Exchange Rates

Right now 1700GBP equals about $2,650. What you should do is deposit, say, $3,000 in your home checking account, and then use your debit card at ATM's in the UK to withdraw GBP as needed. This is the best way to guarantee getting the best available exchange rate every time you need cash. It doesn't have to be any more complicated than that.

Here is a converter for USD to 1700 GBP
http://www.xe.com/ucc/convert/?Amount=1700&From=GBP&To=USD At a bare minimum, to get 1700 pounds you would need at least the $2700 and surely much more if you're going to exchange cash to cash. The best rate will be by using your ATM card in the UK at the ATM and just getting it as you need it. If you try to exchange it here or there (exchanging cash for cash, i mean, or going to your bank here in the US and buying GBP), you won't get that rate. Your ATM card should give you close to that rate, but you may want to look into what your bank charges in terms of conversion fees and out of network ATM fees. Some charge none of each, some one or the other, and most of the big banks charge both. If you have time, you could open an account at a fee-free bank and use that. Otherwise, the rate will depend heavily on where you go. every bank, currency converter, etc., will mark up the rate differently. For example the airport will be worse than somewhere else because people will pay for convenience. To find a place to get the fees and charges you would have to go to the place where you plan on getting it. Like say your bank. For example, wells fargo's site has it https://www.foreignexchangeservices.com/index.html?partnerid=FES&serviceType=rate - you would spend almost $100 more to get your 1700 pounds getting it through them than using a free-fee ATM card. Is this what you were looking for?

Thanks Tom and Debra :) I guess I was just a little concerned about taking my ATM card with me in case it got lost and then I'd not have any access to ANY money. I do have to take cash over with me to pay the rent on my apartment for the duration of my holiday, but apart from that I guess an ATM card would be ok and just take out enough to last me for the week for example. I think I just imagined that would cost me more because the bank would have to convert what GBP I withdrew back into US so that it could work out the exchange rate or something like that. Am not leaving until November so still have time to do more research and look into one of those fee-free ATM cards. :) Thanks again to you both for your help. :)

"I just imagined that would cost me more because the bank would have to convert what GBP I withdrew back into US" When you use an ATM card, the conversions are done electronically - no actual money needs to change hands. This costs the bank nothing; of course, they don't leave it at that, but they can have minimal charges because of this. I have checking accounts with TD Bank, and they charge $2 per foreign withdrawal with one account and nothing with the other. They do not add a percentage exchange fee, either. On the other hand, my Chase checking account charges $3 plus 3% per foreign withdrawal. Guess which account I use to get money when abroad? When you convert actual cash, this eventually has to be shipped (in an armored car) and flown back to its country of origin. This costs the bank, and they can't wait to pass these costs on to you, in the form of worse exchange rates, high commissions, or both. If you need a large amount to pay an apartment upon arrival, you can get currency before you leave. This means not only accepting a worse exchange rate, but also worrying about carrying around that cash. Or, you can get several accounts, and have your daily withdrawal limit raised on each, so you can use a combination of cards to withdraw the money. As for fear of loss of the card, your ATM card should be in your hidden place (moneybelt, neck pouch, hidden pocket, or whatever you use to keep your passport safe). You only access it when taking out money, and promptly put it back in the hidden place. The http://www.xe.com/ site is a very good one to see exchange rates. Here is another one, which I use to print out a "cheat sheet" that I can put in my wallet: http://www.oanda.com/currency/converter/.

When I travel with my friend I carry 2 of every card....the 1st in my purse/wallet, the 2nd in my money belt. When I travel with my husband we each have one. I just received a notification from my Southwest Airlines Chase Credit Card - no more foreign transaction fees for anything I charge while abroad! There is a credit union that several people have mentioned on this site before that charges zero transaction fees for debit withdrawals.....I can't remember the name.....can anyone help out?.....you may want to investigate Linzi as it sounds like a great card to get.

I carry two debit cards. One never leaves my money belt unless something happens to the first one which I usually carry in my buttoned shirt pocket when I intend to use it. If I don't plan on getting cash that day, it's also in the money belt.

I really like the idea of 2 cards. Clever! Just don't forget your pin. My mom visited me and forgot hers! She was lucky since she was with me and she just wrote me a check....

Colleen, any number of credit unions charge $0 transaction fees for foreign transactions - you just have to find them. Mine is a small local credit union in central Illinois. Sorry, but I don't see the advantage of carrying two cards for the same account. If one is lost, won't they cancel the other? I carry two ATM cards, but they are from accounts at two different financial institutions.

