Essential Information - Money

Despite being a member of the EU, the UK has not signed up to the euro and has retained the pound sterling as its unit of currency.

One pound sterling is made up of 100 pence (pronounced 'pee', colloquially). Notes come in denominations of £5, £10, £20 and £50, while coins are 1p, 2p, 5p, 10p, 20p, 50p, £1 and £2.

The pound is a stable and generally strong currency. In summer 2003 it stood at US$1.57, A$2.46, €1.44, C$2.21 and NZ$2.75.

ATMs are a way of life in London , as the huge queues by them on Saturday nights in the West End attest. There is no area in London unserved by them, and they accept cards from any bank in the world that is tied into the Visa, MasterCard, Cirrus or Maestro systems, as well as some other more obscure ones. After a national campaign, most banks now allow their card holders to withdraw money from other banks' ATMs without charge, and vice versa. However, those without UK high-street bank cards should be warned that there is nearly always a transaction surcharge for cash withdrawals. You should contact your bank to find out how much this is before using ATMs too freely.

You can change money in most high-street banks and some travel agent chains, as well as at the numerous bureaux de change throughout the city. Compare rates and watch for the commission that is not always mentioned. The trick is to ask how many pounds you'll receive in all before committing - you'll lose nothing by shopping around. Credit and debit cards are accepted almost universally in London , from restaurants and bars to shops and even some taxis. American Express and Diner's Club are less widely used than Visa and MasterCard, while most Londoners simply live off their Switch debit cards that can also be used to get 'cash back' from supermarkets, which saves making a trip to an ATM if you are low on cash.