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Currency - GPBs

For 2,000GBP our bank is charging a $187.92 fee. Is it more cost effective using an ATM while in London? During our last visit two years ago, several of the ATMs would only provide 200GBPs per transaction. There will be 4 of us; any suggestions on the best ATMs in the city?

Posted by
81 posts

I assume you are ordering currency from the bank so you will have some when you arrive, but the airport has dozens of ATMs. The daily ATM withdrawal limit is the same as at home, given the exchange rate. My limit is $400, a bit less than £200; I would want to raise that slightly to get at least £200 at one time. For that, my CU would charge 1 percent or about $4; your bank is charging almost $19 per £200, which seems nuts to me.

There are also limits to the amount of currency one can enter or leave a foreign country with; £2000 cash seems like a lot. I would cancel the currency order from the bank and use ATMs to get cash, with credit cards as a backup method of payment.

Find out what your bank charges for ATM transactions, what your daily limit is, and get it raised if you need to. Also open a second account at a different institution; it has happened to me that one card was refused on a given day at a given ATM, but never both.

Posted by
9363 posts

I'm not sure how anyone would know how much money you're bringing into a country, so that's not a concern, but I agree with the above poster to use ATMs at the airport on arrival instead of ordering money ahead (especially with those kinds of fees!). You could also take cash (dollars) and change money in the city at a bank. Also, use credit cards for big purchases, housing, etc.

Posted by
2664 posts

If you feel that you really want to have some British Pounds with you when you arrive, have ever consider going to AAA (Triple A) to get some. It's better and easier to get it from them.

Posted by
683 posts

£2,000 is $4,000 and THAT is a LOT of cash to carry.
We would advise using ATMs, as they worked for us when in UK.Your bank is charging a fee of about 4%,which is ok but not great. It compares well w the ATM fees that will b charged. Will you need this amount early in your trip? Can you afford to lose this if it is stolen or you lose it thru misadventure?

Posted by
13 posts

We used TravelX (available at large banks - go to travelx.com and click on the "Find a Travelex Branch" link at the bottom) and if you exchange more that $1500, they do it for free and re-exchange it when you return. And I think the exchange rate was reasonable, but you should verify that.

Oh, you're in Denver too! There is a TravelX at the US Bank downtown (17th and Champa?) - but don't go at lunch time - the guy at the TravelX counter goes to lunch too.

Posted by
6 posts

thanks for the advise. liberty savings bank was the best deal in denver, but currency needs to be ordered from the main ohio office. due to timing, we would have had to pay $15 to overnight, which made travel x equivalent.