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BANKS
It is still possible to exchange Euros to Pounds at most banks in the European Union before travelling to the UK. This could be a good option as well as a way to getting some initial cash that you might need on arrival. But note that banks usually charge you with different commissions (sometimes hidden commissions), so you´d better take care of those details before making your decision.
EXCHANGE HOUSE
London is full of exchange houses in all its areas, that´s why so many exchange houses are offering highly competitive rates (very similar to the official exchange rates and without paying any commission). But you´ll have to know where to look to find the best possible option. In this sense, airports and most tourist places frequently offer the worst rates. All in all, we have to point out that a great exchange house with competitive prices seems to be a good choice if you want to exchange a small amount of money; but it can become a little bit uncomfortable if you want to exchange a bigger sum, due to the fact that you have to take your cash with you to the exchange house.
CREDIT CARDS AND ATMs
It might appear easy, but paying with credit cards and withdrawing pounds from an ATM can be also extremely expensive. Although there are a lot of banks that don´t charge you for paying with credit card in a foreign country, they still use their own exchange rates which is always higher than the official one. And it is exactly the same with ATMs; depending on your bank you might not be charged for your withdrawal, but they´ll still apply their own (and lucrative) exchange rate.
MONEY TRANSFER
Finally, in case you are thinking on staying in the UK for a long period, you should consider opening a British bank account, since they all offer basic services for free and allow you to send money transfers when needed. This is undoubtedly the best option as you will get the official rate of the day, so you will be only charged for the international money transfer costs which are very low using payment providers such as Small World. Another very practical option is to send money to yourself before the trip and use any of Small World 40 payout locations in the UK to pick up the money without any extra cost.