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Foreign Exchange Guide to Isle of Man

Latest market mid-rate: 1.0 =

Country Code:
IM
Domestic Currency:
British pound sterling
Symbol - Code:
£ GBP
Telephone Prefix:
+441624

In this guide we review :

  1. British pound sterling info - general info about the British pound sterling
  2. British pound sterling in the markets - recent GBP moves and predictions from the FX markets
  3. Travelling in Isle of Man - currency & money saving tips
  4. Buying British pound sterling cash online - travel money for Isle of Man
  5. Sending money to Isle of Man - save on British pound sterling bank transfers to Isle of Man
  6. British pound sterling exchange rates - latest info & charts.

British pound sterling (GBP) general currency information

The three letter currency code for the British pound sterling is GBP and the symbol is £. It is the domestic currency in United Kingdom, Guernsey, Isle of Man, Jersey and South Georgia And South Sandwich Islands.

The British pound (ISO: GBP) is one base unit of sterling – that being the name of Britain's currency – and is subdivided into 100 pence.

Contributing to around 13% of all foreign exchange deals, the pound, or sterling, is the world’s fourth most traded currency.

Reputedly, sterling is 1200 years old. It is said that Anglo-Saxon traders used silver pennies in the eighth century called ‘sterlings’, 240 of which would equal one pound in weight.

Due to its membership of the European Union, Britain could have adopted the euro as its currency upon its introduction in 1999, however the British government opted against this because it wanted to retain monetary policy independence and because it perceived euro adoption as offering only small economic benefits.

In recent years, the most significant event to affect sterling’s valuation was the UK’s vote to leave the European Union on June 24th 2016 – a day on which the exchange rate for GBP/USD fell by as much as 11%.

In the past two decades, the pound’s highest valuation against the dollar occurred in November 2007 when GBP/USD reached 2.1161. Its lowest value came in October 2016, three-and-a-half months after the historic ‘Brexit’ vote, when GBP/USD reached 1.1905.


British pound sterling (GBP) in the markets

Like most currencies, the British pound was strong against the US dollar in early 2018. GBP/USD climbed in late January to a 19-month high of 1.434; then, in line with the broader market for dollar pairs, GBP/USD fell slightly to 1.4 by mid-February.

Against the euro, the pound is little changed since the summer of last year. A GBP/EUR rate of 1.129 in mid-February was more or less identical to that in mid-September, five months earlier.

Brexit continues to be a key driver of GBP rates. Sterling was supported in January after news broke that the Netherlands and Spain had agreed to seek a Brexit deal that would keep Britain as close to the EU as possible – indicative of a softer Brexit. It was then hit in the second week of February when the EU’s chief Brexit negotiator warned that a transitional deal between the EU and the UK was “not a given,” as some investors had come to believe.

2018 Forecasts: At the turn of the year, the majority of banks were forecasting year-end rates for GBP/USD between 1.30 and 1.35. Far more optimistic was ING, which believed sterling would rally to buy 1.5 US dollars by year-end. ING cited the return of broad US dollar weakness, a “positive re-appraisal of the UK economic outlook” and a likely “hawkish re-pricing of Bank of England policy expectations” as reasons for bullishness.

For GBP/EUR, Danske Bank predicted 1.16 for year-end, while UBS went with a much lower rate of 1.05.

The chart below shows the GBP to USD exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.

Loading GBP/USD Chart
GBP calculator

Currency and money saving tips for Isle of Man

Located in the south of the Island, the Isle of Man’s only airport - Ronaldsway – is regularly serviced by a bus route to bring you to the town or village where you wish to stay. Alternatively, you can call for a taxi or hire a car straight from the airport to get to your destination. If you decide to travel to the Isle of Man by sea, you can come by foot or by car. The Steam Packet Company operates regular ferry services to the Island from Heysham, Liverpool, Birkenhead, Dublin and Belfast using two reliable vessels – the 96-metre wave piercing catamaran, Mannanan, or the conventional Ben-my-Chree.

Taxis can also be found in the majority of the main towns and villages in the Island, giving you complete control of where you want to go without having to rely on fixed schedules. There’s an extensive bus network - Bus Vannin – that serves the whole Island on a regular basis including Ronaldsway Airport and the Sea Terminal in Douglas.The Isle of Man’s Steam Railway, Manx Electric Railway and Snaefell Mountain Railway are a fun way to explore the Island’s impressive landscape and heritage sites. It is the longest narrow gauge steam line in Britain that still uses its original locomotives and carriages which will carry you through the charming countryside between the Island’s capital and a range of destinations in the south.



Isle of Man Trip Checklist   

  1. Compare GBP travel cash rates - probably why you are here!
  2. Travel insurance - for those unexpected travel adventures...
  3. Lonely Planet - world's best travel guide (coupon and deals)

Travel money for Isle of Man

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.

Travel Money for Isle of Man

Compare £GBP Cash rates


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 :

  1. Open an account with a BER reviewed FX provider (id docs may be required)
  2. You specify the local or British pound sterling amount you want to transfer
  3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
  4. 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.

Bank Transfers to Isle of Man

Compare £GBP Transfer Rates

By comparing the rates of FX specialist providers rates versus your bank's standard rates you can hopefully 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!


British pound sterling - exchange rates

Major GBP cross rates
View Full List (A-Z)
1GBP=

British pound sterling News

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