How Do You Exchange Money in the UK?


Quick Answer

To exchange money in the UK, visit bureau de change, which is usually located inside post offices, airports, travel agents, banks and train stations. It is also possible to withdraw money from ATMs using international cards with MasterCard, Visa, Maestro, Cirrus or Plus symbols.

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How Do You Exchange Money in the UK?

Full Answer

The amount of pounds and pence to get in return for foreign currency depends on the converter’s rate. Companies that exchange foreign currency usually charge a commission for every transaction. This means that a company with a competitive exchange rate may charge a higher commission to compensate for the difference. Individuals may want to factor this in before making a decision on where to exchange currency and shop around to find the best deal.

Other charges may include handling fees and minimum charges, which vendors usually apply when converting small sums of money.

ATMs provide a source of day-to-day funds. It is possible to save on ATM withdrawals if one’s bank has partner banks abroad or has international ATMs. Asking the bank to temporarily raise the daily withdrawal limit is an option for travelers in need of large sums of money to pay for expenses such as renting an apartment.

Lastly, it is possible to use credit cards at shops, bars and restaurants. The most widely accepted credit cards in the UK are Visa and MasterCard.

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