Before arriving in London, it's a good idea to familiarize yourself with with local currency.
The official currency of England, Wales, Scotland and Northern Ireland is the pound sterling, often abbreviated to GBP.
Today, I'm going to tell you all about this currency.
London currency: article summary
London currency: understanding the pound and the penny
One pound sterling is made up of 100 pence. There are 1, 2, 5, 1, 20 and 50 pence coins, as well as 1 pound and 2 pound coins.
Tickets are available in denominations of £5, £10, £20 and £50. each with its own distinct color.
All British coins feature an image of the Queen's head on one side. The other side usually features a notable historical figure, monument or national symbol.
What currencies are legal in London?
Although both Scotland and Northern Ireland use the pound sterling, their banknotes are different from those issued in England and Wales.
Curiously, Scottish and Irish banknotes have no official legal tender status in England and Wales. However, they are can be legally used in any British country.
Most retailers will accept them without complaint, but they are not legally obliged to do so and may refuse your Scottish or Irish bills.
If you have any problems, most banks will exchange Scottish or Irish bills for English ones free of charge.
London and the Euro
Many visitors make the mistake of thinking that the euro is widely accepted as an alternative currency in the UK.
While stores in some major railway stations and airports accept euros, most other places don't.
The exception is iconic department stores such as HarrodsSelfridges and Marks & Spencer, which have historically accepted euros, but give change in pounds sterling.
Currency in London: how to exchange your currency in London
You have several different options for exchanging currency in the UK. Private exchange offices owned by companies such as Travelex can be found on the high streets of most towns and cities.
The popular Marks & Spencer department store also features an exchange office in several of its outlets nationwide.
Alternatively, you can exchange money at most bank branches and post offices.
A few tips on currency exchange
The easiest way to find out which option is best is to ask how many pounds you'll receive for your money once all costs have been deducted.
If you're heading for a rural area, it's also a good idea to exchange money at your first point of entry.
The bigger the city, the more options you'll have, and you'll have more chances of getting a better rate.
Making withdrawals
You can also use your usual bank card to withdraw local currency from an ATM.
Any international card with a chip and PIN code should be accepted at most ATMs, although Visa, Mastercard, Maestro, Cirrus or Plus cards are your safest bet.
Fees are almost always charged for travel outside the UK. Although these are usually minimal and often cheaper than the commissions charged by bureaux de change.
Money in London: pay by card rather than cash
It's worth remembering that American Express cards are not as readily accepted for general payments.
If you have one of these cards, you must also have another method of payment. Contactless card payments are becoming increasingly popular in the UK.
You can use Visa, Mastercard and American Express contactless cards to pay for public transport in London, and for payments of less than £30 in many stores and restaurants.
The pound sterling is very different from the euro, but you need to know about it before you leave. This will enable you to make the most of your trip.
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