Money in the UK

If you’re visiting the UK money will be important because the exchange rate means you’ll be spending a lot of it. While twelve of the European Union countries have switched over to the Euro, Britain has stuck with the Pound Sterling(£) and will likely do so in the future for political reasons.

The Pound is divided into one hundred pence and starting with the smallest, the coins go 1p, 2p, 5p, 10p, 20p, 50p, £1 and £2. The notes are the £5, £10, £20 and £50, the five being the smallest and the fifty the largest in size.

There are four main banks that you’ll see on streets all over Britain, NatWest, Barclays, HSBC and Lloyd’s and although times vary with location the majority will be open Mon-Fri from around 9.30am-5.00pm and Sat 9.30am-1pm, and the best rate of exchange will probably be from a bank. Banks are closed on all public holidays.

Bureau de Change are at all airports and throughout central London but although they’re convenient because they stay open longer than banks, their rates at not as good. The Travelex website offers £49.18 for US$100 at the moment.

Credit cards are excepted just about everywhere and cashpoints/ATM’s are attached to most banks and the majority of large supermarkets.