money in america

[ketchupkid]

hi, sorry if you already read this, couldnt decide whether to put it in the money and finance or travel sections so i put it in both. im going to san francisco in a couple of months, this might sound like a stupid question but i really have no idea about anything remotely finance related except money=shoes! can you use a debit card from an english bank over there, either at a cash machine or for buying stuff in shops. the one ive got is a nationwide visa thing or would i need a credit card instead? are they likely to charge me for anything if i do use one?

aaalso, (sorry to go on a bit) whats everyones opinion on travellers cheques. are they worth it or is it easier just to take cash, do most places accept them? i wasnt planning on taking too much money but i dont want to run out or lose it or something stupid, hence my previous questions about debit cards

thanks for any help and i apologise for my financial ignorance, im quite embarrased really.

[Dee Sa]

When I go to US which is quite often I take American Express travellers cheques, firstly if lost/stolen they replace very quickly and secondly you can pay for anything [ except taxis they want cash] in T/Cs and they just give you U$ dollars for the change, no fuss, no hassle, no having to change at banks etc, they sometimes ask for photo I.D. if changing more than 100 $ at a time, they accept the new UK driving license or passport as proof.
Other than that use the many ATM machines.

[Dee Sa]

sorry ketchup kid forgot to say ring up your nationwide visa and get them to confirm you can/cant use your card in the States, with a visa card you should be able to pay in any shop [ PHoto I.D. may be asked for] also tell your visa people which country you are going to and for how long for, this they will put on your record & then if any purchases are made after that date they will know to block them.
Have a great time.

[jno]

watch out for the cost of using ATM machines, the exchange rates at which they calculate your money are usually pretty poor. Credit cards are widely accepted in payment; not so sure about debit cards, but I think so. Take dollars or travellers' cheques with you and make sure you have a few low-denomination ones ($1) for tips, tolls etc if needed.

[campbellking]

Also don't forget that tax will not be included on the price tag you will see in the shops, but will be added on at the till.

[dzug]

If you've got a Nationwide card use it - it will charge you nothing repeat nothing for overseas use and will use the best possible exchange rate.

And contrary to what jno says, the exchange rates that ATMs use are the best going. It's the charges that banks here (Nationwide excepted) tack on afterwards that make them seem expensive. And it is only seem - the exchange rate used for the purchase of travellers cheques here actually contains larger charges than any card used sensibly. Only you don't know it because no-one goes out of their way to point it out to you.
TCs do have the advantage of being replaceable if lost/stolen - depends if you are happy to pay a premium for that.

[jno]

I have to say dzug that the last time I actually sat down and did some sums, the Travelex rate seemed rather better than the ATM rate. But that was quite a few yeaars ago. And doing the sums is a tedious business you don't want to go through every time you travel. If ATMs have raised their game, I'm happy to stand corrected.

[Im a BusyBee]

we were there earlier this year and mainly used credit card, didnt take any travellers cheques but wish we had as they are used exactly the same as money in most if not all places. I did use atm machine with my debit card which gave good rate of exchange but tried on another occassion and machine wouldnt work - also spent a little time tryin to find the machines. All ways acceptable and commonly practised just a matter of personal preference i think.

[dzug]

Sorry I'd forgotten Travelex, jno - but they are only good if you order and pay in advance AND have a card that doesn't charge you a cash advance fee for paying travelex for them.

Given that OP has a Nationwide card his cheapest option is to use it - other ways may be convenient as well and depending on your circumstances may or may not be worth paying a little extra for.

[steve208]

You have the best card - Nationwide - by all means take out a nationwide credit card as well as this too is very good!

I took my nationwide card to australia and would have cost me so much if i had to pay to use cash machines etc!

and no i dont work for nationwide but i have accounts with other banks etc and to name one (Abbey) they are rubbish compared to nationwide!

[BenDToy]

I am a bit puzzled by some of the comments here. ATMs do not offer "exchange rates" so any reference to ATM exchange rates is misleading. You lift dollars from the machine, and your own bank apply an exchange rate to charge it to your account - the same rate which you would get if you bought goods in dollars. In general this rate is far better than you will get any other way, and certainly far better than t/cs which to my mind are a complete waste of money. You will get charged a cash advance charge, usually 1-2%, with a minimum, the same as if you lifted cash on your card at home. If you have a Nationwide Visa card then you won't even be charged a foreign currency charge, which can be quite significant (up to 2.75%). Credit cards are so easy to use over there, and simple things like booking a hotel room or hiring a car are almost impossibe if you don't have one. I would also recommend having some sort of backup eg another card, just in case!