If you're going to London, you'll probably need to change your euros in an exchange office.
Today, I'm talking in detail about what you need to know about this type of establishment and where to find them in town.
London bureau de change: article summary
How foreign currencies work?
With the Euro, we've gradually forgotten how currencies work on the European continent. Fortunately, understanding currency exchange is not very complicated.
The UK does not use the Euro as its currency, but the "Pound Sterling", sometimes written "GBP".
You will then need to "exchange" your Euro for pounds sterling in order to spend them. If you wish to use cash - which you don't have to - you'll need to take a certain amount of your currency to a bureau de change.
Where to exchange currency in London?
Before moving on to the specific places in London where you can exchange currency, I thought it might be useful to cover the various places that carry out currency exchanges.
The exchange office
As soon as they arrive in London, many travellers turn to the to an exchange office to exchange money.
A bureau de change is a business that makes a profit by buying foreign currency and then selling the same currency at a higher rate.
Currency exchange in London: ATMs
You can also withdraw euros from ATMs using your credit card.
Vending machines are known as "Cash Points" in the UK, and although they are an alternative to cash points, they can be used in a variety of ways, they're far from practical.
Vending machines are not the ideal solution for three reasons:
- They charge bank fees
- They charge foreign transaction fees
- They offer lower exchange rates
Change money at your bank
Many banks offer the option of ordering your foreign currency in advance. The good thing about this option is that going through your bank generally means that you get a very fair exchange rate and commissions and fees.
If you wish to exchange money with your bank before leaving for London, you should contact them a few weeks in advance to arrange the exchange.
Where to get the best exchange rates in London
While it's good to know the general places that can exchange currency for you in London, it's more useful to know which ones will actually offer you a fair exchange rate on the Euro.
Exchange office in London: Thomas Exchange worldwide
Thomas Exchange Global is considered by many to be the best place to exchange money in London.
Its exchange rates are hard to beat and charge a commission of 0 %. You can order online and agree to collect your currency from the exchange office nearest to your accommodation.
MoneyCorp
Moneycorp is one of the largest and most experienced foreign exchange companies. It is the UK's second largest currency broker and claims to beat bank exchange rates. Moneycorp is not very clear about its commission charges.
Through the post office
The post office is used by many travelers and Britons to exchange money in London.
Their ubiquitous presence on virtually every shopping street has made post offices popular places to change money in London.
They exchange up to 80 foreign currencies commission-free.
If you need cash during your stay in London, you'll find plenty of ways to get it in the English capital. Just remember to think about the different rates that apply so you don't lose money on your transaction!
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