How to Find the Best Exchange Bureau in London?

Planning a trip abroad and need to exchange your currency in London? Finding the best bureau de change can be quite a challenge, with so many options and exchange rates that vary significantly between providers. To make sure you get the best deal, it’s crucial to understand what influences the amount you receive when converting your money.

Here are our top tips to help you identify the best currency exchange service in London.

Key Takeaways:

• Comparing exchange rates is essential, as bureaux apply varying margins, sometimes as high as 20% over the interbank (Forex) rate.

• Online exchange services are often more cost-effective, due to lower overheads and the absence of fixed physical premises.

• Watch out for commissions, which can be fixed or percentage-based, significantly reducing the total amount you receive.

• Additional fees may apply, especially when exchanging money through banks or using a card abroad.

• To get the best value, we recommend ordering your currency online to benefit from preferential rates and 0% commission.

What Factors Should You Consider?

To make an informed decision, it's important to understand what affects the cost of exchanging your pounds, and the criteria to focus on when choosing the most suitable bureau de change.

Exchange Rate

The exchange rate is the key element determining how much you’ll get when converting your money.

There are two main types of exchange rates:

• The Forex (interbank) rate: This is the rate used on the global currency markets, where over $6 trillion USD are traded daily by banks, financial institutions, corporations, and traders.
• Retail exchange rates: These are the rates offered by bureaux de change and banks, which are typically higher than the Forex rate due to the provider’s margin — their main source of revenue. This margin can range between 3% and 20% depending on the provider.

Keep in mind that exchange rates fluctuate daily. To get the best value, it’s worth monitoring the market and exchanging at the most favourable time.

Online bureaux de change generally offer lower margins than physical ones, as they don’t face the same operational costs like rent. This makes them one of the most economical ways to get foreign currency with competitive rates.

Commission

Don’t forget to factor in any commission fees, as these will impact the final amount you receive.

There are two main types:

• Fixed commission: A set fee regardless of the amount exchanged. For example, if it’s £5, you’ll pay £5 whether you’re exchanging £100 or £10,000.
• Percentage-based commission: A fee proportional to the amount exchanged, usually between 1% and 3%. For instance, a 1% fee on a £100 exchange would cost £1.

Tip: By ordering your currency online via our website, you benefit from 0% commission, compared to physical branches where fees usually apply. Reserve online now to take advantage.

Additional Charges

Extra charges may apply when exchanging currency, particularly through banks. These can include international processing fees or hidden transaction costs. Similarly, using your bank card abroad often incurs fixed or variable fees.

Understanding these potential costs in advance helps you stay in control of your spending and make the most of your travel budget.

Additional Services

Beyond exchange rates, it's worth considering any additional services offered by your provider.

For example:

• Home delivery offers flexibility and convenience when planning your trip.
• A BuyBack Guarantee allows you to return unused currency after your trip at the same rate it was exchanged, protecting your budget from fluctuations.

Checking for these value-added services can help you choose the best provider for your needs.

Best Bureaux de Change in London

There are many bureaux de change throughout London, and prices can vary widely. We operate 19 branches across the city, including in all major districts. To get the best rates, simply order your currency online and select the branch where you’d like to collect it. This is the most economical way to obtain foreign currency in London.

Below is a comparison table of the best currency exchange locations in London:

How to Get the Best Exchange Rate?

To enjoy the most favourable rates, we strongly recommend ordering your currency online. You’ll benefit from better exchange rates than those offered in banks or physical bureaux, and 0% commission.

When placing your order, you’ll be asked how you’d like to receive your currency. You can choose either:

• Free collection from the London branch of your choice
• Home delivery, to receive your money directly at your door