Currency in London
The official currency of the United Kingdom is the pound sterling, known as the pound (£, GBP). Each pound is divided into 100 pence (100p = £1).
Banknotes and coins
The most common banknotes are £5, £10, £20, £50 and £100. £1 notes also exist, but these are extremely rare, as only notes printed by The Bank of Scotland remain in circulation, and printing of new £1 notes ceased in 2001.
The coins in circulation are 1p, 2p, 5p, 10p, 20p, 50p and £1 and £2. Sometimes, special editions of £5 coins are released, but their circulation is merely theoretical.
Here are some examples of banknotes:
After Queen Elizabeth II's death in September 2022, new notes with the face of King Charles III have entered into circulation. These new banknotes will only replace those that are worn out. Those with the image of the late Queen can continue to be used as normal, so it will be common to see the two designs side by side.
How to pay?
The best way to save on commission is to pay by credit card. When paying by card, the exchange rate is current and the maximum fee, depending on the issuer of the card; is usually 1%.
Where to exchange currency?
The easiest and usually cheapest option is to withdraw money once you get to your destination, but there are other options:
Withdraw money from the ATMs
The easiest option is to withdraw pounds directly from any ATM in London. This is also the cheapest option since it has a lower exchange rate. However, it is important to keep in mind that cash machine transactions abroad have several fees and your bank might charge you up to $5 each time you use a foreign ATM, so it is always a good idea to take out a substantial amount instead of having to go several times to an ATM and being charged a fee every time you take cash out.
Exchange money before travelling
There are always those who prefer to change money before leaving home. For this, there are two options: you can do it in a bank, although the commissions are usually quite high (up to 10%), or do it with a specialized company.
Currency exchange in London
If you prefer to exchange money once you get to London, you can do so in any bank or any bureau de change. We recommend you compare the exchange rate and the commission since it can differ from one place to another or else simply ask how many pounds you will get.
Exchange rate
£ 1 (US$ 1.26)