• Blog
  • Accommodation
  • Admission Guide
  • Student Finances
  • Tips & Tricks
  • Blog Stories

Type and hit Enter to search

  • Blog
  • Accommodation
  • Admission Guide
  • Student Finances
  • Tips & Tricks
  • Blog Stories
  • Blog
  • Accommodation
  • Admission Guide
  • Student Finances
  • Tips & Tricks
  • Blog Stories

Type and hit Enter to search

  • Blog
  • Accommodation
  • Admission Guide
  • Student Finances
  • Tips & Tricks
  • Blog Stories

Global Scholarship Opportunity: $24,000 USD!

Explore University Living
accommodations now!

Explore Now

Ultimate Guide to UK Currency Exchange

May 23, 2019 3 Mins Read
Updated On: March 5, 2025

UK currency

Table of Contents

  • Why should you avoid exchanging currency at the airport?
  • Why should you contact your local bank?
  • Which is the best place to exchange currency?
  • Should you pay using your debit/credit cards?
  • Which places should you avoid?

When you are moving abroad for studies, the biggest dilemma that we all face is when, where, and how we will exchange our home currency to the local currency. There are many ways by which you can get your currency exchanged but most of them turn out to be quite disappointing due to various reasons. But you need not worry, with the following tips, you’ll make the most of every cent you spend. With these tips, doing UK currency exchange will be a cakewalk.

Currency exchange is the process of exchanging one’s home currency into the currency of the country he/she is visiting. The exchange can be for anything be it tourism, studies or commerce, etc. For those visiting UK, the currency used throughout the UK is British Pound (GBP- £), made up of 100 pence (p). The pound is also known as Sterling or pound sterling. In slang term, pound or sterling pound is called quid and pence is referred to as “pee”. The coins come in denominations of 1p, 2p, 5p, 10p, 20p, 50p, £1, and £2 whereas the notes come in denominations of £5, £10, £20, and £50. These are the denominations that you will get when you will exchange your local currency to pound.

Why should you avoid exchanging currency at the airport?

Which is the best place to exchange currency before a trip? The answer should never be the airport. Avoid UK currency exchange at the airport as it the worst place to exchange foreign currency. On exchanging currency from popular booths like Forex, and Travelex that can be easily spotted at the airports, you may end up losing about 15% of the cash you require.

Why should you contact your local bank?

You can contact your local banks before travelling and find out what are the UK currency exchange rates. Local banks are more likely to offer better exchange rates and may not charge a fee for it. Also, try to practice the 70/30 rule, in which you load 70% of your total expense in forex card and carry the rest 30% in cash in the form of local currency.

Which is the best place to exchange currency?

No matter what your destination is, exchanging foreign currency at a government institution is always better. Visit your nearest post office or a government bank as they can provide you with better exchange rates than local agents or private dealers.

Click on this link to know how to open a bank account in the UK

Should you pay using your debit/credit cards?

Don’t overuse your international debit card or credit cards because that will result in unnecessary convenience and transaction fees. Make use of credit card only for large purchases and debit card for withdrawing money from the ATM.

Which places should you avoid?

If you don’t want to pay high conversion fees plus get a poor exchange rate, you must avoid exchanging currency near popular tourist attractions or in the city centre. Instead, we recommend you to opt for less popular tourist areas so that you can get better exchange rates and thus save some money.

If you need more help regarding forex exchange, send us a tweet! We’re always available to make your student experience truly hassle-free. We will help you purchase, sell, and transfer international currency anywhere in the world through our trusted partners at Niyo. Indian students can use their Niyo Global card worldwide with zero Forex markup.

Suggested Some UK Cities:

Book Premium Student Accommodation York

Premium Student Accommodation Birmingham

View all stories
Explore Harvard University: A Legacy of Excellence
Explore Harvard University: A Legacy of Excellence
Best 7 Free Online Courses by Harvard University
Best 7 Free Online Courses by Harvard University
Top 7 Universities as Per World University Rankings
Top 7 Universities as Per World University Rankings
7 Top Fast Food Restaurants in UK
7 Top Fast Food Restaurants in UK
7 Benefits of Studying at Nighttime for Students
7 Benefits of Studying at Nighttime for Students

Share Article

Get In Touch

Please fill out the form below, and our elementor will assist you shortly.

By submitting, you agree to our Privacy Policy and Terms & Conditions.

academic illustration
Find the right accommodation?

Find your perfect student accommodation, close to university & close to life

Book Now

Recent Posts

  • Concordia University

    Concordia University of Edmonton: Courses, Fees, Scholarship & More

    October 9, 2025
  • Universities

    Best UK Universities to Study FinTech

    October 8, 2025
  • Money-Making Apps

    Best Money-Making Apps for Students in Australia 

    October 7, 2025
  • University of Western

    Best Business and Finance Programs Offered at the University of Western Australia

    October 4, 2025
  • FAFSA

    FAFSA Application 2025-2026: Key Dates, Eligibility & Step-by-Step Guide 

    October 2, 2025

Categories

  • Admission Guide 748
  • Student Finances 207
  • Accommodation 185
  • Beyond Uni 143
  • Tips & Tricks 76
  • News 62
  • Student Housing News 52
  • Immigration 25
  • Featured Story 6
  • Industry Reports 6

Popular Tags

United Kingdom United States Australia Canada London Germany Ireland New Zealand Spain France Singapore Netherlands Italy Melbourne Switzerland
Safe home for every student
Company
  • About
  • Blog
  • Scholarship
  • Refer & Earn
  • Industry Report
  • Services
  • List Your Property
  • Student Ambassador
  • Cost Of Living
Help
  • Contact Us
  • Careers
  • FAQs
  • care@universityliving.com
Support
United Kingdom
3rd Floor, 86-90 Paul Street, London - EC2A 4NE
+44 203 695 6785
India
Riana Aurelia Plot No- 93-94, 8th Floor, Sector-136, Noida-201305
+91 9484707142
Australia
3 McLoughlin Street, Marsden Park NSW 2765 Australia
+61 279 123 007
United States
178 Columbus Ave #237190 SMB 32557 New York, NY 10023
+1 617 861 6668
University Living Logo
© 2025 University Living Accommodation Pvt Ltd. | Terms & Conditions | Privacy Policy
App Store Google Play
Explore Harvard University: A Legacy of Excellence Best 7 Free Online Courses by Harvard University Top 7 Universities as Per World University Rankings 7 Top Fast Food Restaurants in UK 7 Benefits of Studying at Nighttime for Students
Explore Harvard University: A Legacy of Excellence Best 7 Free Online Courses by Harvard University Top 7 Universities as Per World University Rankings 7 Top Fast Food Restaurants in UK 7 Benefits of Studying at Nighttime for Students