1) DO NOT exchange any money at the airport! Now you have the idea of how things work in currency exchange, think about the next steps to get the best deal so you always get the most amount of pounds for the currency you are selling. Some currency exchanges in London, mainly in touristic areas, or major train stations charge commission on top of the bad exchange rate. The real question is how much is this difference? Remember the bureau de change or currency exchange will always need to make some profit so they will always make sure that you receive less euros for the pounds that you are exchanging when compared to the interbank exchange rate. Think of a currency exchange as a couple of tiers down.įor example, if the interbank exchange rate is showing £1 pound = €1.25 Euros or the quote is the other way round, €0.80 euros gets you £1 pound, then this can be your benchmark. In simplest terms this is the rate at which the banks exchange money with one another. This is the rate that you would see if you visit the currency converter on The Currency Club website.
The first step is to make sure that you understand how the exchange rate works.Īll bureau de changes and currency exchanges in London and globally work their exchange rates from the live interbank exchange. Prepare in advance - understand the exchange rate!Ĭurrency Exchanges and Bureau de Change traditionally hide their fee within the rate of exchange that they provide, and this can make it tricky in terms of knowing whether you are getting a good deal when you change money in London.
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