Summary of Currency Exchange in London
Currency exchange is an essential aspect of travel, especially in a bustling city like London. From airports and banks to travel agencies and street kiosks, various options are available to exchange your currency. However, it is crucial to verify the exchange rates beforehand since Bureau de Change outlets need to make a profit and may not provide the best deals. Consequently, the worst rates are typically found at currency exchange kiosks in central London, and railway bureaux tend to charge high commission rates. Therefore, banks and travel agencies generally offer the best rates for exchanging currency.
ATMs (Cash Machines)
In this globalized world, finding a UK ATM (locally referred to as “cash machines” or “cash points”) compatible with your home bank should not pose a problem, especially in an international city like London. Before your trip, check with your bank to identify which logos are relevant for use in UK ATMs. Furthermore, always prioritize security when using these machines: ensure that no one is observing you enter your PIN and securely store your cash before moving away from the ATM.
While many countries incorporate letters on their number keypads, this practice is gradually being adopted in the UK. Therefore, instead of just remembering the word associated with your PIN, focus on the finger movement pattern required to enter it. Moreover, it is advisable to familiarize yourself with UK money before arriving in London for a smoother experience.
Cash and Credit Cards
Cash is still necessary for small purchases, such as tickets for the tube or a cup of coffee. The most efficient way to handle UK currency is to bring your ATM card for cash withdrawals and utilize your credit card for Chip and PIN transactions. This approach allows you to benefit from the best exchange rate available that day, minimizes the amount of cash you need to carry, and often provides insurance for your purchases through your credit card company.
Main “High Street” Banks
Traveler’s Checks
Traveler’s checks offer a secure form of currency to carry while traveling. It is best to purchase UK pounds sterling traveler’s checks before your trip to London, as exchanging checks from other currencies can incur additional fees.
