# Money in England,Scotland,Ireland



## tiger1210 (May 10, 2011)

What is the best way to get foreign currency for a European trip? Get foreign currency from American bank before you go? Or use credit cards or use ATM's. What is the cheapest way? I know all the above charge service fees but what's your opinion on the least cost for foreign currency.

Thanks


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## DeniseM (May 10, 2011)

My daughter's BF is Scottish, and he advised me to bring traveler's checks and cash them at the post office for the best rate & lowest fees.

BTW - Great Britain still uses Pounds - they did not switch to the Euro.


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## 225chs (May 10, 2011)

England and Scotland are pounds while Ireland is euros. What I like to do is exchange about $100 at home into the currency where you will be first arriving. It's more expensive but having the currency can be a good security blanket.
Upon arrival I will go to an ATM and take some cash and then use CC cards where I can. I have a credit card with the no 3% foreign transaction fee and a 2% cash back that I use. 
CC and ATMs are all easy to use in UK and Ireland


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## PiperBruce (May 10, 2011)

tiger1210 said:


> What is the best way to get foreign currency for a European trip? Get foreign currency from American bank before you go? Or use credit cards or use ATM's. What is the cheapest way? I know all the above charge service fees but what's your opinion on the least cost for foreign currency.
> 
> Thanks



Be aware that Scottish and Northern Ireland *banks* issue currency in Pounds Sterling, however, it can be difficult to spend and or even exchange outside of the issuing country. The further you travel from the country of issue, the harder it is to get shops and or even mainstream banks to accept it. When they do, they usually charge an exchange fee. 

As you travel you will get change (including cashing traveller's cheques) in the local Pounds Sterling Currency, so try to be sure to spend it prior to leaving the "local economy".

I would recommend English Pounds Sterling for use when in the UK (England, Scotland, Wales, Northern Ireland) and Euros for the Republic or Ireland.


Hope this helps


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## Carolinian (May 11, 2011)

There are many British banks where there is no fee charged by the machine owner for ATM usage (the opposite of places like Greece) and the ATM usually tells you that their is no fee.  That includes Northern Ireland and Scotland.  That is however, often not true for ATM's at airports, railway stations, highway rest stops, etc.  I always use one attached to a bank.

The problem with using ATM's is that Visa / Mastercard add a 1% conversion fee and most US banks add another 2% junk fee, for a total of 3%, plus most charge a usage fee for using a non-network ATM.  The key is having the right ATM card.  Both of my credit union ATM cards do not charge the 2% junk fee, so I only pay the Visa / Mastercard conversion fee which is not that bad.  One of my credit unioins also does not charge the out of network usage fee.  For major US banks that usage fee may be $2-5 each time you use an ATM.  Capital One has the best ATM card, as it even absorbs the 1% conversion fee.  You can get an account from the Capital One online bank to get the CapOne ATM card.  It is your best bet.

Exchanging money at airports or at US banks is usually a ripoff.  You can find independent exchange houses in the UK that charge no commission and have a reasonable spread between buying and selling rates, but you will not find them inside airports or train stations.  Sometimes, like at Victoria Station in London, they are just outside the train stations, however.  Exchange booths inside the train stations rip you off as bad as the ones at airports.

If you are using ATM's in Scotland or Northern Ireland, the ATM will usually tell you whether the machine gives British or local currency.  If it gives you local currency, you can usually walk into the bank and change it for British pounds for no fee.  If you go to the channel islands, they also have their own local pound at par with the British pound, but their currency can absolutely not be used elsewhere in the UK.


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## scotlass (May 11, 2011)

We go to the UK and/or Ireland every summer.  We have not used travelers checks for many years.  They can be difficult to cash and if you must cash them at a post office, you are out of luck on a weekend.  We use ATM's for cash from our online bank account, *Bank Direct*.  They allow 4 ATM transactions a month with a refund of $2.50 each no matter where you are.  I love this bank because they also give you AA miles every month for keeping $2500 in the account.  

For charges, we have been using a Capital One card because they don't charge the foreign transaction fee.  We just got the British Airways Chase card for 50,000 bonus miles and no foreign transaction fee and will use that for our next trip.  I hope this helps.


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## Jimster (May 11, 2011)

*traveler cheques*

The only place I have found that I would like to use Traveler's cheques is in Thailand where they have a substantial tax on ATM transactions.  Everywhere else I use an ATM.  In Vietnam, no one would take traveler's cheques without a substantial fee.  Finally, the Hilton in Hanoi said that as a favor they would give me $95 for my one remaining $100 cheque.

