Overview
Accommodations
Food
Sights And Activities
Museums
Entertainment
Shopping
Nightlife
Daytrips
Gay and Lesbian London
Beyond Tourism
The currency chart below is based on August 2007 exchange rates between pounds sterling and Australian dollars (AUS$), Canadian dollars (CDN$), European Union euro (EUR€), New Zealand dollars (NZ$), and US dollars (US$). Check the currency converter on websites like www.xe.com or www.bloomberg.com, or a large newspaper for the latest exchange rates.
As a general rule, it’s cheaper to convert money in the UK than at home. While currency exchange will probably be available in your arrival airport, it’s wise to bring enough foreign currency to last for the first 24 to 72hr. of your trip.
When changing money abroad, try to go only to banks or exchange bureaus that have at most a 5% margin between their buy and sell prices. Since you lose money with every transaction, convert large sums (unless the currency is depreciating rapidly) but no more than you’ll need.
If you use traveler’s checks or bills, carry some in small denominations (the equivalent of US$50 or less) for times when you are forced to exchange money at disadvantageous rates; also bring a range of denominations since charges may be levied per check cashed. Store your money in a variety of forms; ideally, at any given time you will be carrying some cash, some traveler’s checks, and an ATM and/or credit card. All travelers should also consider carrying some US dollars (about US$50 worth), which are sometimes preferred by local tellers. For listings of exchange bureaus, see Practical Information .
Traveler’s checks are one of the safest and least troublesome means of carrying funds. American Express and Visa are the most recognized brands. Many banks and agencies sell them for a small commission. Check issuers provide refunds for lost or stolen checks, and many provide services such as toll-free refund hotlines, emergency message services, and assistance with lost or stolen credit cards or passports. Ask about toll-free refund hotlines and refund center locations when purchasing checks. Traveler’s checks are readily accepted in London.
Where they are accepted, credit cards often offer superior exchange rates—up to 5% better than the retail rate used by banks and other currency exchange establishments. Credit cards may also offer services such as insurance or emergency help and are sometimes required to reserve hotel rooms or rental cars. MasterCard and Visa are the most frequently accepted; American Express cards work at some businesses and ATMs as well as at AmEx offices and major airports. If you intend to use your credit card extensively in London, alert your card issuer before leaving; otherwise, they could block your card for “suspicious activity.”
The use of ATM cards is widespread in the UK. Depending on the system that your home bank uses, you can most likely access your personal bank account from abroad. ATMs get the same wholesale exchange rate as credit cards, but there is often a limit on the amount of money you can withdraw per day (usually around US$500). There is typically also a surcharge of US$1-5 per withdrawal. Other ATM functions (including checking your balance, transferring funds, etc.) may not be accessible, depending on what kind of ATM card you have.
Debit cards are as convenient as credit cards. A debit card can be used wherever its associated credit card company (usually MasterCard or Visa) is accepted. Debit cards often also function as ATM cards and can be used to withdraw cash from associated banks and ATMs throughout London.
The two major international money networks are MasterCard/Maestro/Cirrus (for ATM locations in London ☎800-424-7787 or www.mastercard.com) and Visa/PLUS (for ATM locations in London ☎800-843-7587 or www.visa.com). Most ATMs charge a transaction fee that is paid to the bank that owns the ATM.
If you run out of money while traveling, the easiest and cheapest solution is to have someone back home make a deposit to your bank account. Failing that, consider one of the following options.
It is possible to arrange a bank money transfer, which means asking a bank back home to wire money to a bank in London. This is the cheapest way to transfer cash, but it’s also the slowest, usually taking several days or more. Note that some banks may only release your funds in pounds, potentially sticking you with a poor exchange rate; inquire about this in advance. Money transfer services like Western Union are faster and more convenient than bank transfers—but also much pricier. Western Union has many locations worldwide. To find one, visit www.westernunion.com, or call ☎61 800 173 833 in Australia, 800-325-6000 in Canada and the US, and 0800 833 833 in the UK. To wire money using a credit card (Discover, MasterCard, or Visa), call in Canada and the US ☎800-325-6000, or in the UK 0800 833 833. Money transfer services are also available to American Express cardholders and at selected Thomas Cook offices.
In serious emergencies only, the US State Department will forward money within hours to the nearest consular office, which will then disburse it according to instructions for a US$30 fee. If you wish to use this service, you must contact the Overseas Citizens Service division of the US State Department (☎202-501-4444, toll-free 888-407-4747).
Budget travel in London can be a challenge, but the cost of your trip will vary considerably depending on where you go, how you travel, and where you stay. The most significant expenses will probably be your round-trip airfare to London (see Getting to London: By Plane). Before you go, spend some time calculating a reasonable daily budget.
To give you a general idea, a bare-bones day in London (sleeping in hostels/guest houses, buying food at supermarkets) would cost about £20 (US$37); a slightly more comfortable day (sleeping in hostels/guest houses and the occasional budget hotel, eating one meal per day at a restaurant, going out at night) would cost £30 (US$55); and for a luxurious day, the sky’s the limit. Don’t forget to factor in emergency reserve funds (at least £100) when planning how much money you’ll need.
Some simpler ways include searching out opportunities for free entertainment, splitting accommodation and food costs with trustworthy fellow travelers, and buying food in supermarkets rather than eating out. Bring a sleepsack to save on sheet charges in hostels, and do your laundry in the sink (unless you’re explicitly prohibited from doing so). Museums often have certain days once a month or once a week when admission is free; plan accordingly. If you are eligible, consider getting an ISIC or an IYTC ; many sights and museums offer reduced admission to students and youths. For getting around quickly, bikes are the most economical option. Renting a bike is cheaper than renting a moped or scooter. Don’t forget about walking, though; you can learn a lot about a city by seeing it on foot. Drinking at bars and clubs quickly becomes expensive. It’s cheaper to buy alcohol at a supermarket and imbibe before going out. That said, don’t go overboard. Though staying within your budget is important, don’t do so at the expense of your health or a great travel experience.
Tips in restaurants are often included in the bill (sometimes as a service charge). If gratuity is not included, you should tip your server about 15%. Taxi drivers should receive a 10-15% tip, and bellhops and chambermaids usually expect somewhere between £1-3. Never tip bartenders, even in pubs. If you’re at an outdoor market, bargaining is sometimes acceptable.
Both Britain and Ireland have a 17.5% Value Added Tax (VAT), a sales tax applied to everything but food, books, medicine, and children’s clothing. The tax is included in the amount indicated on the price tag—no extra expenses should be added at the register. The prices stated in Let’s Go include VAT. Upon exiting Britain, non-EU citizens can reclaim VAT (minus an administrative fee) through the Retail Export Scheme. You can obtain refunds only for goods you take out of the country—not for services rendered in the UK. Participating shops display a “Tax Free Shopping” sign and may have a purchase minimum of £50-100 before they offer refunds. To claim a refund, fill out the form you are given in the shop and present it with the goods and receipts at customs upon departure (look for the Tax Free Refund desk). At peak times, this process can take as long as an hour. You can receive your refund directly at most airports. To obtain the refund by check or by credit card, send the form (stamped by customs) back in the envelope provided. You must leave the country within three months of your purchase in order to claim a refund, and you must apply before leaving the UK.
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For 52 years, we have published the world’s favorite budget travel guides, written entirely by students and updated every year. With pen and notebook in hand and a few changes of underwear stuffed in our backpacks, we spend months roaming the globe in search of travel bargains.
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