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I use Ace-FX regularly for travel money, as they're located near where I work in Canary Wharf. They're not the very best rates in London (you have to go to Central London for those), but they're still very competitive and easily the best rates in the area. They don't keep stocks of currencies apart from Euros and US Dollars, so you have to preorder in the morning to collect in the afternoon for anything else. They've always been quick and efficient whenever I've dealt with them, although sometimes there are queues during the lunchtime rush at the Canada Place store (there are two in the Canary Wharf mall). On one occasion they didn't get the delivery of the currency I wanted, but they said if I came back the next day, they'd give it to me at their wholesale price, which is more than fair.

Found them to have the best foreign exchange/travel money through a comparison website. I placed the order online through their website and my money was ready at an alloted time. I was in and out in 2-3 minutes and my errand is done! I am happy to have found them!

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Canary Wharf to carve out terraces in £400m HSBC tower makeover

The redevelopment will reportedly cost between £400m-£800m and will allow allow the public to enjoy ‘outstanding views’ of london, article bookmarked.

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The HSBC tower in Canary Wharf is set to receive a major makeover once the bank leaves , with large chunks of the facade to be removed.

The Canary Wharf Group (CWG) will transform the 1.1 million-square-foot skyscraper at 8 Canada Square into a unique destination, which will include “best-in-class workspaces, leisure, entertainment, education, and cultural attractions”.

The project would be the largest ever conversion of an office skyscraper to become a “mixed use” building, according to early plans from developers , who manage the tower on behalf of its owner the Qatar Investment Authority (QIA).

CWG said the redevelopment will allow the public to enjoy “outstanding views” across London from the capital’s financial district for the first time.

The project is set to begin in 2027, following the expiry of the current HSBC lease.

Kohn Pedersen Fox, the architectural practice, won a global competition run by QIA and CWG to reimagine the building from a single-use office building to a “highly sustainable, mixed-use building of the future”.

The redevelopment will cost between £400 million - £800 million, people familiar with the matter told the Financial Times .

Shobi Khan, CEO of Canary Wharf Group, said: “We look forward to working with QIA on 8 Canada Square to deliver a building of outstanding design, engineering and sustainability standards.

“This redevelopment is another step in Canary Wharf’s evolution into a vibrant mixed-use neighbourhood offering workspace, retail, homes, leisure and amenities all in one location – a true 15-minute city.”

Elie Gamburg, Design Principal at Kohn Pedersen Fox (KPF), said: “We are extremely excited to collaborate with QIA and CWG to reimagine the single-use office building as a blueprint for the highly sustainable, mixed-use building of the future.

“This transformation embodies the ethos behind much of our work, we see it as an integral part of the evolution of today’s single-use neighbourhoods into vibrant mixed-use neighbourhoods of tomorrow – an evolution of which CWG is already leading the way.”

HSBC moved into the building in 2002. Last summer, it announced that it was leaving for a new office in the City of London.

CWG and QIA will be working with the London Borough of Tower Hamlets and the appointed team to develop plans and submit a planning application.

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Don’t waste your money while traveling internationally. How to save when going abroad.

• Don't use your debit card to pay for anything but ATM withdrawals.
• Both cash and credit are useful for different transactions.
• You can get foreign currency from your bank, a currency exchange kiosk or an ATM.

Get more news like this delivered to your inbox by signing up for our Travel newsletter here . 

You’re finally taking that big trip abroad.

For as much time and energy you’ve spent saving up and searching for the best deals on flights or cruises, places to stay, and travel experiences, it would be a shame to blow extra money at the last minute. But that’s what you’ll be doing if you don’t use your cash and credit wisely.

“The thing I never, ever, ever recommend doing abroad is (using) your debit card to pay for things unless you're withdrawing money from an ATM,” said consumer savings expert Matt Granite, who’s known as The Deal Guy on YouTube .

Here’s why and what else travelers should know before visiting another country:

Learn more: Best credit cards of 2023

Can you use debit cards internationally?

Yes, but Granite strongly discourages using it to pay for anything but ATM withdrawals.

“You've just given a terminal that you are unfamiliar with access to your bank account with a pin. You've absolutely no idea what happens beyond that point,” he warned. 

Is it better to travel with cash or credit?

“You generally want cash on you, always, in case of an emergency,” Granite said. 

Cash is also useful for gratuities and small purchases. For larger transactions, he recommends credit, provided there are no foreign transaction fees.

“You're more likely to encounter fraud or operators not necessarily giving you what you've paid for when you're in a remote area where you don't know where you are, you don't know who you're dealing with. The potential for a ripoff is a lot higher than where we're on our own territorial ground,” Granite said. “So always use your credit card because if there is a problem, you are not responsible for your purchase. You have coverage. You have fraud investigations. They'll put a hold on a suspicious transaction. You have everything in the world working for you.”

How can I avoid foreign currency transaction fees?

Call your credit card company or look up their policies online before leaving for your trip, and avoid using any cards that charge fees.

How much cash should you travel with internationally?

“I would say that anyone traveling for more than three days in a country should have the equivalent of at least $300 with them,” Granite said. 

He suggests the equivalent of $500 for families, adding that it could be less for destinations where the dollar is strong.

