Exchanging US Dollars at local London Banks

It is always more cost effective (and more efficient and time-friendly) to simply use an ATM machine. Where you bank will impact this as some banks will add fees to your ATM transactions, so you may want to look around and open a "travel" checking account with a bank that does not have big fees, usually the smaller credit unions do not.

ATM's, called cash points in the UK, are ubiquitous and give the best rates. If you want to compare, you could visit a bank and see what the exchange rate and fees are per transaction. The only thing I miss about the days when we all stood in line at the foreign exchange windows are the conversations with others when we traded travel experiences.

Although a poster recently claimed some banks give excellent exchange rates and no fees (I still find that hard to believe), the real question is why would you carry around large sums of US dollars on a foreign trip? If your wallet is stolen, all that money is gone. And why carry a thick wad of cash with you? Use the ATM. Take out as much as allowed each time to minimize your bank's fee. Inform your bank ahead of time about your trip and even request a higher daily limit for the duration. The UK banks do not charge any fees for using their ATM's.

Thank you for all the replies. I'm trying to prepay a lot in advance of the trip. ATM it is.

I am not sure that British banks have much interest in currency exchange any more, certainly outside London. Some years ago, they would have boards showing the exchange rates prominently displayed, but you don't see those any more. They do sell packs of dollars and euro to British travellers going abroad, but that is rather different. There are, however, large numbers of other retailers who deal in foreign currency. The Post Office does, as do many branches of Marks & Spencer and W.H. Smith. Most travel agents have a foreign exchange desk. These are all aimed at British travellers, but they buy back currency when people return to the U.K. So don't go looking for a bank to change your dollars. However, currency exchange always involves a loss somewhere along the line, and using the ATM is always the best idea. Note that some privately operated ATMs charge a fee, but you will always be told in advance and ATMs that don't charge are everywhere.

Believe it or not the bank in the Basemnet of Harrods has an excellent rate as does the money changwer at Covent garden (strand side )

Believe it or not the bank in the Basemnet of Harrods has an excellent rate as does the money changer at Covent garden (strand side )