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Currency

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
edited January 2023 in General Chat
Me and the hubby are going to New York in two weeks so we have started thinking about currency.

We have saved up £800 and the original plan was to exchange all of this for US Dollars before we go and then use the credit card only if necessary. My mum advised against this as she said that if we get robbed then that's the money gone, she said we might want to consider travellers cheques but having never used them before I don't really know whether that would be a good idea or not?

The alternatives are that we change some of the £800 so that we have money for taxi fares, snacks etc and then use our credit card for everything else, like entrance to museums etc and then when we return use the money we didn't change up to pay the credit card bill. Thing is I'm pretty sure lloyds told me there is a one off charge every time you use the credit card abroad so that will all mount up.

Another alternative is that we do as above and just exchange some money and then withdraw cash from our debit card, limiting this to no more than once a day (say we decided we would draw 100 dollars a day) but again I'm sure we will be charged for each withdrawal.

I plan to phone lloyds to establish what the fees are etc and to tell them we are going abroad so the cards don't get blocked! But just wanted some advice from anyone who wants to help!
Post edited by JustV on

Comments

  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    i would change it all into dollars, only leave the hotel with what you need for that day, and leave all the rest of the money in the safe or locked in your suitcase or something
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Travelers cheques deffinately. most banks in america, or even hotels will accept and change them up. Travelers cheques are easy, basically you sign them when you get them, then sign them again when you pay with them, most people ask to cheque I.D as well, passport or driving license etc.

    all Credit/Debit cars will incur a charge, for mine it's around £1.50-2.50 depending on the card, per transaction, using debit cards imo is not the best way to go. plus you get charge the exchange rate commision as well. etc etc.

    Cash, you can but it's a lot and the risk of losing it or being robbed isn't worth it imo.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Or you could leave it in the bank and just take out money as you need it from a cash point - every couple of days or so and then pay for stuff in a restaurant on your bank card which you can use in most places.

    Or you could put some onto a pre pay Visa/Master card.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I wouldn't bother with travellers' cheques, they're a pain in the arse. Get some cash changed for taxis and other bits and bobs ($100 or so) and then either use a credit card or draw out the cash there when you need it. No point exposing yourself by having excess cash laying around.

    Any shop, museum or other business in the US will accept a credit card without any problem, so don't worry about having cash for everything. And check with your bank about charges for using it in foreign currency - many will not charge commision for withdrawals (Hellfire, you're wrong - not all cards incur a surcharge).
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I've never been charged for using my credit card abroad - I do get charged £1 or so for taking out money from a cash point but as long as your sensible and get out what you need for a few days in a go your fine - just stuff for taxi's and the odd snack really - you will be fine.

    You can use Visa Debit and Maestro cards in most places in the US but you need to say credit when asked not checking - don't ask me why - but there are a few places which won't accept them and so you'll need a proper credit card for that - but the only place i can think off the top of my head is the fresh market (big supermarket type place).
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    (Hellfire, you're wrong - not all cards incur a surcharge).

    A hell of a lot of them do though. The only one's that don't are usually 'premium' cards, or where you pay for extra services, e.g. with Abbey, if you have a certain type of mortgage and have their 'One' account I think it is, you can withdraw free abroad.

    Fruit Loop,

    I'd suggest taking approx $200 cash for when you get there etc and applying for one of these: http://www.moneysupermarket.com/prepaidcards/

    The top $ currency card has no fees and costs you nothing to use in shops etc, although there is a $2 ATM fee for withdrawals at cash points, although if you limited your cash withdrawals to say once or twice, $4 isn't that bad.

    Plus it's safer than carrying the cash around, as there is a PIN associated with the card.

    My preference would be the prepaid card or travellers cheques with some cash for when you arrive.

    Have a good time
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Thanks for all the replies. I use to have an american express travellers cheque card and I would take some dollars with me then withdraw cash about two or three times whilst away to limit the charges, but they discontinued the card. That link is really useful though FCUK it, I didn't realise this was an option and it definately seems like the best option. Not sure how long it will take to come through though but will definately look into this, thanks!
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    No probs :thumb:
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    The best answer is to give yourself as many options as possible. Take only cash and it's risky, take only cards - same deal. TCs offer protection but can be a pain the arse. Take a combination, and take care.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Another thing to check when you are checking on whether you're charged for using your card abroad is whether you're charged commission.

    For example my NatWest credit card doesn't charge me as such, put it puts an extra 1% charge on each currency conversion transaction, so it doesn't show up as a charge on the credit card bill but its a cost that's there.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I've put two thirds of the money on a mytravel usa card and will change about half of the rest into cash tomorrow and will leave the rest in my bank account.
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