Moral to the story: Choose a different option. Today, the traveler cheque is about as up to date as the Comodore 64 computer or the slide rule.


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## DeniseM (May 11, 2011)

I agree that using traveler's checks for purchases is not practical, but it is one of the least expensive ways to get cash.   I needed 600£, and after looking at the alternatives, cashing a traveler's check at the post office was quite a bit cheaper than getting cash out of an ATM machine.  YMMV


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## Carolinian (May 12, 2011)

There was a time years ago that AAA gave good rates on foreign currency travellers checks.  When the dollar was headed down, I used TC's to lock in exchange rates on currencies places I was going.  I bought Deutschmark, French franc, and Dutch guilder TC's.  I had another trip where I bought some in sterling.  The Dutch ones in particular were not usable anywhere, and the others only slightly more.  I had a list of Amex offices and just went there and got my cash.

After the euro came in, I inquired about rates a couple of times, just out of curiousity and the rates were terrible.  I have not even inquired in years, so I do not know how the AAA rates are now on euro or sterling TC's.

An ATM gives you the mid-market interbank exchange rate in most countries, and an individual simply cannot get a better rate.  The kicker is if you use a major bank that pops you with high fees.  If you use the right banks, and there are just a few of them like CapOne, then you avoid those fees.  you cannot do any better on rates.


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## DeniseM (May 12, 2011)

We bank at a local credit union, which we like, but their foreign transaction fees are high.  For a single trip to Scotland, it wasn't feasible to open an account at a different bank.  Also, I could not draw 600£ out of my account in a single day and I needed 600£ as soon as I arrived, so cashing AMEX travelers checks at the post office was the lowest cost solution.


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## Jimster (May 12, 2011)

*credit union*

My only comment is that i can't believe your credit union actually has that junk foreign transaction fee.  My credit union charges absolutely nothing.  Even Chase is seeing the light of day by eliminating it on certain cards such as the Marriott Rewards Card.  Make no mistake-A foreign transaction fee is simply a profit engine for the bank and there is no cost associated with it.  That is why I find it strange that a Credit Union would do that to its members.


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## Carolinian (May 13, 2011)

Jimster said:


> My only comment is that i can't believe your credit union actually has that junk foreign transaction fee.  My credit union charges absolutely nothing.  Even Chase is seeing the light of day by eliminating it on certain cards such as the Marriott Rewards Card.  Make no mistake-A foreign transaction fee is simply a profit engine for the bank and there is no cost associated with it.  That is why I find it strange that a Credit Union would do that to its members.



Agreed.  I bank with two different credit unions and neither charges the extra junk fee on foreign transactions.  One does not charge for using an out of system ATM and the other charges a nominal 50 cents.


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## x3 skier (May 15, 2011)

Jimster said:


> My only comment is that i can't believe your credit union actually has that junk foreign transaction fee.  My credit union charges absolutely nothing.  Even Chase is seeing the light of day by eliminating it on certain cards such as the Marriott Rewards Card.  Make no mistake-A foreign transaction fee is simply a profit engine for the bank and there is no cost associated with it.  That is why I find it strange that a Credit Union would do that to its members.



I agree. My Credit Union has the no fee (except the 1% exchange fee).

I just got an email from AMEX that they are eliminatig the junk fees on their paltinum card so it looks like it is a expanding thing probably in response to the many recommendations for Capital One Cards on TUG 

Cheers


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## Carolinian (May 15, 2011)

x3 skier said:


> I agree. My Credit Union has the no fee (except the 1% exchange fee).
> 
> I just got an email from AMEX that they are eliminatig the junk fees on their paltinum card so it looks like it is a expanding thing probably in response to the many recommendations for Capital One Cards on TUG
> 
> Cheers



I haven't gotten that email yet on my plat AMEX, but AMEX has a number of different programs, so it might not apply to all of them.  That would at least give me another card I can use outside the US, but unfortunately in the country I work in, finding anyone who will take AMEX is the second problem.


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## Timeshare Von (Jun 11, 2011)

We did the ATM upon arrival and along our journey while in the UK/Scotland back in 2006 and found that most efficient and cost effective.  That will be our gameplan for Ireland next spring.

As for the AmExp card, I just canceled our DL Platinum (business) card tonight as I don't see us using the companion ticket this coming year. (It was a challenge to plan a trip to use it this year.)


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