Foreign Exchange Guide to the South Georgia And South Sandwich Islands
British pound sterling
In this guide we review :
- British pound sterling info - general info about the British pound sterling
- British pound sterling in the markets - recent GBP moves and predictions from the FX markets
- Buying British pound sterling cash online - travel money for the South Georgia And South Sandwich Islands
- Sending money to the South Georgia And South Sandwich Islands - save on British pound sterling bank transfers to the South Georgia And South Sandwich Islands
- 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.
South Georgia And South Sandwich Islands Trip Checklist
Travel money for the South Georgia And South Sandwich Islands
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 the South Georgia And South Sandwich Islands
Sending money to the South Georgia And South Sandwich Islands
When sending money to the South Georgia And South Sandwich Islands 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 BER reviewed FX 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 the South Georgia And South Sandwich Islands.
Bank Transfers to the South Georgia And South Sandwich Islands
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 the South Georgia And South Sandwich Islands and less margins and fees kept by the banks!