dolydd

We are leaving the US in a couple of weeks for a nice Xmas holiday in the UK, wife and kids have never experienced a boxing day before so we are looking forward to some fun.
Question is, we were told by a friend that we should just change a bit of money into pounds (about $300) and use the visa for buying stuff, you cut out the exchange commision and the visa will just go through and change the pounds into $$$ on the monthly bill.

looking for advice, any help much appreciated.

dunroving

Definitely agree. Even with the per-use fee some cards are now levying for using overseas, still cheaper than getting cash, exchanging dollars, travelers' checks, etc.

Lizzi

I would avoid credit cards where you can. Not only will visa charge you a lousy and I mean lousy exchange rate, in my case our visa company also charges an additional 'exchange rate adjustment', which is of course just another means of screwing more money out of you.

Bob

depends on the bank/credit card, you could get a charge per use, you could get shite exchange rate, you could get a higher interest rate on repayments depending on your card....and make sure you tell them your travelling abroad so they don't cut your card off thinking its been knicked...

personally think you'll be better off buying cash or using a debit card...

antjen

i always just take cash - sure you run the risk of losing it, but you will get a much better rate!!!

Ant

scrubbedexpat099

I always used to use my CC, but I have noticed that the costs have become more and more.

I kept my UK accounts for UK costs and move money in larger amounts to get a decent rate.

Recent trips to Mexico suggest cash was the way to go, but from memory UK dollar cash rates were not that good.

BigDavyG

Is the atm card liked to your US account useable in the UK. If so that is probably the way to go. Just lift out a wack of cash when you arrive back in blighty to last for your trip.
I'm surprised at the bad reviews that credit cards are getting. I'd always used my UK credit card when travelling to the US and was planning on using my US credit card over there when I go home at Christmas - not so sure now. I'll have to run a few trial transactions to see how much they try to steal from me.

By the way my friend who also lives over here just takes money off friends when he goes home. Whenever they come to visit him over here he just returns the favour - maybe that would work for you.

Bob

UK banks tend to have better rates because more likely to be used abroad...over here, well it really depends on the card, even from same bank you could get a nasty surprise between cards...the missus has quite a few not so amusing tales from people that got a surprise after the holiday because of additional costs and all that...so best to look into it first....

but your right, if US bank is linked to a UK bank, like BOA/Barclays, atm on the debit card is the way to go...

Big D

last time i was home i used BOA debit card in ATM and as a 'credit' card - also used Amex - both were reasonable rates.

BigDavyG

Sounds like the credit card just depends on what one you have. I'm with citibank and from what i understand they should be fine - 2% spread and no additional fees.

dunc_b

I've been in Arizona for about 15 months now - I bank with Barlcays back home and BofA here - I set up an account for my bro, fedexed him the card and he can draw money from barclays cashpoints with not comission charges whenever he wishes... and deposit it into my barclays account... it's cheaper than the $40 charges my local bank wants....

Big D

sounds good and from my experience the rate is reasonable - however you can get better rates if you need to move larger sums etc.

I save over here and make larger transfers a couple of times a year to take advantage of the rates - i try and wait till the rate is in my favor but that doesnt always work!

Sorry - i think i have drifted OT now

dunc_b

My brother used a company in London to send money and they offer up to the minute rates - they'll even contact you when it's at a certain level... I'll get the details and post them here...

dunc_b

moneycorp.com

in case anyone was interested...