Currency exchange is one of the most important aspects of travelling abroad. Getting the best exchange rates with multiple options available like banks, online retailers, and currency exchange kiosks is challenging, especially when you are in Birmingham. Thus, we are going to help you with the best possible options and answer the most frequently asked question- Where to exchange foreign currency in Birmingham.
Table of contents
Best Banks for Currency Exchange in Birmingham
When exchanging currency in Birmingham, major UK banks like Barclays, HSBC, Lloyds, and NatWest offer forex services. While these banks provide a secure and convenient way to exchange money, their rates are often less competitive compared to specialized currency exchange providers. The primary costs associated with exchanging currency at these banks come from exchange rate margins and fees, which vary between institutions.
| Bank | Exchange Rate Margin | Fees | Non-Account Holders |
|---|---|---|---|
| Barclays | ~2.75% | No explicit fees (cost built into margin) | Allowed, but better for account holders |
| HSBC | 2.321% (GBP to USD), 3.132% (GBP to EUR) | No fees, but cost included in margin | Allowed, but better for account holders |
| Lloyds | 2.4% – 3.2% | Fixed transfer fee + recipient fees | Allowed, but better for account holders |
| NatWest | ~4.6% (highest among the four) | No explicit fees (cost built into margin) | Allowed, but better for account holders |
Detailed Breakdown of Currency Exchange Services at Major UK Banks
1. Barclays
- Exchange Rates: Barclays applies a margin of approximately 2.75% on currency exchange, meaning the rate you get will be slightly worse than the market rate.
- Fees: No separate fees are charged for international transfers, but the exchange rate margin accounts for the cost.
- Non-Account Holders: Non-account holders can exchange currency at Barclays branches, though it is generally more convenient for account holders.
2. HSBC
- Exchange Rates: HSBC’s exchange rates depend on the currency, with a margin of 2.321% for GBP to USD and 3.132% for GBP to EUR.
- Fees: HSBC does not charge explicit fees, but the profit is included in the exchange rate margin.
- Non-Account Holders: Non-account holders can exchange currency at HSBC branches, but having an HSBC account can offer better convenience and possibly better rates.
3. Lloyds
- Exchange Rates: Lloyds applies a margin of 2.4% to 3.2%, depending on the transfer amount and currency.
- Fees: Unlike some banks, Lloyds charges both a fixed transfer fee and recipient fees, in addition to the exchange rate margin.
- Non-Account Holders: Available for non-account holders, but services are more beneficial for Lloyds customers due to potential account-linked benefits.
4. NatWest
- Exchange Rates: NatWest has the highest exchange rate margin among these banks, averaging around 4.6%, making it less competitive.
- Fees: Similar to other banks, the cost is mainly built into the exchange rate margin rather than explicit fees.
- Non-Account Holders: Non-account holders can exchange currency, but account holders might get additional advantages.
So, if you need to exchange money through a bank in Birmingham, HSBC and Barclays offer more competitive exchange rate margins compared to Lloyds and NatWest. However, specialized forex providers and online platforms generally provide better rates and lower fees than banks.
For those seeking convenience and security, Barclays and HSBC are preferable, while those prioritizing cost savings should explore independent exchange bureaus or online forex services.
Best Places for Currency Exchange in Birmingham
Birmingham is a lively city with so much to explore. It is a prime location for living and studying abroad, making it one of the most preferred destinations among travellers and international students. You need the local currency- GBP (Great Britain Pound) to make transactions. One of the best ways to exchange currency is with banks and the Bureau de Change. Let’s explore the best places for currency exchange in Birmingham-
Travelex
Travelex remains the top choice as it is one of the most trusted and leading foreign currency exchange providers. With over 45 years of experience, they provide the best exchange rates and satisfactory currency exchange services.
- They are stocked with more than 50 currencies to ensure hassle-free currency exchange in Birmingham.
- Travelex currency exchange is possible at Birmingham Airport with multiple stores before and after Security in Departures. However, please note that airport currency exchange rates are much higher than other available options.
- You can also exchange currency in Birmingham at the Landside Departures store that is located in front of Check-in desks 1-28.
- A wide number of ATMs are located throughout the airport for convenient currency exchange.
Also Read: Did you know how Foreign Exchange Rates are regulated? Check out this blog on the Role of Central Banks in Foreign Exchange Markets.
