So when people say that an ATM is the best deal, it only applies if you planned ahead and have one of the banks that charge no fees. If you bank with a larger bank and get hit with a $5 out of network fee and 3% Foreign Transaction Fee, then $200 or so in Pounds Sterling will cost you 5.5%, about the same as a good rate getting money ahead from a Bank in the US. To compare, if you have a Debit card that charges no fees or percentages for Foreign Transactions, then you can get that same money for about 1% cost, or $1.32-1.33. For example from Wells Fargo, the rate is $1.3719, or just under 5%, not including any shipping/mail fees. What you need to do is ask your bank how much 1000 Pounds Sterling will cost you in Dollars, then you can do the math to get the cost, trust me it will be more than $1310. Your bank will say "we charge you nothing" but the rate you get may be $1.39-1.45, that is a mark-up of 5-10% typical of what you will find in the US from a bank. This rate is the Interbank Rate where banks are moving Millions of Dollars and is the best rate available, but not to you. For example, at the moment, a Pound Sterling is going for $1.31. The conversion rate between currencies is dynamic, it changes minute to minute, and you can find out what the Interbank rate is by doing a simple search for "Pounds to Dollars" and find a rate and websites such as and bunches of others. Just how much worse is the USD-GBP exchange rate in the USA than in an airport in the UK?ĭon't confuse fee's as the only cost for currency, the exchange rate is also very important. I've yet to see a European airport that didn't have plenty of ATMs." I, on the other hand, have yet to see an ATM that didn't charge some 3% to withdraw cash from my own checking account in foreign currency. Some tourists feel like they just have to have euros or British pounds in their pockets when they step off the airplane, but they pay the price in bad stateside exchange rates. I did find the same advice on a Rick Steves Web site: "Resist the urge to buy foreign currency before your trip. Really? I Googled around a little but didn't find any evidence supporting or contesting that idea. However, I read in Rick Steves's Best of Scotland that I shouldn't bring GBP with me because the exchange rate will be better in the UK than in the USA. Personal customers can learn more by visiting the Travelling page on our website.īusiness customers can learn more by visiting the International payments and travelling abroad page on our website.My bank charges account-holders nothing to exchange currency, and GBP is cheap at the moment, so I was going to load up before my trip to Scotland May 1. The exchange rate used when the transaction is processed and the amount of the transaction in pounds sterling after the application of the exchange rate will be detailed on your statement. The exchange rate used for processing a transaction may differ from the rate that applied on the actual date of the transaction because exchange rates vary on a daily basis and transactions are not always processed on the day they occur. Please refer to your Key Facts Documents or to the General and Product Specific Terms and Conditions for specific fees that apply to your account. This calculator is for illustrative purposes only based on the information you’ve entered. There may be other fees to consider that are not accounted for in the calculator. When you use your card abroad and the retailer or cash machine provides you with the equivalent figure for paying in pounds sterling, you can compare it with the figures from this calculator to help you decide which option to take. Pay in pounds sterling – the retailer/ foreign bank will handle the conversion and may charge you a fee.Pay in local currency – we convert the amount to pounds sterling using the Visa or Mastercard daily exchange rates (subject to your card type) and may charge you a foreign currency conversion fee depending on the card you have.You may be offered two options when using your card abroad to make a purchase or to withdraw money from a cash machine: General information about using your Santander debit, credit or cash card abroad Savings Compare all savings and ISAs Saving vs investing.More about contents for renters insurance.Everyday No Balance Transfer Fee Credit Card.Everyday Long Term Balance Transfer Credit Card.Where can I get Santander Edge cashback.Current accounts View all current accounts Compare our current accounts.
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