Carrying some local currency while in Oxford will provide you with a level of security. If you encounter issues with electronic payment methods or places that don’t accept cards, having cash on hand can be crucial. It’s also helpful in situations where card payments may not be secure or widely accepted. So, here are the best places to buy British pounds in Oxford at a good rate.
Of course, though, while it’s convenient to exchange money before going on holidays, it’s important to strike a balance and not carry excessive amounts of cash for security reasons. Additionally, having a mix of payment methods, including credit/debit cards and local currency, provides flexibility during your travels.
Having said that, let me share my experience exchanging money in Oxford and my recommendations for doing so.
Why Is It Convenient To Exchange Money
When You Visit Oxford?
Exchanging money before going on holidays (be it dollars, euros, or other currencies) is convenient for several reasons:
- Avoiding Currency Conversion Fees: Exchanging money in advance allows you to avoid currency conversion fees that may be charged by banks or currency exchange services at your destination. By obtaining local currency beforehand, you can potentially save on these extra costs.
Convenience Upon Arrival: Having local currency in hand upon arrival makes your journey more convenient. It allows you to cover immediate expenses like transportation, meals, and small purchases without the need to search for currency exchange services right away.
Avoiding Unfavorable Exchange Rates: Exchange rates can fluctuate, and converting money in advance allows you to lock in rates that are favorable at the time. This can be particularly advantageous if you believe the currency of your destination might strengthen against your home currency in the future.
Budgeting with Certainty: Exchanging money in advance enables you to budget more effectively for your trip. You know exactly how much local currency you have, helping you plan and manage your expenses without worrying about fluctuating exchange rates.
Convenience in Remote Areas: If you plan to visit remote areas or areas with limited access to banks or ATMs, having local currency ensures that you can make transactions and purchases without relying solely on electronic forms of payment.
What Documentation Do You Need
to Exchange Money in The UK?
To exchange money in the UK, the documentation required can vary depending on the service provider. When exchanging old banknotes at a UK bank, you may need to provide a signed letter from the true owner of the money confirming the exchange, including the owner’s name and the original source of the money.
So, in short, you will need:
- Your ID (for example, your passport, drivers’ license, etc)
- If you’re exchanging a large sum, proof of its origin (for example, a bank statement)
When purchasing travel money from a service like the Post Office, you will need to provide a few other personal details during the order process (but you don’t need an account logon). It’s important to check the specific requirements of the provider you choose for exchanging money, as they can vary from place to place.
Where to Buy GBP in Oxford
Here are three main places I would recommend where you can easily buy GBP in Oxford. All of these offer the service of buying GBP and have received positive ratings from customers.
Senli Cash & Go - High Street Branch
Senli Cash & Go – High Street Branch is a currency exchange service located at 16B High St, Oxford OX1 4AG, United Kingdom.
It offers competitive rates with 0% commission, 0% fees, and student discounts. The opening hours are typically from 9:30 AM to 5:00 PM, and it is known for providing favorable exchange rates compared to banks, travel agents, and other currency exchange services in Oxford.
- Address: 16B High St, Oxford OX1 4AG, United Kingdom.
- Rating: 4.1 out of 5 based on 39 reviews.
ChangeGroup
ChangeGroup in Oxford is located at 6-7 Cornmarket St, Oxford OX1 3EX, United Kingdom. It is a currency exchange service that provides travel money and currency exchange services.
The company offers competitive exchange rates and is open during regular business hours. For more information, you can visit their website at https://www.changegroup.co.uk or contact them at 01865 202510.
- Address: 6-7 Cornmarket St, Oxford OX1 3EX, United Kingdom.
- Rating: 2.7 out of 5 based on 81 reviews.
Post Office Travel Money
Post Office Travel Money has multiple locations in Oxford, UK. All of these branches provide foreign currency exchange and travel money services.
- Post Office Travel Money – St Aldate’s Branch
- Address: 102-104 St Aldate’s, Oxford OX1 1ZZ, United Kingdom
- Rating: 5 based on 1 review.
- Post Office Travel Money – Iffley Rd Branch
- Address: 297 Iffley Rd, Oxford OX4 4AG, United Kingdom
- Rating: 1 based on 2 reviews.
- Post Office Travel Money – Kennington Rd Branch
- Address: 156 Kennington Rd, Oxford OX1 5PE, United Kingdom.
- Post Office Travel Money – Downside Rd Branch
- Address: 46 Downside Rd, Oxford OX3 8HR, United Kingdom
- Rating: 1 based on 1 review.
- Post Office Travel Money – Balfour Rd Branch
- Address: 69 Balfour Rd, Oxford OX4 6AG, United Kingdom.
Other Ways to Get Pounds In Oxford
You can also contact your bank to inquire about their foreign exchange services. Most banks offer currency exchange, and some may have specific branches or online platforms dedicated to foreign currency transactions. Banks typically offer various methods for currency exchange, including in-branch services, online banking, or through mobile apps.
If you prefer in-person transactions, visit your bank branch. Approach the teller or customer service desk and let them know you would like to buy pounds. Provide the amount you wish to exchange in your home currency.
Remember that exchange rates fluctuate, so it’s essential to know the rate at the time of your transaction. Also, be prepared to provide identification, such as a valid passport or driver’s license, especially for larger transactions. Banks have protocols in place to ensure the security of foreign currency transactions.
The Most Common Currencies
The most common currencies that people exchange for GBP (British Pound Sterling) include:
Euro (EUR): Given the proximity and frequent travel between the United Kingdom and countries in the Eurozone, the Euro is one of the most commonly exchanged currencies for GBP.
United States Dollar (USD): The USD is widely accepted and exchanged worldwide, including in the United Kingdom, making it another popular choice for currency exchange.
Swiss Franc (CHF): Switzerland is a popular travel destination and financial hub, leading to frequent currency exchanges between CHF and GBP.
Japanese Yen (JPY): Japan has a significant tourism industry, and many travelers from Japan visit the United Kingdom, resulting in currency exchanges between JPY and GBP.
Australian Dollar (AUD) and Canadian Dollar (CAD): Both the AUD and CAD are commonly exchanged for GBP due to travel, trade, and economic ties between the United Kingdom, Australia, and Canada.
Chinese Yuan (CNY) and Hong Kong Dollar (HKD): As major economic powers, China and Hong Kong have significant trade and financial relationships with the United Kingdom, leading to exchanges between CNY/HKD and GBP.