Posted by forex at 8:49 AM
Read our previous post
1. Most banks in London are equipped to exchange money. While each have ATMs, there will also typically be a dedicated teller for international transactions. Banks will post the daily rates for buying and selling. Though banks tend to be cheaper than exchange kiosks, make sure to ask about fees involved in exchanging currency as each bank may differ. Visitors should check if their particular bank has branches in London or partnerships with local banks.
2. One can exchange money through various travel agencies. Several of them can be found at the airport when arriving in London, such as Thomas Cook or American Express. These agencies can often exchange a wide variety of currencies. They will post the daily rate for buying or selling each currency. While some might be commission-free, it is good to check in order to get the best deal.
3. There are plenty of ATMs throughout the city. Many might be labeled 'Cash Points' in London. They are typically found at banks and post offices as well as corner shops and supermarkets. Most American banks will charge a service fee for using an international ATM, so check with your bank before you travel. Most ATMs will accept cards that have a Visa, MasterCard, Cirrus or Maestro symbol. For the ATMs not found at a bank, there might be additional transaction fees. Some banks have partnerships with American banks which waive any fees, such as Barclay's with Bank of America. The daily limit one can typically take out of an ATM is 300 pounds.
4. Exchange kiosks that offer money exchange are typically found in touristy areas of the city. They will often be located at the airport, travel agents and train stations. A wide variety of currencies can be exchanged here. The kiosks will list the daily rate for both buying and selling. There is often a commission or fees involved, which makes them convenient but not the most economical.