<p>I’ll be leaving for London in about 20 days, but in the meantime I’m trying to get everything in order (finances… already have my passport and visa, thank God). </p>
<p>I had a quick question on currency: my bank charges abysmal rates for currency exchange (2.10 USD to 1 GBP). Bank of America (my bank) also has an ATM partnership agreement with Barclays in the UK, which will incur no fees except for the 1% international transaction fee charged by Visa. Would it be better to wait until I arrive at Heathrow, find a Barclays terminal (or, failing that, another mainstream bank’s terminal) and go for the slightly better exchange rate by withdrawing from an ATM, or order 100 pounds or so to have some cash on hand?</p>
<p>I would go with some cash on hand. What you see online and what the reality is once you get to a bank to exchange will vary. The rates will vary. That is the only constant that you can count on. Change. Sometimes I have gotten good exchange rates at airports. But that may vary as well. I do follow the rates up and down. When I need to send money to the states, I try and go on a good day. What I suggest: take money, try the ATM when you arrive, try a bank. This is all a great lesson in and of itself!</p>
<p>They have ATM’s in the airport. Make sure you have both a VISA and a MASTERCARD because not all ATM’s take both. It’s not worth saving a couple of bucks to arrive with no cash. But I would take the minimum. I have also found that using a credit card is a good exchange rate with no fees.</p>
<p>It was so long ago, perhaps the banks are less friendly now, but I remember being impressed that I could simply use my ATM card in Europe and the exchange rate was very reasonable. A nominal ATM fee would argue for making larger withdrawals. Be careful around the ATM. Pickpockets have been known to stake them out just waiting for tourists, follow you and bump you blocks away. If you are going to pick a pocket, might as well be one you know is full of fresh cash!</p>
<p>tlaktan…how is it going? You are a junior now, eh? ATMS are the way to go now…no need for travelers checks at all.
Congrats on your London adventure. My son just arrived for his semester in a big city in Europe. He chose an ATM card with decent percentages…1%, that had a branch across the street from his new university. He opened a checking account there too.
Here is a site that has some useful comments on how to get your ATM and Credit cards in order in Europe and how to avoid having your passport and cash taken if you fall asleep in a hostel or on a train or whatever. My son found it to be required reading and they already lost his backpack on the way over, even though it was in a duffel bag. He got it back, but get ready for all contingencies. You will be targeted by pickpockets, don’t kid yourself that you won’t come across as an American most places although it is best to wear the shoes of the locals…buy shoes when you get there… and to try to blend in as a Brit to avoid attention from thieves, so make sure to buy something for hiding cash and your ATM …my son chose a small polyester zip wallet attached to his belt or with a waist strap under his clothes…to tuck under his waist. His passport can go in it too should he have to have his passport on him somewhere he must also sleep. Carry small amts of money in your pockets at all times to buy food, and only get into your secret wallet in private…don’t take it out in bars and stores. Eurail passes need to be protected, too. Use hotel safes for your passport and ticket whenever possible. Case your ATM locations and stake out the favorable ones for security. Take out money in broad daylight when possible. Charge whenever you can…in my son’s locale though cash is preferred. Also if you check out Rick Steve’s ATM link on this page
<a href=“http://www.ricksteves.com/graffiti/graffiti_menu.htm[/url]”>http://www.ricksteves.com/graffiti/graffiti_menu.htm</a>
Have a fantastic time…we want a report on how your time abroad turns out. </p>