Eurochange
You can also exchange foreign currency in Birmingham with Eurochange. Besides, they offer prepaid travel cards for easy management of cash. Make sure to learn about how exchange rates are calculated before opting for cash or prepaid cards.
- Currency can be exchanged at a physical Eurochange store or online.
- Home delivery and click-and-collect services are also offered.
| Name and Address | Timings |
| Eurochange- Union Street 18 Union St, Birmingham B2 4SJ, United Kingdom | Mon to Fri: 8:30 am to 7:30 pm Sat: 9 am to 6:30 pm Sun: 10:30 am to 4:30 pm |
| Eurochange King’s Health- High Street 169A High St, King’s Heath, Birmingham B14 7DJ, United Kingdom | Mon to Sat: 9 am to 5:30 pm Sun: Closed |
| Eurochange Northfield: Northfield Shopping Centre Bristol Rd S, Northfield, Birmingham B31 2JU, United Kingdom | Mon to Sat: 9 am to 5:30 pm Sun: 10 am to 4 pm |
| Eurochange Birmingham: Bullring Shopping Centre Bullring Shopping Centre Bullring, Birmingham B5 4BU, United Kingdom | Mon to Fri: 9 am to 8 pm Sat: 9 am to 7:30 pm Sun: 11 am to 5 pm |
No1 Currency Exchange
It is one of the top currency exchange providers in the UK, with top ratings on Trustpilot. With the No1 Currency Exchange in Birmingham, you can buy and sell a wide range of currencies at great rates and zero commission. There are no minimum spending requirements when buying or selling a diverse selection of currencies.
- They have a friendly staff and offer satisfactory customer service.
| Address | Inside Jamaica National Money Service 311A Soho Rd, Handsworth, Birmingham B21 9SD, United Kingdom |
| Timings | Mon to Sat: 9 am to 5 pm Sun: Closed |
Also Read: If you are coming back to India after your International travel and left with foreign currency, then check this blog on How to Exchange Foreign Currency for Indian Rupee?
Money Ocean Currency Exchange
With an average rating of 4.9 stars, Money Ocean currency exchange in Birmingham offers quick services at the best exchange rates. You can buy and sell foreign currency and avail of home delivery services as well.
- They also enable you to send money from the comfort of your home in Europe, Australia, the US, and Canada to anywhere in the world.
- They offer a wide range of currencies, including USD, EURO, Canadian Dollar, Australian Dollar, UAE Dirham, Saudi Riyal, Qatari Riyal, Kuwait Dinar, etc. at best exchange rates.
- No commissions or hidden charges on currency exchange in Birmingham with Money Ocean Currency Exchange.
| Address | 7 Whitmore Rd, Birmingham B10 0NR, United Kingdom |
| Timings | Everyday 9 am to 7 pm |
Money Links
If you are on the streets of Birmingham and looking for faster and smarter currency exchange services, Money Links Money Exchange should be on your list. You can buy and sell foreign currency in Birmingham at competitive exchange rates. They are known for offering secure and safe transactions.
- Up to 60 currencies can be easily exchanged with Money Links.
- You can book your order for a later date if not collecting the exchanged currency on the same day.
- It offers commission-free currency exchange services in Birmingham.
| Address | 166 Corporation St, Birmingham B4 6TB, United Kingdom |
| Timings | Mon to Sat: 10 am to 6 pm Sun: 10 am to 4 pm |
Factors to Consider When Exchanging Currency in Birmingham
When traveling to or from Birmingham, ensuring you get the best value for your money is essential. Whether you’re an international student, a business traveler, or a tourist, understanding the key factors affecting currency exchange in Birmingham can help you save money and avoid unnecessary fees. Here’s a breakdown of the essential aspects to consider:
1. Exchange Rates: Where to Find the Best Rates
Exchange rates fluctuate based on market conditions, so it’s important to compare rates from different sources before exchanging your money. Banks, exchange bureaus, and online currency exchange platforms offer varying rates.
- Live exchange rates can be checked through financial websites, Google, or forex platforms like XE or OANDA.
- Avoid exchanging currency at airports, as they typically offer less favorable rates compared to city-center exchange bureaus or banks.
- Some online services offer better rates with zero commission and allow you to lock in a rate before you exchange.
2. Fees & Commissions: Understanding Hidden Charges
Many people focus only on exchange rates and overlook the hidden costs in currency exchange that can significantly impact the total amount received.
