currency exchange

Where is the best place to exchange currency upon arrival at Heathrow?

All the terminals have currency exchange booths. You can compare exchange rates and see if they will offer commission free exchange and free buy back. In London itself however you will more than likely find better rates at small booths in major neighbourhoods.

Where is the best place to exchange currency upon arrival at Heathrow?

The best way to get money at Heathrow is to use one of the plentiful ATMs, which you will also find in every terminal. This is particularly so if you bank with one of the ATM alliance banks, for example Bank of America in the Global Alliance - that's because they waive some of the fees if you use an alliance ATM (in that case, Barclays in the UK).

 

A word of warning about "commission free exchange" and "buy back": What you need to calculate is the total that you will get from exchanging X number of dollars (or whatever). "Commission free places" aren't necessarily cheaper, because they usually load their profit into the exchange rate. "Buy back" usually attracts a fee, because the product requires the company to assume an exchange rate risk; they're unlikely to do this out of the goodness of their hearts, so if there's no fee for this, ask yourself where they are making their money, and are actually you getting a better overall deal?

A price quote at Heathrow last October for "commission free exchange" and "buy back" had the value of the pound marked up by 28%! Without the buy back, the pound was still marked up over 20%.

 

For comparison, ATM withdrawals of pounds cost US customers from 0% to 3% plus $0 to $5 withdrawal fee. See the charts at the link below, double check fees with your bank, use your ATM card for your foreign cash, and thank Cruise Critic for saving you a bunch of money. http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

A price quote at Heathrow last October for "commission free exchange" and "buy back" had the value of the pound marked up by 28%! Without the buy back, the pound was still marked up over 20%.

 

For comparison, ATM withdrawals of pounds cost US customers from 0% to 3% plus $0 to $5 withdrawal fee. See the charts at the link below, double check fees with your bank, use your ATM card for your foreign cash, and thank Cruise Critic for saving you a bunch of money. http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

 

Thanks for the link to this article! Excellent info for the traveler.