It's noon at the Royal Academy of Arts on London's Piccadilly:

Next to the giant steel dinosaurs in the courtyard, office workers on lunch breaks mingle with out-of-towners up for The Academy's annual Summer Exhibition, the world's largest open submission of contemporary art.

More than 9,000 paintings, photographs, sculptures, prints and architectural models by unknown and emerging artists are on view alongside the likes of David Hockney, Tracy Emin and Damien Hirst. It's a kaleidoscope of contemporary art, vibrant, edgy ... brilliant, bewildering. But attention rests in the courtyard, where near the dinosaurs, sandwiches from a vendor are going for $10 and soft drinks a hefty $5.

Here's a sad truth about London: What breaks your wallet are not the fine institutions you travel to see — the arts and architecture, pageantry, concerts, West End theater and the city's lovely central garden squares. It's paying $8 on the underground for a couple of stops, $4 for bottled water, and a crushing $40 for a simple lunch that's really only a salad with a fancy name. Central hotels can set you back $400 and more per night during summer months.

If you've been to Europe recently, you know that London is among the globe's most expensive cities along with Oslo, Paris and Copenhagen. One euro is worth $1.40; the British pound dwarfs the greenback at more than $2 ... the strongest it's been for 15 years. This month, Zagat named London the most expensive city to dine in, ahead of Tokyo and New York. The average cost of dinner: $80 per person.

Yet, according to the U.S. Office of Tourism and Travel Industries, the United Kingdom accounts for 11 percent of all U.S. travel overseas.

"It's the most popular destination for Americans traveling abroad, welcoming more than 3.3 million Americans in 2006," said tourism office economist John Terpening.

So how can you visit London without major credit meltdown? Inside, find ways to get a flavor of London; tips for lodgings that won't cause a night sweat, and restaurants where you can eat well and swallow the cost (happily) at the end.

ENJOY LONDON'S MORE AFFORDABLE ATTRACTIONS

GO TO THE BRITISH MUSEUM

Many of London's best museums and art galleries are free, requesting only a donation. Top of our list is the British Museum in Bloomsbury, with its magnificent steel and glass courtyard, spanning two million years of human history.

"First Emperor: China's Terracotta Army" opened this month and runs through April. The show features 17 of China's famous clay warriors, the most ever to travel outside of China. If you visit only one museum in Britain, make it this one. 10 a.m.-5:30 p.m. daily, British Museum, Great Russell Street, www.thebritishmuseum.ac.uk. Free. Tube: Great Russell Street.

TAKE THE FAMILY TO LONDON ZOO

The Gorilla Kingdom is very cool. The new $10 million enclosure includes a gorilla tracking trail around an African forest environment to a clearing. You can watch western lowland gorillas and black and white colubus monkeys living together. Also on view are birds, mammals, reptiles, invertebrates — the zoo is an homage to the animal world. Family tickets cover two adults, two children, or one adult and three children, $90. 10 a.m.-4 p.m. daily except Dec. 25, Regent's park; www.zsl.org. Tube: Regent's Park.

SEE HARRY POTTER'S LONDON

The British Film Institute's IMAX theater fall schedule includes "Harry Potter and the Order of the Phoenix" on its giant screen, with the 20-minute finale in 3-D. London Walks, www.walks.com, offers "The Real World of Harry Potter: Wizards, Werewolves & Vampires" at 5 p.m. each Sunday, beginning at the Embankment. $12. Check the site's options for dozens of daily fun walks, short and long, covering all topics around London.

CHECK OUT THE PARKS AND SQUARES

Central London has dozens of beautiful tree-filled squares to walk through, especially in the Oxford Street/Soho/Marylebone areas. Rest your feet, read Time Out London, admire John Nash's architecture or simply people-watch ... and smell the flowers. Just north of Oxford Street, through Manchester Square, is Hertford House, where you see the famous (and free) Wallace Art Collection or gather strength for shopping at nearby Selfridges department store. Tube: Bond Street.

SEE FASHION

Vintage buys are best seen and bought at the markets, especially Camden Lock, by far the best for quirky, cheap finds, even perhaps a Vivienne Westwood; Spitalfields (Sunday) and Brick Lane are also good. The "in" place, however, is Dover Street Market in Mayfair. The vision of Rei Kawabuko, founder of Comme des Garcons, Dover Street is where you'll find cutting-edge fashion from the best new designers. Just don't expect bargains. If you're not on a budget, head to Liberty of London on Regent Street for a wide range of designers at their finest. Their summer sales are what women save for. www.liberty.co.uk. Tube: Oxford Circus. Top places to see urban chic? Knightsbridge, Bond Street and King's Road.

