Obtaining your money.

The UKs monetary system is based on the pound sterling (£) which is made up of 100 pence (p). The UK now has one pound coins £1.00 or "quids" and other coins of 50p, 20p, 10p, 2p and 1p sizes. There has been in recent months, an addition of the £2 coin.
Banknotes come in the £5, £10, £20 and £50 denominations.
Although the rate of exchange varies on a daily basis, as a guide, you might consider £1=$1.60.

Obtaining your money:
1. Automated teller machines (ATM) networks have machines that are accessible throughout London and other areas. Plus, Cirrus and other networks are available for use with your cash-point card.

The cash-point card allows you to withdraw money from your account which is directly debited from your account at home. The money would be in local currency and the exchange rate is often the same if not better than otherwise. However, the banks tend to charge a fee for this transaction. It is recommended that you check with your bank prior to travelling as to the level of charges levied and whether or not your pin. Number would need to be reprogrammed.

Cirrus on 1-800 424 7787 would send you a directory of machine locations

You can access the Visa/Plus international ATM locator guide on the net at www.visa.com.

If you have Citibank Visa/MasterCard, contact them in London on 0171 500 5500 for further information on machine locations.

1. Credit Cards:

This is usually the best way to get the most out your spending as the exchange rate is better and the item purchased is automatically insured. All major credit cards are accepted in most places in London. Do look out for the signs in windows or doors or ask the question before assuming that it is accepted.

2. Travelers' Cheque:

A welcome travelling companion at all times, a travelers' cheque may be purchased in local currency to simplify the exchange of money and save on exchange rates. Should you have them stolen, provided they have been correctly documented, the value will be refunded by the issuing authority.

For further information on the banks and the rates applicable, call American Express on 1-800 221 7282 in the US/Canada, Citicorp on 1-800 645 6556 or 813 623 1709. Thomas Cook is on 1-800 223 7373. Interpayment Services is on 1-800 221 2426.

3. Money Exchange:

Be sure to exchange enough money as you need prior to departure if you do not wish to use the ATMs in the UK. You will be saving yourself a lot of bother and embarrassment.
Try to get money exchanged in a bank as they offer the best rates. You would usually get a better rate for travelers' cheque than you would for cash.

Banks are open from 9.30 Am to 3.30PM Monday to Friday except on Bank Holidays when the whole country's white collar work force takes a day off. Some banks are open on Saturdays and some stay open on he high streets till 5.00pm.

For the exchange of money outside the banks, a whole array of Bureau de Change exists mostly at tube stations and high streets in London. The exchange rate will vary depending on the day and the time. Rates of commission also vary from one company to another. For general guidance, American Express came out on top as the best value with the lowest commission rate. Thomas Cook and Chequepoint also come out well. The rate of commission is usually about 2%

4. Moneygram:
   Don't leave home without cash or your plastic friend, however if you do, all is not lost. A wire service provided by American Express will allow your friends and family to send you emergency funds. You can contact Moneygram on 1-800 926 9400. There is commission charged and a photo ID. Is required to complete a transaction.
5. Personal Checks:
   It is advisable to guarantee your hotel reservation with credit card details and in fact, most hotels will not do it any other way. However, some do require you to pre-pay a deposit with a cheque guaranteed by a cheque card. The easier way however is to send the money through Ruesch International in Washington DC Tel: 1-800 424 2923 or 202 408 1200.

There is a $3.00 charge levied on all transactions and they will do the rest. Ruesch will also convert money for 120 countries.