What is the best strategy to exchange money to GBP in London?

  • I know this question said about London which where I live right now, but I think it's applied everywhere.

    I have almost 900 Euros left which I want to change back to pound sterling. So, I googled a little bit and I found this website http://travelmoney.moneysavingexpert.com/buy-back/

    which will tell me where can I get the most out of my money. But is the top one legit? The difference I found is almost 50 pounds compared to local bank (Natwest). But the top one I have to order online which I haven't used it before. So I would like to learn from other people. How do you guys exchange money in London to get most out of it?

    This question appears to be off-topic because it is about Monry and it belongs to Money.SE

    @HaLaBi According to their FAQ, this question would be off-topic there. Here, we do have a money tag with 143 questions, so money is not off-topic per se. I would say it ontopic. Also, googleded means that is was just very, very long ago :)

    @Bernhard he is asking how change a foreign currency in his home country, I do not see how is this related to travel.

    What if he were from the European mainland and travelled to the UK?

    We already have a tonne of questions around exchanging money when travelling, some of which seem at least close, can you clarify why none of the existing ones covers your case?

    Sorry for the confusion. My question would be are the suggestions from travelmoney.moneysavingexpert.com website legit or can I trust online exchange companies. So, I'm just asking about opinions if you travel to the UK.

    There is always a queue outside the Liverpool Street offices of these guys http://www.bestforeignexchange.com which is a good sign.

    Looking at your linked website, Covent Garden FX appears in the top four with a very competitive rate and no need to order online. If you have concerns over ordering online, you could just show up at that one as per a normal currency exchange.

    Is your question "Is MoneySavingExpert a 'legit' site?" (yes it is, as much as anyone's opinions can be a 'legit'), which is surely off topic here; or its about the best way to change money? As for how I'd do it, as a Brit - I'd probably look on MoneySavingExpert :)

  • Joel B

    Joel B Correct answer

    7 years ago

    The best strategy is to go as far away as possible from tourist areas to exchange money. Currency Exchange at the airport is generally the worst, followed money changers in tourist areas. Then start to look at money changers in London's financial district, ie the City. Generally, they will be competing with other money changers and making their money on volume.

    Also, people in the City will know what the rate should be. You are also very unlikely to be ripped off. The City is also safer if you are carrying large amounts of cash. (Not applicable to you, but in general it's good to know).

    The really good deals are via Corporate money changing but you are unlikely to be able to setup an account unless you have a business.

    Look around at lunch time and see which money changers have a queue. These are the ones to go to. I tend to use www.cityforex.co.uk for this reason.

    In general, this guide can be used for other countries / cities.

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Content dated before 7/24/2021 11:53 AM