The British pound is the official currency of London. Despite that UK is member of the European Union, it has not adopted the Euro. London is one of the most renowned financial hubs of the world, and the British pound is one of the most valuable currencies when comparing international exchange rates.
There are notes from £50 to £5 and coins go from 1p (pence) to £1 and 2£. There are one hundred pence to each pound. To convert a foreign currency into GBP is not a problem because there are numerous bureaux de change around London, at post offices, hotels, train stations, airports, among others.
A good tip to consider is that the bureaux de change charge different commissions. You should ask for the amount of the commission before converting the money, or other good question could be how many pounds you will receive in total after all charges have been deducted.
Cash machines tips
Cash machines can be seen throughout most of London’s avenues. International debit and credit cards such as Visa or MasterCard are commonly accepted at every cash machine to withdraw money.
If you have a UK bank account you will not be charged when withdrawing cash, but if your financial provider is a non-UK bank, you will probably be charged for a 1% of your withdraw or £1 fixed. We recommend consulting your personal bank before withdrawing money in London.
Credit card tips
Most of international credit cards are widely accepted at London’s venues. Visa and MasterCard are the preferred ones, while American Express and Diners don’t have the same coverage. At night clubs, pubs and bars, the minimum purchase accepted with credit card is about £10.
Payday Loan tips
These types of cash advances are used mostly for unexpected events and emergency situations when no other source of money is available. Keep in mind that these types of loans should be used only during times of financial strain with the intention of paying them back on your next payday.
General currency tips
Most of Londoners have a colloquial style when referring to pence and pounds. People say “pee”, “penny” or “pennies” rather than pence, £1 is known as a “quid”, a £ 5 note is a “fiver” and a £10 note is a “tenner”.
The coins will be very useful to recharge your Oyster Card, especially when you don’t know what to do with so many pennies.
If you are traveling to or from a country outside the European Union (EU) with sums of cash about 10.000 euros or more, you will have to declare them at Customs.
For more information about money or other tips of London, contact us and we will gladly send you further material about any subject of your interest. We will e-mail this information at no cost within 72 hours and it will be specific to your requirements.
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