Expert: David Stewart White - 8/22/2005

Question
Hi David - Since you have traveled to London numerous times maybe you can shed some light on something I heard. I have been told it is a good idea to put everything I can on a credit card something about you get a better exchange rate. Any comments or advice regarding pound vs dollar would be appreciated.

Thanks
Dave

Answer
Hi Dave,

In general, what you have heard is correct.  But, like a lot of general things, this one comes with some "ifs".

Basically, using a credit card gets you bank currency exchange rates, which are MUCH better than being ripped-off at a money exchange booth in an airport or on the street in London.  Also, using your ATM card gets you similar exchange rates.  

The "ifs" have to do with three things:

--dynamic currency conversion
--VISA/Mastercard overseas/foreign transaction fees
--ATM card fees on debit cards, or ATM cards with credit card logos

Rather than reprint here, can I send you to a page on my website that has almost everything I know about the subject?  The page is:

    http://www.kidstolondon.com/scamalert.html

If you have questions after reading that page on the website, simply email me at:

mail@KidsToLondon.com

I'm not trying to promote the website, but since I already have info on your subject there, this seems logical.

Hope this helps,

Dave White