Using your ATM in Europe

Using your ATM Card in Britain


London is becoming one of the most expensive cities on the planet, far more expensive than New York (Brits now view the Big Apple as a bargain basement). London is not as expensive as Tokyo or Oslo, but even an average hotel rate can cost £100 or more -- in many cases, much, much more.
You'll avoid lines at airport ATMs by exchanging at least some money -- just enough to cover airport incidentals and transportation to your hotel -- before you leave home (though don't expect the exchange rate to be ideal). You can exchange money at your local American Express or Thomas Cook office or at your bank. American Express also dispenses traveler's checks and foreign currency via www.americanexpress.com or tel. 800/673-3782, but they'll charge an order fee and additional shipping costs.
Pounds & Pence
Britain's decimal monetary system is based on the pound (£), which is made up of 100 pence (written as "p"). Pounds are also called quid by Britons. There are £1 and £2 coins, as well as coins of 50p, 20p, 10p, 5p, 2p, and 1p. Banknotes come in denominations of £5, £10, £20, and £50.

The British Pound: The British Pound is the official currency of Great Britain. Here's how it stacks up against everything else.

The British Pound & the U.S. Dollar: At the time of this writing, £1 was worth approximately US$1.50. Inversely stated, US$1 was worth approximately 67p.

The British Pound & the Euro: At the time of this writing £1 was worth approximately 1.15€. Inversely stated, 1€ was worth approximately 87p.

ATMs are widely available in London. The easiest and best way to get cash away from home is from an ATM, sometimes referred to as a "cash machine," or a "cashpoint." The Cirrus (tel. 800/424-7787; www.mastercard.com) and PLUS (tel. 800/843-7587; www.visa.com) networks span the globe; look at the back of your bank card to see which network you're on; then call or check online for ATM locations at your destination. Be sure you know your personal identification number (PIN) and daily withdrawal limit before you depart.
There are problems involved in the use of ATMs. For example, if you make a mistake and punch your secret code wrong into the machine three times, that machine will swallow your card on the assumption that it is being fraudulently used.

Users with alphabetical rather than numerical PINs may be thrown off by the lack of letters on London cash machines. If your PIN is longer than four digits, check with your bank to see if you can use the first four digits or will have to get a new number for use in Britain.

To get a cash advance by using a credit card at an ATM, ask for a PIN from your credit card company such as Visa before leaving your home country.

Note: Remember that many banks impose a fee every time you use a card at another bank's ATM, and that fee can be higher for international transactions than for domestic ones. In addition, the bank from which you withdraw cash may charge its own fee. For international withdrawal fees, ask your bank.