Best way of taking money abroad

[story]

Bump!

I’m off to NYC for a few day.

Obvs I’ll mostly be using my debit card but I’d like to have cash too.

Is it cheaper to buy currency through the bank or through the bureau de change or the post office?

It‘s probably too late to get the most cheap thing, whatever that is.

 

[tony.c]

Usually you get the best rate in the country you are travelling to. But not at the airport. Use an exchange agency or a bank near where you are staying. Only change money at airport if you need cash for transport to where you are staying.

 

[platinumsage]

Take it out of an ATM when you get there, with your debit card.

 

[tony.c]

Take it out of an ATM when you get there, with your debit card.

I don't do that as you usually get charged atm withdrawal fees. I take sterling in cash and exchange there.

 

[story]

Usually you get the best rate in the country you are travelling to. But not at the airport. Use an exchange agency or a bank near where you are staying. Only change money at airport if you need cash for transport to where you are staying.

Oh I don’t think I can be arsed with this. Spending time seeking a place thats not bloody all the way the fuck over there instead of enjoying just being there doesn’t appeal. I’m only there for a few days, time is precious.

 

[story]

I don't do that as you usually get charged atm withdrawal fees. I take sterling in cash and exchange there.

Is it really the best option? Maybe I’ll find out in advance where an exchange place is near where I’m staying.

 

[tony.c]

It depends where you're staying, but I usually find there is an exchange place very close to where I stay. Often just across the road.

If you're only there for a few days and not going to spend that much it might only mean a difference of a few quid.

 

[story]

Why is it better to exchange when I’m there?
How come I don’t already know this? How come it’s not common knowledgr?
Why have I always bought currency before I go if it’s better to do it once there?


eta
capitalism obviously the answer here, but what’s the other reasons, the granular reasons

 

[tony.c]

I don't know the reason. Just my experience. I usually go abroad for four weeks and more in the winter. I rent a condo and usually have to pay in cash when I get there. So with spending money I need quite a large amount. I've always found that I get a better rate of exchange in the country I'm travelling to.
I only change enough at the arrival airport for taxi to my accommodation, and find the nearest exchange bureau when I get there, which is across the road or next door usually - they like to be near where the tourists are.
But I am changing quite a lot over the month (thousands) so the difference can be sizeable. If it was only for a few days it wouldn't amount to much.
If you read travel forums people will advise the same.

There are some countries, like India, where you can't legally obtain Indian currency before you travel.

 

[skyscraper101]

Last time I went to the US I didn't take any cash at all. Cards (mainly contactless) all the way. NYC should be totally fine for this.

There are foreign transaction fees on many cards, some cards won't charge this like Revolut, but regardless the convenience of just using a card and not having to arse about with currency exchange stuff and ATMs is my preference. This way you don't end up with paper currency or foreign coins when you return home. If you must get cash in advance, just never do it at the airport. Most banks and post offices can sort you out with dollars.

 

[Elpenor]

Halifax clarity card for all spending is what I do.

 

[tony.c]

Cards are also better for security, rather than carrying large amounts of cash around. But can cause problems if rejected by atm, and there may be additional charges depending on the card.

 

[story]

Last time I went to the US I didn't take any cash at all. Cards (mainly contactless) all the way. NYC should be totally fine for this.

There are foreign transaction fees on many cards, some cards won't charge this like Revolut, but regardless the convenience of just using a card and not having to arse about with currency exchange stuff and ATMs is my preference. This way you don't end up with paper currency or foreign coins when you return home. If you must get cash in advance, just never do it at the airport. Most banks and post offices can sort you out with dollars.

Bar tips innit.

If you’re drinking in a local bar in NYC and don’t drop tips you‘re an arse.

 

[moochedit]

Was about 12 years ago so may have changed but in Las Vegas i found that most ATM's didn't like my Barclays debit card but accepted my credit card (Barclaycard visa).

Never used travellers cheques (do they still exist?). I'd take some cash (USD) just in case.

 

[tony.c]

Bar tips innit.

If you’re drinking in a local bar in NYC and don’t drop tips you‘re an arse.

Yeah tips are expected in US bars. But only a dollar last time I was there, though that was many years ago.

 

[skyscraper101]

Bar tips innit.

If you’re drinking in a local bar in NYC and don’t drop tips you‘re an arse.

Alright well it’ll be well difficult getting $1 notes over here anyway, so your best bet is just finding a bank or currency exchange over there and asking for a bunch of $1’s

 

[tony.c]

Was about 12 years ago so may have changed but in Las Vegas i found that most ATM's didn't like my Barclays debit card but accepted my credit card (Barclaycard visa).

