I ran across this service where you can "buy" money from AMEX and have it ready to pick-up in Heathrow with 0% commission and a good exchange rate: https://www.travelmoneynow.com/uk/ This all seems great but the fine print warns that "some" credit card companies "may" treat this as a cash advance. I have a commission free card so I can charge it in the UK without a problem but if it's treated as a cash advance that wipes out all the benefits. Anyone have any experience with this service?
Thanks!
Last time I got funds from exchange place using my AMEX card it was treated as a cash advance although that was a few years ago. I would call your credit card company to check and also email the travelmoneynow folks to ask how they would process it. Cheapest way to get money is usually to use your ATM card once you get there unless your bank charges high rates for doing that.
I did email them (their help number is British) and I'll see what they say.
I'm probably over thinking it but it would be nice to find a loophole in endless tangle of fees for just changing money.
Tod, do a search on the site. You'll find all kinds of ways to avoid the fees for getting money. But a summary goes like this: Getting cash from an ATM is always the cheapest way to get local currency. The exchange rate will be under 1% of the daily interbank rate. European banks do not charge ATM fees. So any fees will come from your bank. Typically these amount to less than 5%. There are many banking options that will get you a no fee checking or money market account for foreign transactions. Just how good the AMEX exchange rate? A quick check on their site shows a pound to dollar rate of 1.58 while the actual rate is 1.62. That is almost a 10% difference.
The official reply I got from AMEX is that the site I referenced is open to UK residents only and is not designed to be used the way I want to use it. e.g. It's for UK residents outbound not foreign visitors inbound. I guess it's back to the ATM machine plan for me. I changed a for a few pounds at Travelex here (always a horribly painful experience) so that I don't land with nothing, but I'll take everyone's advice and use the ATMs once I'm there. Thanks everyone - less than a week to go!
Tod, it is too late to help you now, but Wells Fargo would have sold you pounds that are marked up by about 5%, while Travelex may mark up by 13% or more. There are 13 Wells Fargo International Teller Sites in San Diego that should have pounds on hand with no shipping charges. Phone ahead to be sure. London has a few currency exchanges that offer pounds for less than 2% markup. Thomas Exchange Global is one such place: http://www.thomasexchangeglobal.co.uk/index.php This exchange bureau can be cheaper than withdrawing pounds with some debit cards. Beware! Other exchange bureaus can be complete rip offs.
Thanks, Chip, you are too late to help me in San Diego. I only wanted a few pounds so I didn't put in the research I should have here at home because I was concentrating on changing abroad. But I'll definitely keep your advice in mind for when I'm over there. I have a good credit card that doesn't charge conversion fees but my ATM card is one on the more expensive side for transactions. I'm going to England and Republic of Ireland so it's going to be a two currency trip, but it's still better than the old days of changing at every border. Thanks!
=Tod
Uh, Tod, you ARE changing at every border on this trip.... I bought a small amount of euro from Wells Fargo online and it was overnighted to me (no local places to get foreign currency here in the middle of Illinois).