“You always need to say to yourself: ‘What do I do if I need to get from an airport to a hotel to pay for one night of the hotel when my credit card is stolen?” he said. “You need to be able to survive abroad for 24 to 48 hours, where your credit card company can emergency FedEx or DHL your (new) credit card to you.”

Where are US dollars accepted?

Several foreign countries use the U.S. dollar as official currency or tender. They include:

◾ Bonaire , St Eustatius and Saba

◾ British Virgin Islands

◾ El Salvador

◾ Marshall Islands

◾ Micronesia

◾ Timor-Leste

◾ Turks and Caicos

U.S. dollars are also the currency in U.S. territories like Puerto Rico and Guam. Some businesses in other destinations accept dollars at will.

How to get foreign currency

There are several ways to get foreign currency before and during your trip. You can order foreign currency from your bank for a fee. You can exchange cash at a currency exchange kiosk, though the exchange rate will not favor you. You can also withdraw cash at an ATM at your destination.

“Another trick that I use is if you are traveling and you do have a credit card with zero foreign transaction fees, you can often get very good exchange rates from both chain and boutique hotels to a limit,” Granite said, explaining that the front desk can give you local currency, then add that amount to your hotel bill like a room incidental. “Not all hotels can, but many hotels, specifically in Europe, will be very pleased to do so.”

Should I get foreign currency before I travel?

You don’t need to, but if you want to, Granite said, “Your bank can definitely give you a wonderful experience, provided the U.S. dollar is stronger before you leave.” 

“For example, if you were traveling to Canada, it is 100% in your favor to get the Canadian dollar from the U.S. bank before you travel if the U.S. currency is stronger. But when we're looking at currencies like the British pound, better to do everything when you get to London, not beforehand,” he added. 

Where is the best place to exchange currency?

Many travelers prefer to withdraw from ATMs at their destination for better exchange rates, but there are instances when you may opt for a pricey currency exchange kiosk instead.

“Those booths, they're generally in very well-lit areas. They're very secure. They're often in airports or in the mecca center of a city if you are traveling somewhere where you have concerns over your safety,” Granite said, recalling one of his past trips. “I would have gotten a considerably better rate by going to some of the ATMs that were not in areas (where) I should be walking at certain times of the day. I will gladly take the hit of $15 on a $100 withdrawal for safety.”

Consider how much you take out if you use a currency exchange booth.

“Some people will have the concept of they're going to take a little bit and they're going to find an ATM, and then they're going to be OK,” he said. “But the more you withdraw from those places, the rates are generally more within your favor. And there's generally a maintenance or a convenience fee attached to that one transaction, so you're paying $15 whether you take out $5 or $1,000.”

Can I withdraw money at a foreign ATM?

Yes, but watch out for fees. 

Just like at home, you may be charged usage fees by both the ATM and your bank for withdrawing cash out of network. 

You can avoid or limit those fees by sticking to ATMs within your bank’s Global ATM Alliance , Granite said. You can look up banking partners online before you even leave home. Apps like ATM Fee Saver can help you locate fee-free ATMs while traveling.

Be aware that if your bank account normally limits the number of withdrawals you can make each month before incurring fees, foreign withdrawals also count toward that limit, he warned.

He also reminded travelers that ATMs are legally required to disclose fees on screen.

“If you find an ATM you don't like, you can decline. You can take your card out, and then you can walk a block and go to the next ATM,” he said. “I think a lot of people feel compelled – it's a weird psychological thing – that once your card is in the machine, you have to complete your purchase. That is actually not the case.”

Can you withdraw cash on a credit card?

Yes, but you should avoid it.

“Always use your debit card when you're going to an ATM. The credit card fees are horrendous,” Granite said. “No one will ever have a good experience using a credit card and an ATM, and there should be no reason to do so unless your account is completely empty, and by that point you have other problems.”

He also warned that if your debit card is co-branded with a major credit card company, like Visa or Mastercard, make sure withdrawals are made as debit, not credit.

Do I need to notify my credit card of international travel?

Not necessarily.

“Most credit card companies these days, within the last three to five years, have such sophisticated AI on you, they've already known you've booked your trip,” Granite said. “They've figured out somewhere along the way that you have a flight or you have a tour, or you've browsed on their app, something tied to where you're going, and they know you're going.”

There’s no need to tip in Japan. Here’s what else travelers should know.

Should I pay in foreign currency or USD?

“Always use your credit card in the local currency,” Granite said. “When you put your credit card into a machine to pay for something and it asks you, Do you want to convert? Never convert.”

How to get rid of leftover foreign currency

The easiest way to get rid of extra foreign currency is to spend it.

“You almost never want to convert it back,” Granite said. “If you do end up with too much cash, which we have on trips before, we'll do things like pay for the balance of our hotel using cash.”

Another option is to hold onto the currency if you think you’ll go back to the destination.

“I find that even if you put that cash into an envelope and it sits in the safe, and you go back three years later, I never forget when I have pounds or euros in the safe based on what it took me to get them,” Granite said.

The Key Points at the top of this article were created with the assistance of Artificial Intelligence (AI) and reviewed by a journalist before publication. No other parts of the article were generated using AI. Learn more .

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Exchange rates start with 1, by default, and display how many units of the first currency you can get for the second currency.

What’s the reason for the fluctuation in exchange rates?

Currencies are constantly sold and bought, which is why they move up and down against each other. When people are buying a lot of one currency, they apparently value it.

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