to withdraw cash in London. Never had any problems. ATM machines ("cashpoints" in the local parlance) are everywhere. Be sure to tell the company that issued your card you will be using it in the UK, lest they freeze your account when you first try to use it, thinking it's been stolen or something. Your card issuer can also tell you if they have done a deal with a UK bank allowing you to use the card at one of their machines with reduced fees. And, finally, I'm pretty sure you will need a PIN that does not begin with a zero or include any letters. (Someone correct me if that's no longer the case.) 3. If you are thinking of traveling with a really large amount of cash, I'd recommend depositing it and using your ATM card. if you lose your ATM or credit cards, you can call and alert the company and ask for new cards to be expressed shipped to you. They can also arrange for emergency cash to be made available locally. Can't do that with lost cash. (Credit card/ATM companies have numbers you can use to call them from overseas. They're collect or free. Be sure to call and ask for the correct numbers.) 4. I buy an Oyster Card early on my first morning in London, at the Tube station where I set off. If I will be there for a week, I put 30 pounds on the card. The amount of money you might save by balancing Oyster Cards, Travel Cards, etc. against each other is not worth the hassle and the headache trying to figure it all out. 5. You can buy an Oyster Card at the Tube station at Heathrow. I don't because I'm tired and just want to get to my hotel. (No Tube stop at Gatwick.)

I too use the ATM card to get most of my cash when I travel. However I always start the trip with $100 worth of cash in the currency of the country that I am first visiting. I get the it from my local bank. I have to go to the main bank to get it, but they use the national rates and since it's my own bank I don't stuck with any fees. Pam

Would I be able to just use my credit card there to pay for food? I'd be eating at inexpensive places like Subways or whatever they have that would be comparable.

Check with your credit card company about foreign conversion fees. Some charge as much as 5%. I'm agreeing with the others about using up your cash while you're there. You'll especially have to be mindful of this since you're visiting 2 cities that use different currencies. If you plan it well, you can have less than 100GBP on you when you're leaving London, and find a shop to pick up a couple of souvenirs. You can do this again in the airport when you're leaving.

Deborah, on my first two trips to Europe, I purchased euros prior to leaving. All US banks charge outrageous fees. AAA is unconscionable. I have read posts that all the cash machines at Heathrow are non bank ATMs and offer poor exchange rates. My observation was that this is correct. I therefore purchase tube transport (I have an oyster card for prior trip so I only need to replentish) at the tube station using a credit card. I use an ATM when I arrive in London. I have cash from prior trips, but even if I didn't, I would not get cash in the US. I have a credit card which will get me to London. If there is a problem with the tube and I end up on the street somewhere, needing cash, I can always use the ATM card at that time.

Deborah,
J.C.'s advice is spot on, as far as I'm concerned. The only amendment to it that I would make is to recommend putting a smaller amount initially on your Oyster Card until you determine how often you'll use the Underground. My wife and I both put £20 on our cards at the start of six nights in London, and at the end of our stay still had nearly £10 each left on the cards. (The weather was so nice that we decided to walk above ground more often than we initially planned.) Even though others will correctly tell you that you can get a refund on your unused balance on the Oyster card, we found that we were too busy on departure day to get to a tube stop and get the refund. Instead we kept our cards for the next trip. So I recommend starting with about £10 to start and add on as you need. I also found that most sandwich shops (including my favorite, Pret a Manger) readily accepted my MasterCard for purchases, saving my paper money for taxis, admission fees, and places that preferred cash.

While visiting London, we will be taking a cruise tour to Paris. Will I be able to get Euros at the London airport as well as Pounds (for meals)? Also, will there be ATM at the French tube system to purchase tickets as I need them. I think I'l only be using the tube twice, but not sure until there. And, is it best to buy the 2 for 1 at the airport or ahead of time here in the states?