Britain’s currency is the pound (£) sterling. There are 100 pennies, or pence (p), to a pound.
Coins are issued in bronze denominations of 1p and 2p, and silver denominations of 5p, 10p, 20p and 50p. There is also a gold-coloured £1 coin, and a silver and gold £2 coin.
Paper notes come in denominations of £5, £10, £20 and £50.
Even though Britain has yet to join the single currency, it is still possible to spend euros in London.
Only the really big businesses will accept them, though – so don’t try them in a corner shop. The major chain stores – Body Shop, Debenhams, HMV, Marks & Spencers, Selfridges, Topshop, Virgin, WH Smith’s and Waterstones – should all be able to help.
Cash machines are available throughout London, but may charge a small amount for withdrawals (typically £1.50–£2.00) – look out for the notices on the facade or front screen.
The following credit cards are all widely accepted in London: Visa, MasterCard, American Express and Diners Club.
If you have lost your credit card then try phoning one of the following numbers:
American Express – 01273 696 933
Diners Club – 01252 513 500 or 0800 460 800
MasterCard / Eurocard – 0800 964 767
Visa / Connect – 0800 895 082
Switch – 0113 277 8899
Foreign currency can be exchanged and transferred at banks, post offices and the numerous money-changing outlets in tourist areas and train stations.
Most post offices offer a commission-free money exchange service, and banks tend not to charge commission on sterling traveller’s checks associated with the business.
The following hours are a rough guide, and vary from business to business.
Banks: 9–5 (Mon–Fri); 10–1 (Sat)
Post Offices: 9–5.30 (Mon–Fri), and 9–noon (Sat)
Money-changing outlets: 8–10 (Mon–Sun)
The following chart shows the approximate exchange rate between the major foreign currencies and sterling. If you need an exact figure, try visiting xe.com.
| Currency | Approximate exchange rate | |
|---|---|---|
| Australia - Dollar | $1 = £0.42 | £1 = $2.40 |
| Canada - Dollar | $1 = £0.46 | £1 = $2.17 |
| China - Yuan | ¥1 = £0.07 | £1 = ¥14.4 |
| Europe - Euro | €1 = £0.68 | £1 = €1.46 |
| India - Rupee | 1Rp > £0.01 | £1 = 81Rp |
| Japan - Yen | ¥1 > £0.01 | £1 = ¥207 |
| New Zealand - Dollar | $1 = £0.39 | £1 = $2.56 |
| Switzerland - Franc | 1Fr = £0.44 | £1 = 2.27Fr |
| USA - Dollar | $1 = £0.56 | £1 = $1.80 |
Here are London’s four major banks, with their head office address and telephone number.
Barclays: 54 Lombard Street, 0207 699 5000
Lloyds: 25 Gresham Street, 0207 626 1500
Natwest: 133 Bishopsgate, 0870 240 1155
HSBC: 8 Canada Square, 0207 991 8888