SKYLINE VIEWS OF LONDON

Climb the narrow, winding staircase (378 steps) to the high outdoor gallery on the dome of St. Paul's Cathedral for a panoramic view of London. Sir Christopher Wren's masterpiece, completed in 1673, has one of the world's biggest domes. Stop at the famous Whispering Gallery, where murmers against the wall of the huge dome can be heard on the other side. Entry fee: $18, which includes access to the crypt, the dome and guided tours. Tube: St. Paul's. Also, try the OXO Tower, on the South Bank; the rooftop restaurant and brasseries are costly, but you can sip a glass of wine at the bar and sit outside for the view across the Thames.

GO TO THE NATIONAL THEATRE/WEST END

On the South Bank, the National Theatre "Travelex" shows all are $20 in the Olivier and Lyttleton Theatres. You'll find a theater schedule and book tickets at www.nationaltheatre.org.uk or call 44-020-7452-3000. Even if you don't see a performance, the National has wonderful free music and drama sketches in its spacious foyer, where you can enjoy light snacks and wine, overlooking the Thames and Westminster. The National's daily one-hour backstage tour is $10. Standing tickets at the nearby Shakespeare's Globe theater are $10. Tube: Waterloo.

FREE LUNCHTIME CONCERTS AND TALKS

Slip into St. Martin in the Fields, in Trafalgar Square. At lunchtime most Mondays, Tuesdays and Fridays, an hour of music is offered from 1 to 2 p.m.; small donation requested. Covent Garden has outdoor music and entertainment in the piazza year-round. At Tate Britain, Tate Modern and Somerset House, curators, historians and artists chat about their work for 30 minutes or longer in free weekly lunchtime talks. Check in advance at www.tate.org.uk/britain; www.somersethouse.org.uk.

WALK UP PRIMROSE HILL

This historic site is between Highgate and Hampstead Heath in north London. Have lunch at The Flask, Hampstead's famous pub, then visit Kenwood House on the edge of the heath — it's free and filled with famous paintings by such masters as Van Dyck, Vermeer and Turner. The star attraction: a Rembrandt self-portrait. The gardens are good, too — especially in spring, when the rhododendrons, azaleas and other shrubs are in flower. 11 a.m.-5 p.m. daily. Hampstead Lane. Tube: Parliament Hill.

PAGEANTRY

On a different fashion note: Bright red jackets, big furry hats, metal accessories — the Changing of the Guard at Buckingham Palace never loses appeal. Stoic palace guards march down the Mall from St. James's Palace, parading for 30 minutes in the palace forecourt while the old guards hand the palace keys new guards. 11:30 a.m., alternate days. Free. www.changing-the-guard.com/sched.htm. Tube: Green Park.

The Tower of London — the city's royal residence, armory, treasury, prison and execution site since 1097 — is guarded by 42 resident yeoman warders, including its first woman warder, chosen this year. The tower's most famous exhibit is the Crown Jewels; its most celebrated residents are six black ravens whose presence is protected by a legend that the kingdom will fall if the ravens desert the tower. www.toweroflondon.com. $32, ages 5-16, $18. Tube: Tower Hill.

TAKE A TRIP DOWN THE THAMES TO GREENWICH

See a microcosm of London life from the River Thames: historic buildings, Charles Dickens' wharves, bridges, churches and markets. On the way, check out the O2 Bubble (the revamped Millennium Dome), the capital's newest venue for major exhibitions and rock concerts, www.theO2.co.uk. "Tutankhamun and The Golden Age of the Pharaohs" opens Nov. 15 in the O2 exhibition hall. Destination Greenwich is a World Heritage Centre; visit the historic Royal Observatory that measures the world's time, and the new planetarium. A roundtrip river cruise from Westminster Pier to the Tower of London is $15; to Greenwich is $19.50. www.citycruises.com Tube: Westminster. The National Maritime Museum, which includes Greenwich Observatory, is free.

Reach Chris Oliver at coliver@honoluluadvertiser.com.