The mid-market rate, also known as the interbank rate or spot rate, is the midpoint between the buy and sell rates from global markets. The pound is freely traded on the open market, and the exchange rate is the value at which traders are prepared to buy or sell at a given point in time. Sign up for exchange rate alerts so you can convert currency at the perfect time.
Try timing your exchange for when your home currency is stronger compared to the pound. This is why timing is everything when exchanging currency. Factors affecting the rate include economic, political and other changes.
This means that its value is determined by current supply and demand and will fluctuate over time. The Great Britain Pound (GBP, also known as pound sterling) has a floating exchange rate¹, just like many major and widely traded currencies. Here are a few tips to consider when exchanging currency in London. Things to know before exchanging your moneyīefore you part with your hard-earned cash, it’s useful to learn a little more about the process of exchanging money in different currencies. This means low fees and the real, mid-market rate every time.Īlso, check out Wise’s multi-currency account, which lets you manage and send dozens of currencies all from the same account. Its smart technology skips hefty international transfer fees by connecting local bank accounts all around the world. This means more profit for the bank, but a worse deal for you. They add a margin or mark-up on top of the mid-market exchange rate, which is the one you’ll find on Google or currency sites like Xe.com. Sending money to or from the UK? Wise could save you more compared to your bankīanks and some money transfer providers often give you an unfavourable exchange rate when you convert currencies.
CURRENCY CONVERTER LONDON HOW TO
If you’re not careful, you could be losing a lot of money without even realising it.Ĭheck out this guide on how to get the best deal possible exchanging your money when travelling to London. While lots of companies claim to offer the ‘best’ and ‘most competitive’ rates around, this isn’t always the case. Unfortunately, foreign exchange is big business. For visitors from other countries, this means finding the best places for currency exchange in London. Visiting London? There’s so much to see and do in the UK capital, so you’ll have plenty of brilliant experiences to spend your money on.īefore you do, you’ll need to get your money sorted.
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