19 Of The Best Places to Exchange Currency in London
This post is part of our archived content. While we’ve shifted focus, it still may be useful.
If you’re visiting the city, make your money go further by using the best currency exchange in London.
A wise man once said: ‘Money makes the world go round.’
A trip to London embodies the entire truth of this statement.
If you’re planning a trip to the vibrant and diverse city of London, managing your currency exchange needs can significantly spice up your travel experience and make it stress-free too.
If you don’t want to be stranded on the streets with money that you can’t use, bookmark this post for your next trip to London.
London is home to a vast number of ‘Bureau de Change’ being a dynamic international financial hub and many of them offer the best exchange rates in Europe.
You’ll typically find them near Buckingham Palace Road or Leicester Square occupying commercial shops in close proximity to each other.
Thus, it’s easier for you to compare rates with opposite shops around.
Whether you’re a savvy traveller or a first-timer in the city, finding the right places to exchange currency can make a world of difference.
If you want the best exchange rate in London, we suggest doing your research first. Google is your friend!
Here are a few of our favourites based on personal experiences.
Factors to consider when exchanging currency
Exchange rates and fees
Bear in mind that just like many widely traded currencies, the Great Britain Pound (GBP) is a floating exchange rate.
This means the value of the currency is determined by the market position so fluctuations may affect the exchange rate (and subsequent fees).
Our insider tip for you is to time your exchange for when your country’s currency is stronger compared to the pound.
Try signing up for updates on international currency platforms like Wise.
They keep you updated so you can plan your travel in advance.
Research fair exchange rates and compare numbers
Traders who handle these exchange businesses often operate in the open market at a universal exchange rate.
The interbank rate or spot rate, is often the fairest exchange rate you can get from global markets.
Be careful to spot a markup and hidden fees in the exchange rate that the traders offer you, there’s a good chance that it is different from the normal rate in the open market.
You can easily monitor live mid-market rates through an online currency converter like Wise.
Stay away from airport and hotel currency exchanges
Unless you have absolutely no choice, hotel and airport currency exchanges do not offer the best rates.
The exchange rates at these locations are often increased since they are usually used in an emergency by visitors and travellers who need them on the spot.
Thus, they make higher commissions at your expense.
Instead, look out for foreign exchange bureaus, that offer ATM cash withdrawals including online orders at no commission fees.
A good example is Travelex and Gatwick Airport. Both offer 24-hour multi-currency prepaid cards at 0% commission.
Spend all your GBP
You are most likely to lose money due to currency depreciation at home.
So, a great rule of thumb would be to spend everything before leaving. Better still, exchange what you need only and reserve the rest for your next London trip.
There is always a good excuse to return to London.
When you need to, here are our top favourite places to exchange foreign exchange currency in London.
Top Currency Exchange Places in London
Banks
If you hold an account with any of the major banks in London, you can easily exchange money there.
Most banks also provide you with the option of advance orders, home delivery, and pick-up at the branch.
Using your home bank also gets you a typically fair exchange rate.
Advantages
These banks are usually in tourist hubs and are easily accessible to travellers.
Banks are subject to financial regulations and consumer laws which guarantee your safety and peace of mind with foreign currencies.
Several London banks offer a wide range of currencies for exchange.
This could be beneficial to you if you need to exchange multiple currencies at once.
Disadvantages
Banks often offer less competitive exchange rates and, in some cases, may charge higher fees for transactions.
Opening hours at London banks can be relatively short, especially on weekends and holidays. This means that you may not get GBP at your own convenience.
The wait times and long queues are another discouragement for most people, especially at busy branches.
Online currency exchange platforms may offer quicker and more streamlined transactions.
London banks with good exchange rates:
The following banks may be a good start for your foreign exchange business:
- Barclays Bank
- HSBC
- Lloyds Bank
- Royal Bank of Scotland (RBS)
- NatWest
- Santander
- Metro Bank
- TSB Bank
- Nationwide Building Society
Exchange rates and fees vary between banks and specific branches in London.
So ask questions on the rates offered and make inquiries before making a currency exchange transaction.
ATM aka cashpoints
You can also withdraw pounds from ATMs using your credit card.
ATMs are called cash points in the UK, and while they are an alternative, they are far from convenient.
Amidst the array of choices you have, cash points may be an option, in case of an emergency.
However, they are not the best choice for good reasons:
- Using an ATM abroad incurs bank charges
- Charges are applied on foreign transactions
- Exchange rates are typically low
Post Offices
Savvy travellers and London locals use the Post Office for foreign currency exchange in London.
You can buy a travel money card online, load it with your required currency and have it delivered to your London hotel or Airbnb.
A Post Office can be found in most high streets making them easily accessible to everyone who demands their services.
They offer almost 80 currency exchanges without any commission.
Specialized currency exchange providers
There are a good number of specialized currency exchange providers where you can get fair exchange rates in London.
These include:
Thomas Exchange
Thomas Exchange is a family-run business that has been exchanging currency for over 30 years.
They have branches all over London, including in central locations like Piccadilly Circus, Leicester Square, and Oxford Street.
Thomas Exchange offers competitive rates and excellent customer service.
Thomas also offers a range of other services, such as foreign currency travel insurance and money transfers.
Covent Garden FX
30 Jubilee Market Hall
Covent Garden
London
WC2E 8B
Another family-owned foreign exchange business, this place promises some of the best rates in the market for any currency exchange.
A short walk from St. Paul’s Cathedral, London Transport Museum, and the Royal Opera House
Moneycorp is one of the largest and most experienced foreign exchange businesses.
It is the second-largest foreign exchange broker in the United Kingdom and claims to beat bank exchange rates.
Moneycorp isn’t very clear on its commission fees, though.
Access Bureau
- 57 Liverpool Street, London, EC2M 7PR
- 201 Victoria Street, London, SW1E 5NE
A walking distance from Buckingham Palace, Victoria Palace Theatre, and Victoria Station, with over 20 years experience in the currency exchange business.
Victoria Street FX
185 Victoria Street, London SW1E 5NE
A short walk from Buckingham Palace, Victoria Palace Theatre, and Victoria Station.
Travelex is one of the largest currency exchange companies in the world.
They have branches all over London, including in airports, train stations, and shopping malls.
Travelex offers competitive rates and a wide range of currencies.
They also offer foreign currency travel insurance and money transfers.
Tips for Exchanging Currency in London
Here are a few tips for exchanging currency in London:
- Compare rates and fees before you exchange currency
- Exchange currency at a reputable establishment that’s regulated by the Financial Conduct Authority
- Be sure to get a receipt for your exchange
- Keep your exchange receipt safe in case you need to exchange your currency back at a later date.
Exchanging currency can be a daunting task, but it doesn’t have to be.
By following the tips above, you can find the best place to exchange currency in London and get the best possible rate.