- Some currency exchange providers in Birmingham charge service fees or commissions, which can be a percentage of the exchanged amount or a fixed fee.
- Banks may offer competitive exchange rates but could charge higher transaction fees.
- Some money changers advertise “zero commission” but compensate with inflated exchange rates, so always compare the final amount you will receive.
3. Convenience vs. Cost: Choosing the Best Exchange Location
Where you exchange your money in Birmingham can affect the rate you get and the convenience of the transaction.
- Airport exchange desks: Convenient but usually offer the worst rates due to high demand and operational costs.
- City-center exchange bureaus: More competitive rates can be found at locations like Birmingham Bullring, High Street, or near major transportation hubs.
- Online currency exchange platforms: Often offer the best rates and allow you to order foreign currency for home delivery or pickup.
4. Payment Methods: Cash, Cards, and Digital Payments
Not all currency exchange providers accept the same payment methods, so it’s crucial to check in advance.
- Some places only accept cash transactions, while others allow debit/credit card payments (which may incur extra fees).
- If using a credit or debit card, be aware of foreign transaction fees imposed by your bank.
- Digital payment options like mobile banking transfers or online exchanges can be safer and more cost-effective.
Final Tips for Currency Exchange in Birmingham
- Plan in advance to avoid last-minute exchanges at unfavorable rates.
- Use a currency converter app to compare rates before exchanging money.
- Withdraw cash from an ATM in Birmingham if your home bank offers a good international withdrawal rate.
By considering these factors, you can make a well-informed decision and get the best deal when exchanging currency in Birmingham.
Tips for Getting the Best Exchange Rates in Birmingham
When dealing with currency exchange in Birmingham, getting the best exchange rates can help you save money, especially if you’re a traveler, international student, or business professional. Here are some key strategies to ensure you get the most value when exchanging currency:
Exchange Money Before Arriving in Birmingham
Many travelers make the mistake of waiting until they arrive at Birmingham Airport to exchange money, but airport exchange counters often have less favorable rates due to high demand and limited competition.
- Why is this a bad idea?
- Airport exchange services typically charge higher exchange rate margins (meaning worse rates for you).
- Some also include hidden service fees or commissions.
- What’s the alternative?
- If you’re traveling from abroad, consider exchanging currency at your home country’s banks or forex providers, where rates may be better.
- Pre-order cash through online forex services and pick it up at a local branch upon arrival in Birmingham.
- Withdraw from an international ATM in Birmingham (after checking your bank’s foreign transaction fees).
Use Online Comparison Tools to Check Exchange Rates
Exchange rates fluctuate daily, and different currency exchange providers in Birmingham may offer varying rates. To avoid overpaying, compare rates before making a transaction.
- Best tools for live exchange rates:
- XE.com – Provides real-time forex rates and trends.
- Google’s currency converter – Quick way to check approximate exchange rates.
- Wise Currency Converter – Useful for comparing rates before transferring money internationally.
- How to use these tools effectively?
- Compare the real exchange rate (also called the mid-market rate) with what banks and forex providers are offering.
- If the margin is too high, look for an alternative provider.
- Lock in a rate in advance using online currency exchange services if possible.
Opt for Cashless Payments via Forex Cards or Multi-Currency Wallets
Instead of carrying large amounts of cash, using forex cards or multi-currency digital wallets can be a cost-effective and safer alternative.
- Why use forex cards?
- They offer better exchange rates than cash exchanges at airports or banks.
- Many forex cards have zero foreign transaction fees on purchases.
- Pre-loading different currencies allows you to lock in favorable rates before traveling.
- Popular multi-currency cards and wallets:
- Wise (formerly TransferWise) Multi-Currency Card – Allows you to hold multiple currencies with transparent fees.
- Revolut or Monzo – UK-based digital banks offering excellent exchange rates for international travelers.
- Bank-issued forex cards – Most major UK and international banks offer prepaid forex cards with competitive exchange rates.
- Pro Tip:
- Avoid dynamic currency conversion (DCC) when paying with your card abroad. Always choose to pay in the local currency (GBP in Birmingham) to get the best conversion rate.
