Money and Costs in London
The UK's currency is the pound sterling (£/GDP). Despite being a member of the European Union, the UK has not adopted the euro.
There are 100 pence (p) to the pound (£). Notes come in denominations of £5, £10, £20 and £50, and coins come in 1p, 2p, 5p, 10p, 20p, 50p, £1 and £2.
London Banks and Banking
London is home to the headquarters of the UK's 4 big banks:
- NatWest
- Barclays
- Lloyds TSB
- HSBC
These banks, and others including Royal Bank of Scotland, Abbey and Halifax have a presence on almost every high street.
Banks in the UK are usually open weekdays from 9.30am to 5pm. Some branches are open on Saturday mornings. All banks are closed on Sundays and public holidays.
Cash Machines / ATM / Cash Points
There are plenty of cash withdrawal machines (also known as cash points or ATMs) around London.
Most accept international cards with the Visa, Plus, Mastercard, Cirrus or Maestro symbols. Other card types are also recognised, but it's a good idea to check with your bank before you travel.
If you have a non-UK account you'll almost certainly have to pay a charge when you withdraw cash from a machine. Again, contact your bank before travelling for details.
When using ATMs, remember
- Put your money away carefully and discreetly
- Don't give money to people in the street as this shows where you keep your wallet
Currency Exchange in London
There are numerous bureaus de change in London. As well as having high street branches, they can often found inside banks, travel agents, or post offices, as well as at airports and train stations.
Bureau de change companies in London include:
- Thomas Cook
- American Express
- Exchange International
- International Currency Exchange
- TTT Moneycorp
Bureau de change offices must display exchange rates, details of fees and rates of commission prominently near the entrance to their premises. Many open outside of the main bank opening hours.
For up to date exchange rates see www.xe.com
Exclusive Currency Exchange Offer
Thomas Cook, Visit London's official foreign exchange partner, offers commission-free currency exchange at an exclusive rate.
You'll also receive a special offers booklet packed with discount vouchers, and a useful tourist information pack.
Find out more and download your free foreign exchange voucher
Tax in London
Value-added tax (VAT) is a 17.5% sales tax levied on most goods and services except some food (non-catered), books and children's clothing. Restaurants must, by law, include VAT in their menu prices.
Be aware that while most prices quoted include VAT, some do not. Check before you buy!
If you're a non-EU resident, it's possible for you to claim a refund of VAT paid on goods and/or business expenses, resulting in a considerable saving.
Visit London has partnered with tax specialists Tax Back International (TBI) to help overseas companies reclaim the tax (VAT) on business expenses incurred whilst travelling to London.
Tipping: What’s Expected in London
There are no fixed rules regarding tipping in London.
It's normal to leave a tip of around 12.5% for good service in restaurants. Check your bill first, however. If a service charge has already been added, there's no need to tip, unless you were particularly pleased with the service.
Taxi drivers may also expect a tip. Round your cab fare up to the nearest pound, or ask your cabbie to "keep the change" to show your thanks.
Do London Like a Local: Money
You'll usually hear British people say "pee" rather than pence, as in 50p (50 pee).
More colloquially, a pound is known as a "quid", a £5 note is a "fiver" and a £10 note a "tenner".
