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Best places to get money in London?!

I will be travelling to England in 2 weeks. Staying in London 2 1/2 days and the rest of the time, we will be in the Cotswolds. I don't want to take Travellers Checks and some of our lodgings only take cash. Where is the best place in London (near Kensington) to get cash? When I travelled to Italy before, the "banco mats" were quite handy. Any suggestions! Thanks!

Posted by
15003 posts

ATM. However, some ATM's limit the amount of cash you can get every day. And don't forget to inform your bank that you're going so they don't put a hold on your account when they see international activity. Also check to see if your bank has a relationship with any bank in England to lessen ATM fees.

If you really need a lot of cash that the daily allowance won't permit, you might have to get it before you leave and keep it in your moneybelt.

Posted by
1358 posts

Yes, nearly all experienced travelers suggest ATMs and not Travelers checks. You will find the machines nearly everywhere including the air terminal when you land. But you may have to ask where it is located.

If you want one near Kensington, ask your hotel clerk or whoever you are staying with where the nearest ATM is.

In some towns when I didnt find a machine nearby I visited a bank and asked the clerk to advance currency using my ATM card. Some will do it for you.

Posted by
588 posts

Barclay's are everywhere. If you have a Bank of America account, there is no charge for ATM fees in England.

Posted by
588 posts

There is probably an ATM in the Kensington tube station.

Posted by
1265 posts

I would also recommend the atms. You may what to check with your bank to raise your daily withdrawl limit. If you explain to them about your travel plans, they will accomodate you.

Posted by
23268 posts

There is no charge to use any ATM in Europe from the ATM owner. If there is a charge it is your card issuer who is charging you for using the ATM. I know it is a small point but lets be accurate.

Posted by
990 posts

If you get money ordered in advance, don't forget to take it! My partner and I decided to get about 1000 Australian dollars in advance to pay for a rental accommodation we were booking at the Great Barrier Reef since we were unsure of the ATM situation out there and the rental only took cash. So, we're on the way to the airport in the shuttle van and I turned to him and said, "Where are you keeping the Australian money?" And he replied, "Me? I thought you had it." We left it sitting on the bedside table! As it turned out, the rental place was easy-going and let us pay at the end of our stay...and now we have a lovely stash of appreciating currency if we ever get a chance to go back...

Posted by
643 posts

Audrey, there may be no fees at Barclays, but there is a 5% fee from VISA. I set up a Bank Of America account when I heard about no fees for the Barclay ATMs in London, but upon speaking with a rep on the phone, he informed me of the 5% fee. This is pretty high when considering that I plan to withdraw around $1,000 in cash over the course of our trip. I'm going to contact our main bank, WAMU, and ask them about the fees, they are probably lower. 1% should be possible.

Posted by
15003 posts

If you use a Visa credit card, you will pay a fee. If you use a Bank of Ameica Debit Card tied to a savings or checking account, there is no fee when using that card at a Barclay's Bank in the UK.

Using a credit card is like borrowing money on that card. Using a debit card is withdrawing money from your account. Big difference.

I don't know too many banks that will loan you money without charging you for the "privilege."

Posted by
588 posts

Frank is correct on the BOA fees. I guess I wasn't clear. I only use debit cards at the ATMs. BOA Visa does have a conversion fee and it is steep. If you want a card with no fees, Capital One is allegedly the best. I'm applying for one before my next trip. It will be the Visa account I'll use. WAMU has high fees. You should read other threads and see the Graffiti Wall on ATMs.

Posted by
23268 posts

Actually the WaMu debit card is one of the better deals available. A flat and only 1% charge for currency conversion.

Posted by
349 posts

Believe it or not the bank in Harrods basement has great rates. The only money they get of mine

Posted by
286 posts

...just for further clarification in the UK. Not all ATMs have no charge, only the ones operated by a specfic bank.

There are other convenient ATMs that are privately managed and those DO incur a fee. These are usually small stand alone ones in smaller train stations or pubs.

Posted by
643 posts

I think you guys are misunderstanding. When you use an ATM machine overseas, whether you're using a debit or credit card to get cash, you're using the VISA network and will pay the applicable fees for the use of that network, which in the case of Bank of America ATM debit cards, will be 5%, according to the rep I spoke with while setting up a checking account with them. So we're talking a $25 fee for every $500 you withdraw, which sounds high to me.

Posted by
2775 posts

I always use an ATM that is connected to a bank while in the UK and have NEVER been charged a fee. And I bank at a small local bank (no national chain) and they do not charge a fee either.

Posted by
9363 posts

Dave, I use a Visa-branded ATM debit card from my local credit union. I have never been charged any kind of additional fee for its use from Visa -- and the exchange rate has been the going rate for the day. If BoA charges an additional fee like you are describing, I wouldn't deal with them. Visa itself does NOT charge a fee for use of a Visa-branded debit card in an ATM.

Posted by
643 posts

Nancy, I am just telling you what the BoA guy told me over the phone. I have no direct experience in the matter. I guess he was wrong.

Posted by
658 posts

ATMs are probably the best way to go but if you need to change USD cash for GBP cash one of the best places for a fair exchange is with American Express on Haymarket in the West End of London.