Here are five ideas for saving money when traveling in London. If you have more ideas please comment and let us know!
1. Use a charge card without any international transaction fees. We used a Capital One card and got a 1 point better rate than our ATM rate and 4 to 6 points better than the conversion offered by the local merchant.
Here are some specific rates:
March 13: ATM Heathrow bought British pounds for 1.52 USD
March 13: Capital One credit card charge 1.51 USD
March 16: Harrod’s exchange rate: 1.55 USD
March 16: Capital One charge 1.51 USD
March 16: Hotel exchange rate 1.57 USD
So if you are making a purchase costing 10 British Pounds you could pay between $15.10 and $15.70 depending on your method of payment.
We did NOT use other credit cards as we have received international charges on Discover and another Visa card (don’t remember which one as we got rid of it).
2. Purchase family rate tickets where available if you are 4 or more in your family. The London Eye and the Tower of London both offer family rates.
3. The Travelcard versus Oyster Card dilemma in the underground. Travelcards are simpler and don’t require advance planning to get 15 and under discount rate. Oyster Cards will never cost more than a Travelcard. If you are making 4 or more trips a day or want the simplest option then get the Travelcard. If you’re traveling less or have time to get a child’s photo card in advance then go with the Oyster Card.
Children up to 10 years: free on the buses, trams, tubes, DLR and London Overground when traveling with an adult. But if they look older then they need an ages 5-10 Oyster photocard to travel free.
Children 11 to 15 years: Free on bus and tram BUT need an Oyster photocard (see below). Can purchase a Day Travelcard.
Children 16 and 17: Half adult-rate Oyster fares BUT need an Oyster photocard (see below).
The Oyster is the cheapest way to pay for single journeys on bus, Tube, tram, DLR, London Overground and National Rail services in London. BUT it’s more time consuming to add funds to especially if you don’t have internet access.
IMPORTANT: You need to plan ahead to get an Oyster photocard as they take awhile to process (on the order of 2 to 4 weeks).
We used daily travelcards as we took 4 rides each day. Teens up to 15 can get half price daily travel cards at the Underground ticket windows. If you take 4 or more journeys a day then a Travelcard and an Oyster card cost the same for adults.
4. See the national museums! They have free admission. We went into the National Gallery just to see a couple of paintings and then enjoyed the sunshine on Trafalgar Square.
5. If you make a large purchase to take back to the states make sure you get a form to have the VAT rebated. The vendors should have the forms and fill out most of the information. You complete your personal information and then get the form stamped when you depart the EU. At Heathrow terminal 5 look for the (slightly small) red VAT signs. We found the office is located AFTER security, but we were told there was also an office before security (never saw it).
What suggestions do you have for saving money in London? Let others know in the comments.
