Where can I change currency in London?

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London currency exchange.You don't get very far in London with euro bills and coins, because here the bills with the Queen are the common currency. This article provides important information about the currency in London.

London currency: All information about changing money and paying with pounds in London

If you go on vacation or for a business trip to London, you shouldn't forget that the euro won't get you very far in Great Britain. Even before Brexit, Great Britain was not a country like other EU member states. Because the UK never joined the euro and instead kept its own currency.

The currency in London and Great Britain is that Pound Sterling (£ or GBP). The pound differs not only in appearance from the euro, but also in its value. 1 pound (£) is made up of 100 pence (p). The coins are as follows: 1p, 2p, 5p, 10p, 20p, 50p, £ 1 and £ 2. You won't find a £ 100 or even £ 500 banknote in Great Britain, as there are only the following banknotes: £ 5, £ 10, £ 20 and £ 50.

London currency: what is the current exchange rate from € to £?

In London, prices are not given in euros, but in pounds. The price in pounds sterling does not automatically correspond to the price in euros. So when paying in London you should always use the Exchange rate keep in mind.

What does exchange rate mean?

The exchange rate is the value of one currency in another currency. That sounds more complicated than it is. The exchange rate indicates how many pounds you can buy or exchange for € 1. In the last few years the Exchange rate of euros and pounds at an average of 0.9. That means, for € 1 you get £ 0.9. For example, if you have a vacation budget of € 50 per day, that works out to £ 45. The calculation is very simple: (amount in €) x 0.9 = (amount in £). For London visitors, however, it is often more interesting to know how much 1 £ is in euros. Let's say you want to buy a sandwich for £ 5. In this case, the invoice is invoiced in reverse: (amount in £) x 1.11 = (amount in €). The £ 5 sandwich costs € 5.55 in euros.

London Currency Converter: How many pounds do I get for my Euros?

However, the exchange rate is not always the same, but fluctuates sometimes more and sometimes less. In 2019 the exchange rate was slightly higher and is around 1.13 (May 28, 2019). This means that it has become £ 1 more expensive and is now worth € 1.13. Accordingly, the £ 5 sandwich now costs € 5.65. With the currency converter you can see the current exchange rate and calculate how many pounds you get for your euros:

London exchange money: where can I exchange euros for pounds?

There are several ways to exchange euros for pounds. In London itself you can only pay with euros at the airport, at the latest when you leave the duty-free area at the airport in London, only pound coins and banknotes are accepted. However, you don't necessarily need cash either. You can go pretty much anywhere in London Credit card get paid.

Pay with credit card in London

At Pay by credit card in London you should inform yourself beforehand which Fees for payments abroad your bank raises. Of course, you shouldn't forget the exchange rate here either. Paying by credit card is quick and easy. On the card machine, the amount is given in pounds, on the account statement you can usually see the amount in euros.

If the card machine asks whether the amount should be debited directly in euros, you should always select "without conversion", otherwise you will fall into the fee trap.

Having a credit card with you on vacation in London is pretty handy. If your credit card is over contactless pay you can even use the credit card like the Oyster Card for the London Underground. Simply place it on the Oyster Card field and the amount for the underground ride will be deducted from your credit card.

London Currency Exchange: Change money before traveling

The safest way to get a reasonable exchange rate is to exchange the money at your own bank before you travel. The exchange rate varies from bank to bank, but is usually very fair. Small bank branches may not always have every currency in stock, but you can pick up your pounds after a few days at the latest. Often the desired amount is then debited directly from the account. The advantage is clearly that when you arrive in London you are already equipped with pounds and can start your vacation stress-free.

London Currency Exchange: Exchange offices

As soon as you arrive at the airport or train station in London, the exchange offices shoot you in the eye. Here you can not only exchange euros for pounds, but also all other currencies. Handy if you still have a little something left from your last vacation. Similar to the banks at home, an exchange fee is added to the exchange rate. On average, euros can be exchanged for pounds with a Wesel fee of around 2.5%. I would advise against exchange offices, however. The exchange offices in the train stations and airports are reputable, but especially in the city center it is easy to be ripped off.

London Currency Exchange: Withdraw money from an ATM

The easiest way to get pounds is via the ATM. All you have to do is insert your credit card into the machine and it will spit out fresh pounds of bills. Well, it's not quite like that, the amount will of course still be debited from your account ;-). The most common banks in London are the Bank of Scotland, Barclays Bank, HSBC Bank, Lloyds TSB, Tesco and Royal Bank of Scotland. These are trustworthy banks from which you can withdraw money without hesitation. By the way, Deutsche Bank customers can withdraw money free of charge from Barclays Bank. The Withdraw money in London at the machine is practical, so you can always get money when you need it and still never have too much cash in your pocket.

A few tips for withdrawing yellow money from ATMs in London:

  • First, find out about the withdrawal fees abroad at your house bank. If these are very high, it is better to withdraw a large amount rather than smaller amounts more often.

  • When you withdraw money for the first time in London, you should read the screen carefully, then it will be faster the next time.

  • First you have to enter the amount you want to withdraw. This is calculated in pounds. So if you enter 30, that's not 30 euros, but 30 pounds.

  • In the next step, the ATM gives you the exchange rate and the amount in euros that will be debited from your account. Attention: If your house bank charges a fee for withdrawals abroad, this is usually not displayed on the ATM screen, but only appears later on the account statement.

  • In the next step, the machine often asks “fix the exchange rate?” Or “We offer conversion to your home currency. Accept? ”. In this case you should always answer with “no” or “without conversion”, otherwise additional fees will apply.

  • When withdrawing money abroad, I always recommend having the invoice printed out so that you can easily see at home where and when you withdrew money in London.

How do I find a bank in London?

Banks and credit institutions can be found on every corner in London. After all, London is (still) Europe's “financial capital”. If there is no bank or ATM to be found, it is sufficient to enter keywords such as “bank”, “cash withdrawal” or “ATM” on Google maps.

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