What Currency Is Used In London

Currency & Exchange

National Currency & Exchange Rates

The national currency of London is the British Pound (£). One Pound is divided into 100 pence and at that place are four notes in circulation; they come in denominations of £5, £10, £20 and £l.

The viii coins in circulation are in denominations of £one and £2, and so one, two, five, 10, 20 and 50 pence.

To find the electric current exchange rate for the euro, visit www.xe.com

Using Credit or Debit Cards in London

Visa and Mastercard are widely accepted at retail establishment and restaurants throughout London. Notwithstanding, some merchants impose a minimum buy amount for card payments (e.g. £fifteen) and greenbacks payment is generally preferred at food stalls, markets and pop-up shops. American Express cards are accepted to a lesser extent, while Discover cards are normally not accepted. Call your depository financial institution ahead of your trip to permit them know that y'all would like to use it abroad and make certain to get a breakdown of the fees they charge.

Using ATMs in London

ATMs (called cash points or cash machines) are located all throughout London, and enable y'all to withdraw cash in in British Pounds 24 hours a day using a Visa or Mastercard. As a general rule, it is more toll constructive to utilize a debit card equally opposed to a credit bill of fare in a foreign ATM every bit fees tend to be lower.

Earlier y'all go:

Check with your bank to ensure that your bill of fare volition work overseas. Depending on your banking company, you lot may demand to actuate your card before it works abroad.
Verify that your card is valid for the length of your trip.
Ask most your 24-60 minutes withdrawal limit. You can fix this limit depending on your travel style. Some travelers adopt to have a higher limit to reduce transaction fees, while others prefer a lower limit for security purposes.
Ask your bank or credit card provider what it charges for international transactions.

Bank ATMs in London do not accuse usage fees. They are located in pop areas of the metropolis, besides as in and around bank locations and are usually branded with the bank's name (eastward.g. Lloyds, Barclays, HSBC, Santander, etc.) However, contained ATMs that are not affiliated with a bank will charge additional usage fees and should be avoided.

Exchanging Coin in London

Exchanging Coin at a Banking concern
Most banks in London and throughout the UK practise non offer currency substitution services to non-business relationship holders.

Using Money Exchange Bureaus
You can find money substitution bureaus at major track stations, popular tourist areas and at London airports. They base of operations their rates on the daily currency exchange market and typically offering effectually a 5% spread betwixt the purchase and sell rates for popular currencies.

Some coin exchange bureaus likewise charge additional commission fees based on your form of payment and your exchange amount. These fees tend to subtract if you exchange larger sums of money, which is why money substitution bureaus are generally not recommended if you lot desire to exchange small-scale amounts throughout your trip. When visiting an exchange bureau, recollect to bring a form of ID with you, as this is required to complete the transaction.

Cashing Traveler's Checks in London
Once popular with international travelers, modern ATM machines, debit and credit cards have fabricated traveler'due south checks all but obsolete. If yous do decide to bring traveler'south checks, you can cash them at a handful of Post Office locations and select NatWest branches in Central London. Remember to bring your passport with you as proof of ID.

Claiming VAT Refunds in London

Non-European union residents can become sales tax (VAT) refunds for eligible purchases fabricated in London. Refund-eligible merchants will brandish a 'Taxation Free Shopping' sign on their window or near the greenbacks register. When y'all make your purchase, ask for a tax refund form and continue it with your receipt.

Both Heathrow and Gatwick Airport have VAT refund counters, and Stansted Airport has a community mail service box where VAT refund forms tin be mailed. Before submitting your VAT refund, fill out the refund course. At Gatwick and Heathrow Airport, you volition need to present loftier value items (e.g. watches, jewelry, electronics) to a customs official as a security precaution. If yous have purchased large or bulky items, make your refund claim earlier checking in your luggage.

The average await fourth dimension at the customs desk at Heathrow is thirty minutes and you tin can await a slightly shorter wait at Gatwick. As a full general dominion, endeavour to get in at the airport at least an hour early so that yous have ample time to merits your refund before your flight.