Costs, Money And Banks
The UK & England is one of the most expensive tourist destinations in Europe and worldwide. Particularly London can be very expensive for the budget traveler at least you will spend £30-40 for dorm accommodation, a one-day travel card and the most basic food preparation. Usually B&B is cheaper than hotels, staying in a hotel and eating restaurant meals you can easily spend £60-70 a day.
Transportation is also expensive, especially by trains, but there are
some offers for travelers, which will reduce the cost in transport.
Currency
The British monetary system is based on the pound sterling (GBP). The Euro
is rarely used in Britain but there are few big shops that accept Euros,
primarily in the south of England.
GBP = Great British Pound (£)
The pound sterling is made up of 100 pence (p) and the singular of pence is the penny, it is symbolized by “p”.
The British currency has two units, the pound and the penny. Currently are in circulation coins with denominations of 1p, 2 p, 5 p, 10p, 20p, 50p, £1, and £2, and bank notes of £5, £10, £20 and £50.
Sometimes you can hear the word “pee” or “pence” when you are paying for something, that means that the value of it is less than £1.
Currency Exchange
You can change cash and traveller's cheques at British Banks,
Building Societies, larger Post Offices, Travel Agents, some Tourist
Information Centres, American Express, and Bureaux de Change. ATMs are
the bets way to change money, they have very little fees rather than
travellers checks. ATMs are also connected to the major networks at airports
such as Heathrow and Gatwick. You'll usually get a better exchange rate
by withdrawing money at an ATM, but take care because your bank may charge
a fee for using a foreign ATM. You may also need a different PIN to use
overseas ATMs. You will need to call your bank to check and get a new
PIN if needed before you go.
The most popular ATM networks are Cirrus (tel. 800/424-7787; Mastercard ) and PLUS (tel. 800/843-7587; Visa).
Credit cards
Credit cards are another safe way to carry money, and they provide a
convenient record of all your expenses. You can also withdraw cash advances
from your credit cards at any bank or from an ATM with your PIN. If you
don't have a PIN, call your credit card company and ask for one. It usually
takes 5 to 7 business days, but some banks provide the number over the
phone if you pass a security clearance.
All major credit cards are accepted including American Express, Visa, Mastercard, Diners Club in British stores, restaurants, travel agencies, etc., but some small business just accepts cash.