Best Place to Exchange USD to EUR in London

Where to Exchange USD to EUR in London

London is a global financial hub with numerous options for exchanging US Dollars to Euros. Whether you're an American tourist passing through on your way to mainland Europe, or a London resident needing euros for a trip, finding the best exchange rate can save you significant money.

The key is understanding that exchange rates vary dramatically between providers. Airport exchanges typically offer the worst rates (8-12% below mid-market), while online providers like Wise can get you within 0.5-1% of the real exchange rate.

Important note: London uses British Pounds (GBP), not Euros. If you're staying in London, you'll need GBP. This guide is for those who specifically need Euros — perhaps you're travelling onward to Paris, Amsterdam, or elsewhere in the Eurozone.

Best Options for Exchanging USD to EUR in London

Here's how the different exchange options in London compare, ranked from best to worst value:

1. Online transfer services (Wise, Revolut, OFX) — Best rates, typically 0.5-1.5% from mid-market. Transfer to a Euro account or multi-currency card.
2. Specialist bureaux de change — Thomas Exchange Global, Currency Exchange Corporation offer competitive rates, usually 2-3% from mid-market.
3. High street bureaux (Post Office, Travelex) — Convenient but rates are 3-5% from mid-market. Pre-ordering online usually gets better rates than walk-in.
4. UK banks — Generally poor rates for currency exchange, 4-6% from mid-market plus possible fees.
5. Airport exchanges (Heathrow, Gatwick) — Worst rates, typically 8-12% from mid-market. Avoid if possible.

Local Exchange Options in London

If you need physical Euro cash in London, here are the best local options:

Central London Bureaux de Change

Thomas Exchange Global — Multiple locations in central London including Oxford Street, Victoria, and the City. Generally offers better rates than chain bureaux. Check their rate board or website before visiting.

Currency Exchange Corporation — Locations near major stations. Good rates for walk-in customers.

International Currency Exchange (ICE) — Found in shopping centres and tourist areas. Rates vary significantly by location.

Supermarket & High Street Options

Sainsbury's Bank — Order online for collection at larger Sainsbury's stores. Competitive rates.

Marks & Spencer Bureau — Available in larger M&S stores. Convenient if you're already shopping.

Tesco Bureau de Change — Located in larger Tesco stores. Rates are middling but convenient.

London Airports (Use Only as Last Resort)

Heathrow Airport — Multiple Travelex and Moneycorp outlets across all terminals. Rates are typically 8-12% worse than the mid-market rate. If you must exchange here, the arrivals halls sometimes have marginally better rates than departures.

Gatwick Airport — Similar to Heathrow with Travelex and Moneycorp. Avoid if possible.

Tips for Getting the Best USD to EUR Rate in London

1. Avoid airport exchanges at all costs. The convenience premium at Heathrow and Gatwick is enormous — you could lose 10% of your money. Even exchanging a small amount for a taxi is expensive; use a card instead.

2. Consider a multi-currency card. If you're travelling to Europe via London, a card like Wise or Revolut lets you hold and spend Euros without needing physical cash. You get near-perfect exchange rates and can top up as needed.

3. Pre-order online for bureau collection. Both Post Office and Travelex offer better rates when you order online versus walking in. You can collect at a convenient location.

4. Compare rates on the day. Exchange rates fluctuate constantly. Use our rate comparison tool to check current rates before committing.

5. Watch out for "0% commission" claims. Many bureaux advertise no commission but make their profit on poor exchange rates. Always compare the actual amount of Euros you'll receive, not just whether there's a fee.

6. Larger amounts get better rates. If you're exchanging over $1,000, consider OFX or CurrencyFair which offer better rates for larger transfers.

When to Exchange Your Money

The USD/EUR exchange rate fluctuates based on economic news, interest rate decisions, and market sentiment. Here are some timing considerations:

Monitor the rate trend. If the dollar is strengthening against the euro, you might want to exchange sooner. If it's weakening, waiting could cost you.

Avoid exchanging on weekends. Some providers widen their spreads on weekends when markets are closed. Weekday exchanges typically get better rates.

Watch for major economic announcements. Federal Reserve and European Central Bank decisions can cause significant rate movements. If a big announcement is coming, consider whether to exchange before or after.

Set a rate alert. Use our rate alert feature to get notified when USD/EUR hits your target rate. This takes the guesswork out of timing.

Fees and Hidden Costs to Watch For

When exchanging USD to EUR in London, be aware of these potential costs:

• Exchange rate markup: The difference between the mid-market rate and what you're offered. This is how most providers make money.
• Transaction fees: Some providers charge a flat fee per exchange. This hurts more on smaller amounts.
• Card fees: If paying by debit/credit card at a bureau, you might face additional card processing fees.
• Delivery fees: For home delivery of currency, there's usually a charge unless you meet a minimum order.
• Dynamic currency conversion: If using a card abroad and offered to pay in USD, always decline and pay in EUR. Conversion by the merchant is almost always a worse deal.