Currency Exchange Scams & Safety Tips in Birmingham
When exchanging money in Birmingham, ensuring safety and security is just as important as getting the best rates. While most official banks and currency exchange providers operate legally, there are still risks of scams or unfavorable deals if you’re not careful. Here are some key warning signs to watch out for and essential safety tips to protect yourself.
Warning Signs of Currency Exchange Scams
Some fraudsters target unsuspecting travelers or international students by offering “too good to be true” exchange rates. If a deal seems unrealistically good, it probably is a scam. Here are some of the red flags to watch for:
Street Exchangers & Unlicensed Vendors
- Individuals approaching you in public places (e.g., train stations, tourist spots) offering “better rates” than banks.
- They may give fake or old banknotes or shortchange you.
- Always use licensed exchange providers and avoid street dealers.
Hidden Fees & Trickery in Exchange Rates
- Some providers advertise zero commission but compensate by inflating the exchange rate.
- Others may charge undisclosed handling fees after you’ve agreed to the transaction.
- Solution: Check the final amount you’ll receive before confirming the exchange.
Quick-Switch Scam
- The exchanger hands you the wrong currency or switches the notes after counting.
- This is common in unverified kiosks or small exchange booths.
- Solution: Always count your money carefully before leaving the counter.
Fake Banknotes or Counterfeit Currency
- Some shady operators may mix in counterfeit bills with real ones.
- Solution: Exchange money only at official banks, airport forex counters, or reputable money changers and learn how to spot fake money.
Safety Tips for Currency Exchange in Birmingham
Use Official & Verified Exchange Providers
- Stick to well-known banks like Barclays, HSBC, Lloyds, NatWest, or major exchange bureaus like Travelex.
- If using a smaller provider, check online reviews and ensure they are FCA (Financial Conduct Authority) regulated.
Count Your Money Before Leaving the Counter
- Double-check the amount, currency, and denominations in front of the cashier.
- If the provider hands you a receipt, compare the exchange rate and total amount.
Avoid Isolated or Unfamiliar Exchange Locations
- Airport kiosks are expensive but safe—use them only for small amounts.
- Avoid unmarked or backstreet money changers with no clear signage.
Use Digital Payments When Possible
- Forex cards or multi-currency wallets (Wise, Revolut, Monzo) are safer than carrying large amounts of cash.
- Withdrawing cash from a bank ATM in Birmingham can be cheaper and more secure than physical exchanges.
Be Wary of Help from Strangers
Watch for pickpockets near currency exchange centers, especially in crowded areas.
If someone offers to “help” with your exchange, politely decline.
FAQs
Yes, with multiple options available like banks, online retailers, and currency exchange kiosks, currency exchange in Birmingham is convenient and easy.
Online currency exchange services, such as Wise (formerly TransferWise), Revolut, and FairFX, often offer better rates than physical kiosks. Additionally, exchanging at banks or local currency exchange providers rather than airports can help you save on fees.
One of the best ways to exchange currency is with banks and the Bureau de Change. They offer the best exchange rates but charge additional fees for offering safe and secure currency exchange services.
Many trustworthy and best places offer safe, secure and convenient currency exchange in Birmingham. They are-
Travelex
-Money Ocean Currency Exchange
-Money Links
-Eurochange
-No1 Currency exchange
Yes. Currency exchange is possible at Birmingham Airport with multiple stores of Travelex that are present before and after Security in Departures. However, please note that airport currency exchange rates are much higher than other available options.
You can get the best and most competitive exchange rates with Travelex, Eurochange, No1 Currency, Money Links, and Money Ocean currency exchange in Birmingham. Besides, you can stay assured of quick, safe, secure, and convenient currency exchange with these providers.
It is often better to exchange currency before traveling to avoid high fees at airports or tourist areas. However, if you need to exchange money in Birmingham, choosing a trusted provider with competitive rates is essential.
Yes, some currency exchange providers, such as Money Ocean and No1 Currency Exchange, may offer INR exchange services. However, availability depends on demand, so it’s best to check in advance or consider exchanging INR to GBP in India before traveling.
Most currency exchange providers operate during regular business hours. However, Travelex at Birmingham Airport has locations that operate for extended hours, making it a viable option for late-night or early-morning exchanges.
Yes, many exchange providers accept credit and debit cards, but additional charges may apply depending on your bank’s foreign transaction policies. Some providers also offer prepaid forex cards for better exchange rates.
This was all about currency exchange in Birmingham. To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
Follow Us on Social Media
