Exchanging foreign money at airports is one of the ways to receive international currency. Although airport currency exchange rates are high, Heathrow Airport offers comparatively favourable rates. It is a bustling hub for international travellers and many consider Heathrow currency exchange when travelling to the UK. The services are primarily offered by Travelex and No1 Currency Exchange. To know more details, continue reading the blog.
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Overview of Heathrow Currency Exchange
Heathrow Airport is one of the largest and busiest airports in the UK. No matter from which country you are travelling, you can exchange over 50 currencies here. Two of the major partners that help you with currency exchange at Heathrow are Travelex and No1 Currency Exchange. The fees for foreign money exchange can vary based on the provider.
For example, exchanging under GBP 100 incurs a fee of GBP 4.99, while amounts over GBP 300 may be fee-free. It’s advisable to check the latest rates and fees directly on the service provider’s website or at their locations. Let’s explore these 2 options in detail-
Travelex
Travelex is one of the popular providers in the UK offering currency exchange services. At Heathrow Airport, they are located at multiple locations across Terminals 2, 3, 4, and 5. They are generally open from 5 AM to 10 PM.
- They offer a wide range of currencies.
- With more than 50 currency options, you can order currency online for collection at the airport.
- Travelex currency exchange services can also be used via ATM click-and-collect options.
No1 Currency Exchange
Another option for currency exchange at Heathrow Airport is through No1 Currency Exchange. This is one of the top kiosks for currency exchange in London and other cities which is also located at Ticket Hall at Heathrow. They are open from 7:30 AM to 5:30 PM.
- No1 currency exchange provides competitive rates and a variety of currencies.
- You can contact them at +44 331 630 8824.
- The process is secure and reliable.
Also Read: Know all about locking currency exchange rates using Currency Hedging strategies and know how it works.
Heathrow Airport Currency Exchange Rates and Fees
Heathrow currency exchange can be expensive. There can be hidden fees as the providers add extra charges to the exchange rate used for conversion. This is charged as a part of the convenience you are offered. They usually take advantage of providing last-minute currency exchange services, earn their profit, and cover the operating costs.
- Currency exchange providers at Heathrow, like Travelex, often add an extra percentage fee to the exchange rate used for conversion. This increases the overall cost to the customer.
- Aside from fees added to the exchange rate, you may also encounter a currency exchange fee or delivery fee if ordering online. These can be called commission or administration charges.
- Some ATMs at Heathrow may offer a “service” of converting currency for you. Declining this option is best, as it allows the ATM to give an arbitrary and generally unfavourable exchange rate.
Also Read: Taken an Abroad Education Loan? Check out how exchange rate volatility affects student loans and the ways you can deal with them for better financial management.
Additional Options
To avoid the hidden costs in currency exchange at Heathrow Airport, you can withdraw cash directly from ATMs at the airport using your debit or credit card. They offer competitive exchange rates. Make sure to consider the following tips-
- Carefully look at the exchange rate being offered, as extra costs are often added here when the fees are stated as zero.
- Use a Multi-Currency Travel Card (MCTC) or debit card. They can help you avoid many of the costs associated with regular airport currency exchange services.
- Withdraw cash from ATMs in the local currency (GBP) at Heathrow. It can help you avoid hidden ATM rip-offs by getting the best possible exchange rate.
- Use currency exchange apps like Wise and Revolut. They allow you to check real-time exchange rates and compare them against those offered by airport exchange services.
This was all about the Heathrow currency exchange. We strongly recommend you avoid exchanging foreign currency at airports due to high rates. If possible, plan to exchange currency in your home country before arriving at the airport or use a multi-currency account for better rates.
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FAQs
Yes, you can exchange currency at Heathrow Airport, primarily at Travelex and No1 Currency locations.
Heathrow currency exchange services can be availed at multiple locations across Terminals 2, 3, 4, and 5 with Travelex. You can also exchange currency at Ticket Hall with No1 Currency Exchange.
Generally, it is not better to exchange money at the airport due to higher fees and less favourable exchange rates compared to other options. To know the details, check this blog on currency exchange in your home country or abroad.
The best places to exchange currency in London include local currency exchange bureaus and banks outside the airport, which typically offer better rates than airport services.
UK currency can be exchanged in India at banks, authorized currency exchange offices, and airports, offering competitive rates.
No, exchanging cash at the airport is usually not advisable due to high fees and poor exchange rates; consider alternatives like local exchange services or ATMs.
