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Currency Exchange in the United Kingdom

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    Cost of Convenience

    • Although exchanging your currency at a London airport is convenient, you will pay dearly for the convenience whether you are leaving England and want foreign currency or are arriving as a visitor and want British pound sterling. According to Washington Post writer Nancy Trejos, visitors to Europe should avoid airport exchanges because the cost to customers is much higher to compensate for the high cost to the shopkeeper of maintaining an exchange office in an airport. In addition to avoiding airport bureaux de change, Soon recommends converting currency outside of the center of London as well, for the same reason.

    Warnings

    • The Moneysupermarket site advises travelers to be wary whenever spotting a sign offering commission-free currency exchange. The ubiquitous bureaux de change must make a profit to stay in business, and if no commission is charged profit must accrue through other means, generally by using an exchange rate less favorable to the customer. The website also suggests asking about handling fees and minimum charges. The latter charges ensure that customers either make larger exchanges or pay what amounts to a penalty, which may run counter to your needs.

    Traveler's Checks

    • Visitors to England can cash traveler's checks at British banks, post offices and "building societies," which are similar to banks. You must pay a surcharge to buy the checks, but they are safer than carrying cash. Additionally, you can pay for most goods and services in England with traveler's checks. However, according to the New Zealand-based website Let's Go, some British youth hostels will accept only cash. Travelers should convert the checks at a bank or post office first if they plan to stay in hostels.

    Credit and Debit Cards

    • According to Let's Go, ATMs are widespread in England and a popular way for visitors to convert money. ATMs are not only convenient but inexpensive, offering an exchange rate as much as 5 percent better than British banks. Most U.S.-based banks can be accessed through British ATMs. Credit cards may be an even better bargain, because they use the same exchange rates as debit cards, oftentimes without incurring surcharges and transaction fees. Credit and debit cards from other countries can also be used in most English stores and restaurants.

    Post Office Card

    • If you are leaving England and want to ensure having available funds in a different currency for a low rate, the Moneysupermarket website recommends getting a Post Office Classic card. As of 2010, there were no interest charges on balance transfers for the first eight months or for purchases for the first three months. Additionally, there are no commissions for using the card in locations outside of England. However, carrying a small amount of the currency you will need on arrival is always a good idea when relying on a card of any kind for purchases in a foreign land.

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