Foreign Exchange Guide to Isle of Man
British Pound Sterling
In this guide we review :
- Buying British Pound Sterling Cash Online - Travel money for Isle of Man
- British Pound Sterling (GBP) - Currency Market News
- Sending Money to Isle of Man - Save on British Pound Sterling bank transfers
- British Pound Sterling Exchange Rates - Latest info & charts.
Travel Money for Isle of Man - British Pound Sterling (GBP)
Save money and time by Ordering your British Pound Sterling Online from Travelex, you get better rates and can pick up the GBP cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in British Pound Sterling otherwise you may get much worst exchange rates.
British Pound Sterling (GBP) - Currency Market News
Between mid-September and mid-October, sterling fell 3.5% against the dollar to $1.319, taking “cable” back to levels experienced in the three-month period following 2016’s EU referendum.
Against the euro, within the same period, sterling fell by 1.3% to €1.121 but it remains within the middle third of its 2017 range.
In mid-October, opinions on the British currency were mixed. Although Bank of England hawkishness meant that 75% of economists were predicting a November interest rate hike, which would normally be sterling-supportive, a “no deal” Brexit was looking increasingly possible and that prompted some pretty gloomy predictions.
In a “no deal” scenario, both ING and J.P. Morgan predicted that the pound would lose 13% of its value against the dollar by falling to $1.15.
Other negative news for the UK came in October with the ONS’ surprise downward revision to the UK’s wealth by some £490 billion! Ratings agencies had already been downbeat on the UK’s finances. In September, Moody’s downgraded the UK’s credit rating from Aa1 to Aa2 on the grounds that “fiscal pressures will be exacerbated by [the UK’s] departure from the EU.”
On a more positive note, in September, HSBC cancelled its forecast for the pound to fall to parity with the euro. HSBC’s revised year-end forecasts now place GBP/EUR at €1.12 and GBP/USD at $1.35.
Sending Money to Isle of Man
When sending money to Isle of Man it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :
- Open an account with a provider (id docs may be required)
- You specify the local or British Pound Sterling amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted GBP amount will be transfered to the recipient account you specify in Isle of Man.
You can save around 5% and maybe more - end result is more British Pound Sterling deposited into the recipient bank account in Isle of Man and less margins and fees kept by the banks!Compare Transfer Exchange Rates to Isle of Man