Business Trip to London: Banks, Banking, Money and Currency Exchange

In this section you'll find practical information to cover every aspect of a holiday or business trip to London.

As well as background on British culture, post, telecommunications, banking, currency and public transport. You'll also find the contact details of London embassies and high commisions for further information on UK immigration law, work permit applications and visa requirements.

British Currency

British currency normally referred to as sterling, comprises of two monetary units, the penny and the pound. You may hear the pound called the "quid", this comes from the Latin expression "quid pro quo" meaning one thing for another, leading back to the Roman occupation of Britain.

Banks in London

Although most of the major US banks have branches in London, many do not offer "retail" or personal banking services to expatriates. Contact your London Branch to see if they will provide chequing and savings account services and importantly "plastic" that is compatible with the UK network of ATM's and accepted in most shops.

It is generally a good idea to open an account with a UK bank. The four largest UK banks are Barclays Bank, Lloyds TSB Bank, HSBC Bank and National Westminster Bank. They have numerous High Street branches throughout the UK. You will need to take your passport for confirmation of your identity and references may be required.

UK Currency Exchange

Money can be changed for a fee, in most High Street Banks, the usual working hours are 9.30am to 3.30pm. "Bureaux de Changes" can also be found in main high streets.