Each year, London welcomes people from around the globe by being a travel-friendly and accommodating city. Even money exchange in London is incredibly flexible, giving people a wide range of options whether they’re tourists visiting the city, foreigners who’ve just moved, international students settling in, or UK residents travelling abroad and needing to convert GBP …
Each year, London welcomes people from around the globe by being a travel-friendly and accommodating city. Even money exchange in London is incredibly flexible, giving people a wide range of options whether they’re tourists visiting the city, foreigners who’ve just moved, international students settling in, or UK residents travelling abroad and needing to convert GBP into another currency. From high-street exchange shops and airport kiosks to online platforms, travel cards, and multi-currency accounts, the city offers almost every method you can think of. However, with a wide range of options comes confusion about when to withdraw cash and when to choose a card to make payments in foreign currency.
In this blog, we’ll discuss when it is best to go for money exchange in London, and which factors to consider.
If you’re travelling to London or flying abroad and need a different currency, it’s best to exchange some money before your trip. However, don’t exchange too much, because any leftover cash that you don’t use will cost you more when you try to convert it back into your home currency.
Keep in mind that not all destinations accept cards, such as street markets, taxis and small cafes. In such cases, it is important to have local currency in cash to save yourself from multiple ATM withdrawals, that too with high withdrawal fees.
If you are lucky to have a bank that offers a low withdrawal fee on multiple currency payments, then it makes sense not to have your money exchanged beforehand, as it is more convenient to directly get the cash needed.
Especially if you are travelling in London and visiting crowded landmarks, it isn’t advisable to keep a lot of cash with you, as it can put your money at risk of theft. In such cases, it is best to use your card, as it can be blocked even if stolen, without putting your money at risk.
If you have a multi-currency account, then you don’t have to worry about money exchange in London. As most places accept multi-currency cards, you don’t need to pay for currency exchange either. Therefore, it makes payments in London easier, hassle-free, and free from paying additional costs.
If you are travelling to London, you might need to make pre-bookings and reservations for tickets. In such scenarios, using your card makes more sense, as it saves time, saves you from exchanging large amounts of cash, and makes it convenient to have things paid for instead of leaving it to the last minute. Cards also help you take advantage of online offers, which might save some money.
Just like the above-mentioned advantages of each choice, there are also downsides to both. Cash is convenient for smaller payments, as using your card there can result in paying a fee for each small transaction. Multiple withdrawals also result in higher withdrawal fees. Whereas, when you make payments using a card, your provider or bank uses the exchange rate of that day, which might be weak, and you might end up paying more than if you waited for a reasonable rate. Some cards also imply foreign transaction fees, currency conversion fees, and additional charges.
Additional Tip: Even if you have a credit, debit, or multi-currency card, it is still advisable to keep a small amount of local currency in cash with you for places that do not accept cards, situations where there’s no ATM, or emergencies where your card isn’t working. This saves you from getting trapped in the worst exchange rates at kiosks and local exchange offices.
Whether you are a foreign student, traveller or resident, and looking for reliable money exchange in London, Linea Global has got you covered! We offer multiple options to take advantage of current rates or lock-in rates for future transactions. Our FX services include real-time market insights, competitive exchange rates, and upfront fees, so you know where hard-earned money goes. Unlike other exchange service providers, we do not hide behind the fake ‘zero-commission’ and ‘low-fees’ slogans; we offer exactly what we show, without any hidden cost.
So, if you want to protect your money from high fees and bad rates, we’re your trusted choice for money exchange in the UK.
