The Tourist’s Guide To British Money – Where To Spend Euros, How To Change Them and What Happens in Scotland

The London 2012 Olympic and Paralympic Games have positioned London as one of the world’s major tourism destinations, and over the coming years many millions more visitors will come to the UK to discover the delights that await them. Last year, more than 30 million people visited the UK and ended up spending close to £18 billion between them – an average of £584 each.

The top five countries for inbound visitors in 2011 were France, Germany, USA, Irish Republic and Spain – four out of five of those countries are in the eurozone and therefore many of these millions of visitors will come to Britain carrying euros. First of all it is important to stress that the only official currency of the UK is sterling, available in £50, £20, £10 and £5 notes and coins worth £2, £1, 50p, 20p, 10p, 5p, 2p and 1p. £1 is made up of 100 pence.

Photo by Davide Oliva

Britain and the Euro

To date, Britain has decided not to join the single European currency, despite being a member of the European Community. Following the severe economic problems faced by a number of European countries during the global economic recession this position does not look likely to change in the immediate future.

However, tourists coming into Britain carrying euros are still able to spend the currency at some venues. Shopping outlets in and around the country’s major airports such as Manchester, Gatwick and Heathrow will often accept euros due to high demand from consumers. Harrods is one of the major destinations for tourists visiting London and as such accepts many forms of payment including euros and American dollars as well as sterling. Other foreign currencies may also be accepted on request. Likewise, Selfridges is a top destination for fashion-conscious consumers and this has led the company to accept euros, US dollars and Japanese Yen at all of its tills across its stores in Manchester Exchange Square, Manchester Trafford Centre, Birmingham and London.

Of course the vast majority of stores in Britain will not accept euros, which means visitors will need to change money. All of the UK’s major high street banks offer a bureau de change service as do major travel agents and the Post Office, while in tourist destinations such as central London visitors  have plenty of choice. The important thing is to find out which firm offers the best rate of exchange. Some companies will charge a commission on the money that you change – others won’t but will have less attractive exchange rates as a result. Some companies will offer a matching service, meaning they will cover an exchange rate offered by a rival firm if asked.

Across the Border

And what about Scotland? Well like Wales, England and Northern Ireland, the currency in Scotland is pound sterling. Scotland and Northern Ireland do however have their own banknotes and these are officially only legal tender in that country. In reality however, the larger retailers will tend to accept Scottish and Northern Irish banknotes. They can also be changed in any bank in the UK at no cost.

Steven Paulit is a freelance writer who loves to travel. From Britain to the rest of the world they love to find great cheap summer holidays and weekend breaks away.

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Category: Travel Tips