Currency in Gibraltar: GIP Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Gibraltar with the Gibraltar pound.
What's in this Gibraltar currency guide?
What currency is used in Gibraltar?
The official currency of Gibraltar (country code: GI) is the Gibraltar pound, with symbol £ and currency code GIP.
What is a good Gibraltar pound exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
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Frequently Asked Questions
What currency should I use in Gibraltar?
The domestic currency in Gibraltar is the Gibraltar pound.
What is the Gibraltar pound currency code and symbol?
The three letter currency code for the Gibraltar pound is GIP — symbol is £.
What does the Gibraltar pound look like?
Here is an example Gibraltar pound banknote:
Which countries use the Gibraltar pound?
It is the domestic currency in Gibraltar.
Is the Gibraltar pound a closed currency?
No, the Gibraltar pound is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and GIP?
Here are some popular conversion amounts for USD to GIP (US dollar to Gibraltar pound)*.
*Converted at the current USDGIP interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Gibraltar
Using Wise for Gibraltar pound travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Gibraltar pound otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Gibraltar pound cash before departure, you can save money by ordering online. You generally get better rates and can pick up the GIP cash locally or even on travel day at the airport.
Gibraltar: Travel Guide
Traveling to Gibraltar requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
Gibraltar is a British Overseas Territory located on the southern coast of Spain. It is known for its strategic location at the entrance of the Mediterranean Sea, its rich history and culture, and its stunning natural landscapes. The Rock of Gibraltar, a massive limestone promontory that towers over the city, is one of the main attractions of the area. Visitors can take a cable car to the top for panoramic views of the surrounding area.
Gibraltar has a rich history, being a symbol of British presence in the Mediterranean for centuries, and visitors can explore the city's historical sites, including the Moorish Castle, the Cathedral of St. Mary the Crowned, and the Great Siege Tunnels, which were excavated during the 18th century.
For those interested in nature, Gibraltar offers a variety of outdoor activities, such as hiking and rock climbing, as well as bird-watching, with more than 300 species of birds that migrate through the area.
In terms of culture, Gibraltar has a mix of British and Spanish influences, and it's reflected in the local architecture, food, and festivals.
What currency to use in Gibraltar?
The official currency of Gibraltar is the Gibraltar pound (GIP). The pound is pegged to the British pound (GBP) at a rate of 1 GBP = 1.1 GIP. However, the British pound is widely accepted in Gibraltar, and most places will accept both currencies. It's also important to note that the Euro is also widely accepted in Gibraltar, but the exchange rate may not be as favorable. Credit cards are widely accepted in Gibraltar, and there are many ATMs where you can withdraw cash in Gibraltar pounds or in British pounds.
What language is spoken in Gibraltar?
English is the official language here though Spanish is widely spoken. An unusual, unofficial dialect has evolved , called 'Yanito' which is a blend of English, Spanish, and Italian and is widely spoken amongst the locals. One feature of the language is the pronunciation of English words with a Spanish intonation.
Are passports needed for Gibraltar?
Passports are not strictly required for entry into Gibraltar for citizens of the European Union (EU), the European Economic Area (EEA), and Switzerland, but it is recommended to carry one as a proof of identity. As Gibraltar is a British Overseas Territory, it is not part of the EU but it is part of the Common Travel Area (CTA) which allows citizens from the UK and Ireland to enter, live and work in Gibraltar without needing to show a passport or other form of identification.
For citizens from other countries, it's necessary to have a valid passport to enter Gibraltar. Visa requirements will depend on the country of citizenship, but in general, most visitors to Gibraltar do not need a visa for stays of 90 days or less. It's always a good idea to check with the Gibraltar government and the nearest British Embassy or Consulate for the most up-to-date information and requirements.
Everyday Costs in in Gibraltar
How much does it really cost to live, work, or travel in Gibraltar? Here's what to expect for daily expenses and expat living.
Currency Guide for Gibraltar (ISO Code: GI)
For travelers considering a one-week mid-range stay in Gibraltar, a reasonable budget would be around £800 to £1,200, depending on personal preferences and activities planned. Daily expenses can vary, but here’s a snapshot of typical costs in Gibraltar (all prices in GBP):
- 🍽️ Meal at a local restaurant: £15–£25
- ☕ Coffee: £2–£3
- 🚌 Public transport fare: £1.50–£2
- 📱 Prepaid SIM card: £10–£20
- 🏨 Budget hotel or Airbnb: £60–£120 per night
Overall, Gibraltar can be considered relatively expensive compared to many other travel destinations. When compared to the United States, dining out and accommodation might be slightly pricier, while transportation costs are more favorable. In comparison to the UK, you might find that costs are broadly similar, but Gibraltar's unique blend of Mediterranean charm and British influence often comes with a premium price tag, making it feel quite exclusive.
Expat Life in Gibraltar
For expats living in Gibraltar, monthly living costs would typically range from £1,500 to £2,500, depending on lifestyle choices and family size. This includes rent, utilities, food, transportation, and leisure activities. For banking, it’s advisable to open a local bank account, as this provides easier access to funds and reduces the costs associated with international transactions. Most establishments in Gibraltar accept major credit and debit cards, but it's always good to carry some cash for smaller vendors.
When it comes to sending and receiving money, online transfer services like Wise or OFX often offer better exchange rates and lower fees compared to traditional banks. It’s generally more cost-effective to exchange money locally if you're only dealing in small amounts. For larger transactions or regular payments, utilizing an online transfer service can save substantial amounts over time, making it an appealing option for expats managing finances between Gibraltar and their home countries.
USD/GIP Market Data
The below interactive chart displays the USD/GIP change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to Gibraltar - Best Rates
To get a good (and fair) exchange rate when sending money to Gibraltar you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Gibraltar
When sending money to Gibraltar 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 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Gibraltar pound 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 GIP amount will be transfered to the recipient account you specify in Gibraltar.
Use the above calculator to compare the exchange 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 Gibraltar pound deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in Gibraltar
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
Understand Gibraltar pound currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the GIP exchange rate and consider using a money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Gibraltar pound bank account: A local GIP bank account can make it easier for you to manage your finances and pay bills while you are in Gibraltar. It may also be more convenient to use a local GIP bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Gibraltar. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Gibraltar. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Gibraltar, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Gibraltar.
How is the expat life in Gibraltar?
Gibraltar also has a strong expat community, and it's a popular destination for retirees and people looking for a mild Mediterranean climate, low taxes and an English-speaking environment. The city has a good infrastructure and offers a good quality of life, with international schools, healthcare, and a variety of shops and services catering to the expat community.
Overall, Gibraltar is a unique destination with a rich history, culture, and natural beauty, it is a mix of the British and Spanish cultures and offers a good quality of life to its residents.
Does being British help in Gibraltar?
Being British can be beneficial in Gibraltar as it is a British Overseas Territory and the official language is English, also the culture and customs are similar to the UK. However, it's important to note that Gibraltar is not part of the United Kingdom, and while there are many similarities, there are also some significant differences in terms of laws, taxes, and regulations.
British citizens do not require a visa to enter or live in Gibraltar, and they can also work and study in Gibraltar without the need of a work or student permit. Additionally, British citizens can also vote in local elections and participate in the political process.
British citizens can also access the same healthcare and social security benefits as they would in the UK, and they also have access to the UK diplomatic and consular services.
In summary, being British can make the process of settling in Gibraltar easier, but it is not a requirement and people from other countries can also live, work and study in Gibraltar.