London is the most sought destination to travel or study abroad. To be there and enjoy the vibe of the city, you must have local currency in hand to make transactions possible. Wondering about the exchange rates and how much money to take for shopping, entertainment, and dining?
In this blog, we will cover the UK currency and familiarise you with everything that you must know about London currency exchange. Continue reading to ensure that your time in the city isn’t shortchanged.
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Also Read: Every study abroad student must know about the strategies for studying at expensive destinations. Learn about Currency Exchange Strategies for Studying in Expensive Destination.
Official Currency of London, UK
The official currency of London is the Pound Sterling, known as the Pound (£, GBP). Each pound is divided into 100 pence and four notes are in circulation. The denominations of the notes are as follows- 5 pounds, 10 pounds, 20 pounds and 50 pounds.
The coins of denominations GBP 1 and GBP 2, then 1, 2, 5, 10, 20 and 50 pence are also in circulation.
Different Ways to Exchange Currency in London
There are risks associated with exchanging currency that can impact your budget. It is best to know about it. To overcome those risks, you must also be aware of the multiple options to exchange money in London.
Some of the easiest and most convenient ways for London currency exchange are –
Exchanging Money before Travelling
The ideal thing to do is to get the local currency in advance before your travel plans. You can simply visit the bank and get the London currency exchanged. Usually, banks charge up to 10% of the commission on the current exchange rates.
Exchanging Money at Banks
If you haven’t considered exchanging before travelling, you can visit banks in London and get the currency exchange done. However, most banks in the UK do not offer currency exchange services to non-account holders. So, it is best to get it exchanged before travelling.
Withdrawing Money from the ATMs
The easiest way to exchange currency once you reach London is by withdrawing Pounds directly from the ATMs in London. This is one of the cheapest options as it has lower exchange rates. It is advisable to take a substantial amount of money when withdrawing money from ATMs, this is because some banks charge might charge you $5 every time you use a foreign bank.
Currency Exchange Services
You can utilise reputable currency exchange services available at airports, banks, post offices, and currency exchange offices across London. These services often charge fees or offer slightly lower exchange rates but provide convenience and reliability.
Traveller’s Checks
Though less common in today’s time, traveller’s checks from reputable issuers can be exchanged at banks or specific businesses. However, they might not be accepted everywhere and might involve additional fees.
Prepaid Travel Cards
You can also purchase prepaid travel cards before travelling to London, and load them with the desired currency. These cards offer security, convenience, and fixed exchange rates, often with lower fees compared to credit cards.
List of Currency Exchange Companies in London
To get your money sorted in London, you need to find the best place for currency exchange in London. And as most dealers and vendors claim to offer ‘the best’ and ‘most competitive’ exchange rates, this isn’t true. You must be careful when deciding how to get the best deal possible in London for currency exchange.
There are two of the most popular currency exchange companies in London- Travelev and Moneycorp. Besides, let’s have a look at other companies that offer currency exchange services in London.
- Travelex– It has multiple branches across London, including locations at airports, major train stations, and central areas. You can find their kiosks at Heathrow, Gatwick, and Stansted airports, as well as at Victoria Station, Liverpool Street Station, and other tourist hubs. You can contact them at +44 345 872 7627
- Eurochange- Eurochange has various branches in London, often situated in key shopping areas and transport terminals. Locations include Oxford Street, Leicester Square, and Canary Wharf. Contact Details: +44 20 3915 8541
- Thomas Exchange Global- This company has several offices in London’s financial district and other central areas. Offices are located in areas such as Liverpool Street, Victoria, and London Bridge. Contact them at +44 20 7828 1880
- ICE- International Currency Exchange- ICE operates in various locations across London, including airports, train stations, and popular tourist spots. They have kiosks at Heathrow, Stansted, and Luton airports, as well as at Waterloo Station and Westminster. Contact Details: +44 20 7287 1508
- Moneycorp- Moneycorp has Branches at Gatwick Airport. Contact them at +44 20 7589 3000
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.
FAQs on Currency Exchange in London
To exchange currency in London, you can consider some of the best currency exchange companies like Travelex, Eurochange, and Moneycorp.
As of Dec 2023, 1 GBP = 105.520526 INR.
Yes, RBI allows you to exchange currency 60 days before your travel plans. To avoid last-minute expenses, it is better to research and exchange your money before travelling.
The official currency used in London, UK is the Pound Sterling. You cannot use the Indian rupee to make transactions.
Yes, you can use ATMs in London to withdraw cash. But, make sure to keep a check on the number of transactions you make. Banks charge some fees for every transaction that you make, so it is better to make a withdrawal of a substantial amount.
This was all about exchanging currency in London. It is best to consider the tips discussed while exchanging currency and keep an eye out for current exchange rates in the market to avoid paying higher currency conversion fees.
To know more about the currency exchange, 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.
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