Posted by forex at 2:53 AM
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1. Invest in traveler's checks if you do not have a credit card or a debit card. Traveler's checks are becoming less common, but they are still a secure way of having cash available while abroad. If you use traveler's checks, you must pay a commission, which usually ranges between 1% and 4% depending on where you buy your traveler's checks. You can buy traveler's checks at most travel agencies and some banks. Traveler's checks are becoming less common because most purchases with a credit card do not carry a commission.
2. Before your trip, go to a major bank in a large city in the U.S. or to a travel agency to get your currency exchanged. In addition, most major airports have a currency exchange desk. As you leave for Britain, it is a good idea to carry with you a small amount of British currency--perhaps $100 worth.
3. Use your ATM card. You can make withdrawals with your card at an ATM in Britain and you can also use your card to make purchases at stores that accept credit cards. You will be billed based on the exchange rate at the time that you make a purchase or a withdrawal. Credit or debit cards are the best to use because they often do not have a commission surcharge like traveler's checks. Fees apply for withdrawing money from an ATM.