Travel Reference
In-Depth Information
MONEY & COSTS
THE VALUE OF THE BRITISH POUND VS. OTHER POPULAR
CURRENCIES
UK£
Aus$
Can$
Euro (€)
NZ$
US$
£1
A$1.62
C$1.62
€1.17
A$2.06
$1.60
Frommer's lists exact prices in local currency. The currency conversions quoted above
were correct at press. However, rates fluctuate, so before departing consult a website
such as
www.oanda.com/currency/converter
to check up-to-the-minute rates.
While London is perceived as being the most expensive place in Britain, that is not
always the case. As the countryside gentrifies, and smart hotels and Michelin-starred
restaurants open up to well-heeled locals and equally well-off visitors, you might find
yourself paying what we all call “London prices” for a meal, a room, even a beer. But
there are still bargains to be had in more genuine parts of the country.
ATMs are everywhere in Britain—at banks, some gas stations, many supermarkets,
and post offices. (Watch out for those inside small shops, however, as they charge
users for withdrawing money.) These “cash machines” or “cashpoints” are the easiest
way to get cash away from home. The
Cirrus
(www.mastercard.com) and
PLUS
(www.visa.com) networks span the globe; look at the back of your bank card to see
which network you're on, then check online for ATM locations at your destination if
you want to be ultra-organized. Be sure you know your personal identification number
(PIN) and daily withdrawal limit before you depart. Note that U.K. machines use
4-digit PINs,
so if your bank issues a 6-digit number, contact them before you leave
home. Credit cards are accepted just about everywhere, except for street markets and
tiny independent retailers or street-food vendors. However, North American visitors
should note that
American Express
is accepted much less in the U.K. than in the
U.S. To be safe, bring a Visa or MasterCard as well.
Britain has been among the world's most aggressive countries in the fight against
credit card fraud. Almost everywhere has moved from the magnetic strip credit card
to the new system of
Chip and PIN
(“smartcards” with chips embedded in them).
Most retailers ask for your 4-digit PIN to be entered into a keypad near the cash
register. In restaurants, a waiter brings a hand-held device to your table to authorize
payment. If you are visiting from a country where Chip and PIN is less prevalent (like
the U.S.), it's possible retailers will be reluctant to accept your swipe cards. Be pre-
pared to argue your case: Swipe cards are still legal, and the same machines that read
the smartcard chips can also read your magnetic strip. However, do carry some cash
with you, too.
If you're leaving your home country to visit the U.K., beware of hidden
credit- or
debit-card fees.
Check with your card issuer to see what fees, if any, will be charged
for overseas transactions. Recent reform legislation in the U.S., for example, has
curbed some exploitative lending practices. But many banks have responded by
increasing fees in other areas, including fees for customers who use credit and debit
cards while out of the country—even if those charges were made in U.S. dollars. Fees
can amount to 3% or more of the purchase price. Check with your bank before
departing to avoid any surprise charges on your statement.
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