Never used travellers cheques (do they still exist?). I'd take some cash (USD) just in case.

I used to take travellers cheques as i generally got a better exchange rate than cash at exchange bureau, and safer than carrying wads of cash. But they aren't accepted in Asia now, where I go.

 

[tony.c]

Alright well it’ll be well difficult getting $1 notes over here anyway, so your best bet is just finding a bank or currency exchange over there and asking for a bunch of $1’s

It's difficult to get $1 notes in UK. I used to go to Cuba and you needed US $ for tips there. I tried to get $1 notes from my bank and American Express bureau but they won't give you them only large denomination notes.

 

[skyscraper101]

It's difficult to get $1 notes in UK. I used to go to Cuba and you needed US $ for tips there. I tried to get $1 notes from my bank and American Express bureau but they won't give you them only large denomination notes.

Exactly. So ideally just exchange over there. A bank or foreign exchange (not airport).

 

[Maltin]

Bar tips innit.

If you’re drinking in a local bar in NYC and don’t drop tips you‘re an arse.

They normally keep a tab open for you if you want but even if you pay per drink, they just expect the tip added when you pay by card and not in cash.

 

[Dr. Furface]

Bar tips innit.

If you’re drinking in a local bar in NYC and don’t drop tips you‘re an arse.

I'd be surprised if you can't add tips on your card in most US bars, although the machine will probably ask you to add a percentage, which these days is unlikely to be lower than 15% and could be up to 25%. The independent's travel guy Simon Calder was recently moaning about tipping inflation over there on his podcast (he reckoned 18% was about right). So you may prefer to still tip in cash if you think that's a bit hefty!

I was looking yesterday at exchanging some cash for my trip to Japan next week - where, oh wonderful land, tipping is just not the done thing! - and they're all much of a muchness but Tesco were slightly the cheapest if you have one of their cards, but you still have to wait about 5 days to go pick it up. Post Office may be faster and more convenient but their rates aren't great.

I'm not bothering and will just use my cards. For taking money out of ATMs there are a few cards that won't charge you, such as First Direct or Starling bank if you happen to have one of theirs.

 

[tony.c]

Exactly. So ideally just exchange over there. A bank or foreign exchange (not airport).

I had to take larger denomination US$ notes to Cuba. The hotel I stayed at would change them for $1 notes at reception.

 

[skyscraper101]

I had to take larger denomination US$ notes to Cuba. The hotel I stayed at would change them for $1 notes at reception.

Sure but that's Cuba, an inherently cash based economy. You'd definitely need a wedge of paper currency in advance of traveling. No way I'd be relying on banks or cards over there. NYC is totally different in that regard.

 

[Chz]

Halifax clarity card for all spending is what I do.

Oh I use it to take out cash, as well. Just transfer the difference over in your banking app after you do it and the interest charge will be one or two pence.

If you travel a lot, it's essential to have either the Clarity card or a similar no-foreign-fees card. It almost always gives a better exchange rate in the local currency than any other method. (meaning when you get the option on the card reader to pay in local currency or GBP, always take local currency)

 

[moochedit]

Exactly. So ideally just exchange over there. A bank or foreign exchange (not airport).

Probably easy to do in NYC but i've heard in other parts of the US changing sterling may not be easy.

 

[Sasaferrato]

Cash. Folding money. Get it before I go, whatever is left just stays in the bag until next time.

 

[Winot]

Bar tips innit.

If you’re drinking in a local bar in NYC and don’t drop tips you‘re an arse.

Everywhere (pretty much) in NYC takes cards and presents you with tip options (15/20/25%). Even when paying for a takeaway sandwich.

 

[skyscraper101]

Everywhere (pretty much) in NYC takes cards and presents you with tip options (15/20/25%). Even when paying for a takeaway sandwich.

This ^ - but tipping in cash at the bar is probably still preferred, and goes down better when getting served.

 

[Maltin]

I'd be surprised if you can't add tips on your card in most US bars, although the machine will probably ask you to add a percentage, which these days is unlikely to be lower than 15% and could be up to 25%. The independent's travel guy Simon Calder was recently moaning about tipping inflation over there on his podcast (he reckoned 18% was about right). So you may prefer to still tip in cash if you think that's a bit hefty!

Although getting more common in the US now, you don’t often get given a machine to use. You normally Just get the check to sign where you add your tip manually.

 

[Chz]

Everywhere (pretty much) in NYC takes cards and presents you with tip options (15/20/25%). Even when paying for a takeaway sandwich.

The one and only thing about banking North America has right over the usual state of affairs in Europe. I don't want to feel like an asshole just because it turns out I didn't have as much cash as I thought I did.