The card then essentially works as a pre-paid Visa card. You can set up your account with Revolut really quickly- all you have to do is download the app, request a card, and then transfer some money over from an existing bank account. If you want to withdraw more cash (up to £5,000), you will pay a charge of 2% at an ATM in your destination country (but again, third party provider withdrawal fees and weekend fees may apply). You can withdraw up to £200 (fee-free) in your destination country with the Revolut card (third party provider withdrawal fees and weekend fees may apply). Revolut were something of a pioneer when it came to travel cards, and they now have over 4.5 million users worldwide. Other travel cards will charge you a 2-3% fee after you have withdrawn £200. That is absolutely incredible when you compare it to other travel cards. It’s the obvious choice for travelling abroad, and has an edge over other travel cards, because it has the highest fee-free foreign ATM withdrawal limit of £300 a day! It has no non-sterling transaction or cash withdrawal fees worldwide. Starling is an app-based challenger bank which offers a transaction fee-free debit card to use when you are abroad. Travel cards are the future of foreign currency exchange- which give you the freedom to withdraw cash in a foreign country, in a foreign currency without transaction fees or commission fees. You can get non-sterling, transaction fee-free debit cards which are a great way to avoid lots of the add-on fees associated with traditional currency exchanges. Travel cards are also brilliant option for Londoners who are travelling overseas. In fact, paper tickets can sometimes be double the price of contactless payments for the tube. If you’re travelling to London, I would recommend exchanging currency onto a travel card to ensure that you still are able to pay for services by card.įor example, when you pay for the tube using a contactless payment card, it’s a much cheaper way to travel than buying a paper ticket. There are also several different methods of turning cash into another currency. What method should I use for exchanging foreign currency? Many banks will also give you the option to order your foreign currency in advance, and you can arrange to have this delivered to your home, or made available to be picked up from your local branch.įees and rates can vary, so make sure you do your research before buying foreign currency from your bank. Most banks will exchange money for you if you have a bank account with them. However, do note that sometimes, third party providers may charge a withdrawal fee and weekend fees may apply too, so do your research! Banks This makes this an attractive option if you are going to be using your card for most transactions and don’t have a need for much cash. However, if you are using a travel card like Monzo, Starling, or Revolut, you can usually withdraw money at a foreign ATM without incurring a currency exchange charge like you would in a standard bureau de change. As a general rule of thumb, never pay in pounds – that means the overseas store or bank is doing the conversion, and rates are usually awful. When paying on a card abroad (or withdrawing from an ATM), you might be asked if you would like the transaction to be charged in pounds or the local currency. It’s best not to rely on this method if you don’t have to. When you put in your debit card from your home country, into a foreign ATM, you will be charged a fee, and the exchange rate is usually pretty poor. However, there is a charge associated with withdrawing cash from ATMs in a foreign currency, with your debit card from home. The same goes for if you are visiting in London. If you are going on holiday, you can of course withdraw money from ATMs in the country that you are visiting. Their convenient location makes them tempting when you’re having a weekend in London, but their add on fees are often super high in comparison to other bureau de changes. If you’re a tourist in London who is looking for the cheapest currency exchange in London, beware of the bureau de change kiosks that are in very central London locations, and in airports. A bureau de change will be the first port of call for many people looking to exchange money in London. Where can you exchange money in London? Bureau de ChangeĪ bureau de change is a business that makes its profit by buying foreign currency and selling the same currency at a higher exchange rate. Should I exchange money before going to London?.Where are the best currency exchanges in London?.What method should I use for exchanging foreign currency?.Where can you exchange money in London?.
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