Best places for currency exchange in London: a complete travel guide

London is a brilliant mix of world-class museums, West End shows, and centuries of history, and getting your money sorted before you wander the South Bank is one of the easiest ways to make your trip smoother.

This guide walks through everything you need to know about currency exchange in London, from pound sterling basics to the best physical exchange locations, the cash-versus-card question, and our smart, app-based alternative that lets you hold and spend multiple currencies without the usual hassle.

Quick answer: should you exchange money before going to London?

It's a good idea to withdraw local currency from a bank ATM once you get there and pay by card wherever possible, rather than using exchange bureaus, especially airport ones.

For a smooth experience, open a multi-currency account before you travel, exchange currency in-app at the Revolut rate, and use your travel money card to pay abroad. This lets you skip the airport counters and get competitive rates on your currency exchange.¹

Understanding British currency: Pound sterling (GBP) basics

Before you change your money, it helps to know what you're actually spending. The details matter — especially if you've heard that, because the UK is in Europe, it might use the euro. It doesn't.

What currency does the United Kingdom use?

The United Kingdom's official currency is the pound sterling, commonly called the British pound. The Bank of England issues the banknotes, while the Royal Mint strikes the coins. The UK isn't part of the eurozone, so it never adopted the euro — though you'll occasionally see prices displayed in both pounds and euros in tourist areas.

Some quick facts about GBP:

• Currency name: Pound sterling
• Currency code: GBP
• Symbol: £
• Subunit: 1 pound = 100 pence (p)
• Banknotes in circulation: £5, £10, £20, and £50
• Coins in circulation: 1p, 2p, 5p, 10p, 20p, 50p, £1, and £2
• Issued by: Bank of England (UK-wide notes)

What's GBP currency?

GBP stands for Great British pounds, and it's the ISO 4217 currency code for the pound sterling, the standard used by banks and financial systems worldwide. So when you see GBP on a price tag or a currency converter, it simply refers to British pounds.

In case you're planning on heading north: the money used in Scotland is the same pound sterling you'd spend in London or Cardiff, with the only difference being that Scottish banknotes look different from Bank of England notes but are worth exactly the same.

Top locations for physical currency exchange in London

If you prefer to swap physical cash in person, London has a handful of reliable options. The 2 most common are dedicated money changers and the Post Office. Below is a quick comparison to help you choose.

London airport exchange bureaus

Heathrow Airport is served by Global Exchange, which operates 23 currency exchange offices and 98 ATMs across all 4 terminals.

Airport counters tend to add wider markups than city centre options, so if you only need a small amount to get into town, an airport ATM withdrawal is usually a more competitive choice than a counter exchange.

London main stations and city centre bureaus

Thomas Exchange Global has several central London locations, including Victoria Street, Cannon Street, Liverpool Street, and The Strand, and is widely considered to offer more competitive rates on over 120 currencies.

Fourex runs self-service kiosks at King's Cross and Blackfriars stations, which is handy for small amounts. Most UK high-street banks don't offer currency exchange to non-account holders, but the Post Office is the main exception, with branches across London that sell and buy back foreign currency without you needing to have an account.

Cash vs card in London: what should you use?

London leans heavily toward card payments, and contactless is accepted almost everywhere, from pubs and restaurants to the Tube, buses, and even street food stalls at Borough Market. You can go an entire trip without touching a banknote. That said, carrying a small amount of cash is still smart for smaller vendors or market stalls.

ATM tips for London

• Use bank ATMs, not private ones: stick to machines inside or attached to major banks like Barclays, HSBC, NatWest, Lloyds, Santander, and Halifax. Avoid standalone ATMs from Cashzone, Euronet, and NoteMachine, which often carry less competitive rates and extra fees.
• Always choose GBP, never AUD: if an ATM or card terminal offers to charge you in Australian dollars rather than the local currency, decline. That's dynamic currency conversion, and it uses a rate that's typically much less competitive than your card provider's.
• Use a debit card for withdrawals: credit card cash advances come with high fees and often start accruing interest immediately.
• Check your card's foreign transaction fee: many Australian cards charge a 2–3% foreign transaction fee on every purchase made abroad, on top of an exchange rate that's rarely in your favour. Opting for a travel-friendly card can help you save.

Using Australian debit and credit cards in London

Australian Visa and Mastercard cards are widely accepted in London, and contactless payments are the norm. The main thing to watch is your card's foreign transaction fee — many Australian cards charge a 2–3% foreign transaction fee on every purchase made abroad, on top of an exchange rate that's rarely in your favour. A Revolut card handles foreign spending at competitive rates.

ATM withdrawals and dynamic currency conversion (DCC)

The single biggest fee trap for Australians in London is dynamic currency conversion (DCC). When you insert your card into an ATM or present it at a card terminal while you're abroad, the machine may ask whether you'd like to complete the transaction in GBP or AUD. The option to pay in AUD seems helpful, since you'll be able to see how much is going to leave your account, but it uses a rate that's typically much less competitive than your card provider's. Always opt to pay in the local currency to get your provider's rate.

Delivery fees may apply.

Tips for London money exchange with Revolut

With a Revolut multicurrency account, you can hold and exchange GBP and AUD in-app at the Revolut rate, then spend in London at the checkout with a virtual or physical card.¹

We exchange currency at the competitive Revolut exchange rate, and there are no additional currency exchange fees on weekdays during foreign exchange market hours, as long as you stay within your plan's fair usage limit. You can create a virtual card right away in-app for secure spending both online and in-person via Apple Pay or Google Pay.

You can also use your physical card to withdraw cash from ATMs at competitive exchange rates with no fees from us during market hours and within your plan limits, so you always have the right cash for tips and local spots that don't take cards.

How to open a Revolut account and exchange currency in London

To manage your travel money from your phone, here's how to get set up. For a full walkthrough, see our guide to opening a Revolut account in Australia.

1. Download the Revolut app and sign up. You'll need to be 18 or older and verify your identity with a government-issued ID and your passport and Australian residential address.
2. Add money in Australian dollars via bank transfer, debit card, or another supported method.
3. Open a GBP currency space in-app and exchange your money at the Revolut rate. You'll see the rate and any fees before you confirm.
4. Order a physical card for in-store spending (delivery fees may apply), or get a virtual one to start spending right away.
5. Use your card anywhere Visa or Mastercard is accepted.
6. You'll see the rate and fees in-app before the payment settles, and you can track your spending in real-time.

Still got questions about spending abroad with your Revolut card? Check out our Help Centre.

¹Exchange and remittance fees, fair usage limits, and T&Cs apply.

The information provided is accurate as of 22 September 2026.