Kensington Area Bank to Exchange money?
Feb 16th, 2008, 12:43 PM
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Kensington Area Bank to Exchange money?
Hello, We arrive in London on a Saturday and I have read not to change our dollars at the airport exchange bureaus. Are there any banks in the South Kensington underground stop area tht would be open on a Saturday. Thank you
Feb 16th, 2008, 12:52 PM
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babs, have you read the posts here on Fodor's about taking cash vs using an ATM card on trips to Europe?
If not, pls do. You would be much better off using an ATM at the airport upon your arrival than trying to locate a bank that will take your dollars. A few years ago, we tried 3 different banks in Edinburgh, none of which would exchange Dollars for Pounds. We then used our ATM card for the rest of the trip w/o any problem.
Our bank charges $3 per ATM transaction and gives us a good exchange rate -- much better than you will get at exchange bureaus.
If not, pls do. You would be much better off using an ATM at the airport upon your arrival than trying to locate a bank that will take your dollars. A few years ago, we tried 3 different banks in Edinburgh, none of which would exchange Dollars for Pounds. We then used our ATM card for the rest of the trip w/o any problem.
Our bank charges $3 per ATM transaction and gives us a good exchange rate -- much better than you will get at exchange bureaus.
Feb 16th, 2008, 10:59 PM
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If you have a reason for needing to carry cash with you, there's no conventional bank or large post office open round South Ken tube on Saturday afternoons (though the post office by the tube's open till Saturday lunchtime)
But the area, like most of central London, is stuffed with exchange hole-in-the-walls. They all offer different rates, and they can often offer better rates even than post offices or Marks and Spencer, which most of the time are the two most competitive places to exchange money. If you need a substantial sum changing, shop round and haggle. Rates publicly quoted can often be improved on for a big enough transaction.
Incidentally, the assertion that airport exchange places are absurdly expensive is one of those ill-informed myths people who don't travel much like to tell everyone. Oddly, none of these self-styled experts ever bothers quoting comparative rates. In practice, airport booths often undercut conventional banks, who have to pay for all those marble halls and year-end bonuses somehow.
But the area, like most of central London, is stuffed with exchange hole-in-the-walls. They all offer different rates, and they can often offer better rates even than post offices or Marks and Spencer, which most of the time are the two most competitive places to exchange money. If you need a substantial sum changing, shop round and haggle. Rates publicly quoted can often be improved on for a big enough transaction.
Incidentally, the assertion that airport exchange places are absurdly expensive is one of those ill-informed myths people who don't travel much like to tell everyone. Oddly, none of these self-styled experts ever bothers quoting comparative rates. In practice, airport booths often undercut conventional banks, who have to pay for all those marble halls and year-end bonuses somehow.
Feb 17th, 2008, 01:57 AM
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If alanRow's misunderstood "exchange hole in the walls", the poster might do so as well.
London's lousy with tiny hole in the wall booths where human beings exchange foreign notes for real money. It's easy to assume, as many naive tourists often do, that these places are ripoff joints: in fact, with near-zero overheads and far sharper owners than the bureaucrats who run banks, they can - and if you keep your wits and haggling skills about you and remember to shop round, will - undercut the rates offered by banks, post offices and M+S. They can also spot an easy touch a mile off, and rarely volunteer their best rate.
They are not to be (and indeed cannot be) confused with hole in the wall machines, as Britons sometimes describe what most non-British English speakers call ATMs (more often known in real English as cashpoints).
London's lousy with tiny hole in the wall booths where human beings exchange foreign notes for real money. It's easy to assume, as many naive tourists often do, that these places are ripoff joints: in fact, with near-zero overheads and far sharper owners than the bureaucrats who run banks, they can - and if you keep your wits and haggling skills about you and remember to shop round, will - undercut the rates offered by banks, post offices and M+S. They can also spot an easy touch a mile off, and rarely volunteer their best rate.
They are not to be (and indeed cannot be) confused with hole in the wall machines, as Britons sometimes describe what most non-British English speakers call ATMs (more often known in real English as cashpoints).
Feb 17th, 2008, 02:22 AM
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From the S. Kensington tube station north about a block is a post office on the west side of the street. Across from there is a news agent & his rates are pretty good & there is no commission added on.
The one I always use is on Brompton Road on the way to Harrods on the south side of the street. It's also a news agent & is between a small market called Lord's & Patisserie Valerie. It's the only news agent in that stretch between the V&A & Harrods. My ATM card doesn't work there but I'm in the Caribbean so your bank ATM card very well might.
The one I always use is on Brompton Road on the way to Harrods on the south side of the street. It's also a news agent & is between a small market called Lord's & Patisserie Valerie. It's the only news agent in that stretch between the V&A & Harrods. My ATM card doesn't work there but I'm in the Caribbean so your bank ATM card very well might.
Feb 17th, 2008, 08:20 AM
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I disagree with Flanneruk.
I have seen airport exchange booths where the rate was 10% worse than the wholesale bank rate of exchange.
At one time I had a great interest in exchange rates because of my research interest in international trade. (A think of the past.) I always check the posted rates at the booths at airports and at banks.
I remember one year before the euro, several of us had a pencil and paper contest to see who could burn up $100.00 by doing a series of exchanges from one currency to the other.
So we checked train stations, banks, etc. Commissions and exchange rate losses ate up the $100 very quickly!!
Given the wallop some banks put o you, e.g. Bank of America, for off net transactions, I have decided that there is no consistent bargain way to obtain currency when shifting currencies.
Even with the euro it is easy to do.
For example, a trip to Prague, Munich, Bern, and London would put you into 4 different currency zones.
B of A has no corresondent bank in the Czech Republic or Switzerland.
So this summer I am hoping Fidelity Investments Visa debit card will be my plastic of choice.
I have seen airport exchange booths where the rate was 10% worse than the wholesale bank rate of exchange.
At one time I had a great interest in exchange rates because of my research interest in international trade. (A think of the past.) I always check the posted rates at the booths at airports and at banks.
I remember one year before the euro, several of us had a pencil and paper contest to see who could burn up $100.00 by doing a series of exchanges from one currency to the other.
So we checked train stations, banks, etc. Commissions and exchange rate losses ate up the $100 very quickly!!
Given the wallop some banks put o you, e.g. Bank of America, for off net transactions, I have decided that there is no consistent bargain way to obtain currency when shifting currencies.
Even with the euro it is easy to do.
For example, a trip to Prague, Munich, Bern, and London would put you into 4 different currency zones.
B of A has no corresondent bank in the Czech Republic or Switzerland.
So this summer I am hoping Fidelity Investments Visa debit card will be my plastic of choice.
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