My friend had her debit card "chewed" up by the machine....it was a Saturday evening and the bank (where she used the card) would not open till Monday. We went to another machine and she used her 2nd card there. Fortunately, on Monday we returned to the bank (as it was near our hotel) and they returned her ruined card to her.

The following is a helpful guide to the cost of getting cash in Europe. The % cost is the amount above the interbank rate, which is what banks use to give each other money. currency exchange (10% +) > Travelex cash passport (10%) > buying cash in the US (5-10%) > standard bank ATM with fees (1-5%) > no fee credit union or online bank (1%)

Take as little cash as necessary. Put the rest of the money in your bank and get a debit/ATM card. Ask for a spare card because you are traveling. Don't put the spare in your wallet. Important: Tell the bank the days of your travel, otherwise they will certainly see your first attempted use in the UK as fraud and freeze the account. Also, ask to increase your daily withdrawal limit, for the duration of the trip, substantially. Better safe than sorry. Remember: You are just as likely to lose a wallet full of cash as you are your card. Pickpockets won't return your wallet. Your bank should provide a toll-free number to call from the UK in case you lose the card or have other problems. Don't put it in your wallet! Typically, banks can arrange for you pick up a bit of emergency cash at a partner bank in the UK and get a new card to you in a day or so. Your odds of having your pocket picked at any location in the UK are probably about the same as in any similar location in the U.S. You are more likely to lose it by having it fall out of your pocket someplace. When I am in a very crowded place where people are likely to bump into me, I put the wallet in a front pocket and keep my hand on it. If it is cool enough for a jacket, I put the wallet in an inside zippered pocket and zip it.

Thank you to everyone for all your varying responses. It's definitely given me a lot to think about, from fee free accounts, to carrying 2 cards..lol. I think in order to be somewhat practical I do have to take enough cash to cover paying the rent on my apartment, as it was booked through www.homeaway.co.uk and I've paid the depost through PayPal and they said I can pay the balance in cash once I arrive. I will contact my bank with regards to the debit card and let them know the dates I am travelling. I also need to find out through them the cost of making withdrawals overseas. As a female I generally have a bag I throw over my shoulder and my purse, cell phone etc etc are tucked inside. I always have the bag over my shoulder but around the front of me so I can hold onto my bag at the same time, but I am going to get a money belt and keep my cash and debit card in there. Good idea??? I will also only take enough cash to last me a couple of days and any extra will be locked in my apartment, just in case for some strange reason I lose either my purse or the money belt. But once again thank you all for the wonderful advice and suggestions. It's much appreciated. :)

Many good tips given here. My husband & I traveled thoughout Italy with the same concerns as yours. May I suggest you look into a Money Market Account and credit card with Capital One. They were wonderful and we never had a problem. We each had $5000 in a money market acct. that we withdrew from with the ATM card that came with each acct. We had the credit card only for emergencies. We rotated our withdrawals between us. The ATM machines had a maximum withdrawal for each day. It was either $200 or $250, can't remember exactly. If we needed more, we just used the other ones card. If we had enough money left from the day before, we didn't withdraw that day. I think there was no charge withdrawing from our own acct. and only 1% on the credit card. Capitol One was the best. And yes, most definitely, inform the bank of where you're going and how long you will be gone...giving them the card #'s you'll be using. And ALWAYS, ALWAYS keep all your cards, passport and cash in your money belt. Only keep a little spending money in a small purse that you carry over your shoulder in front of you. If you do get robbed of this - no big loss that will ruin your trip. Oh also, my husband carried a backpack with only little odds & ends for picnicking in it. But there was a time when I did purchase some earrings and put the little bag they came in, in the backpack. When we got back to the hotel, we found they were gone. They either watched us put them in there or they were really good at just going into backpacks without us knowing. We learned the hard way - do not put anything important in backpacks!!

If you end up having to take, on your person, a large amount of currency for your rental, I suggest American dollars, and get it exchanged over there (their rates there will more than likely be better than exchanging them here in the states). Don't use the airport exchange booths. Go to a large bank exchange desk. The exchange rate will be clearly posted. We found that the best way to carry American cash is in the newer pinkish colored 50 dollar bills. Have exchanged them several times in Irish banks, and never had a problem. (they are harder to counterfeit so they are more readily accepted at banks) If you get new crisp ones, you can easily carry $1000 (20 bills) in your money belt with your passport and credit cards, and you never even know they are there....they take up very little room. D.