Currency in Guernsey GBP - Things to know
Foreign exchange guide to Guernsey and the Pound Sterling
What's in this Guernsey currency guide?
What currency is used in Guernsey?
The official currency of Guernsey (country code: GG) is the Pound Sterling, with symbol £ and currency code GBP.
Things to know about the Pound Sterling
The British pound Sterling is the official currency of the United Kingdom. It is represented by the symbol "£" and is abbreviated as GBP (Great Britain Pound).
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 (at the time of the euro's introduction in 1999), Britain could have adopted the euro as its currency, 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 2022, when GBP/USD reached 1.11.
The British are more focussed on their currency exchange rate than are the citizens of most other countries, along with perhaps the Australians and Canadians. This is may be due to the open and trading nature of the UK economy and also due to their love of travel to the nearby 'continent' and further afield.
The pound Sterling banknotes and coins
The physical currency consists of coins and banknotes. The coins come in denominations of 1 pence (p), 2 pence (p), 5 pence (p), 10 pence (p), 20 pence (p), 50 pence (p), and £1 and £2.
The banknotes come in denominations of £5, £10, £20, and £50. The banknotes feature images of famous British historical figures, such as Queen Elizabeth II, William Shakespeare, and Jane Austen. The design of the currency is constantly being updated, so the physical appearance of the coins and banknotes may vary slightly over time.
Travel money for Guernsey
Save money and time by Ordering your Pounds 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 Pounds Sterling otherwise you may get much worst exchange rates.
Travel Ideas and Money Tips for Guernsey
Guernsey is a small island in the English Channel, between England and France. It is a British Crown dependency and has its own government, but it is not part of the United Kingdom. Here are a few travel tips and things to see when visiting Guernsey:
- Guernsey has a mild climate, with relatively warm summers and mild winters.
- Guernsey is easily accessible by ferry or plane from the UK and France.
- Guernsey has an excellent public transportation system, including buses and bikes.
- Guernsey is known for its beautiful beaches and coastal walks, as well as its historic architecture.
- The capital, St. Peter Port, is a charming town with a harbor, narrow streets, and plenty of shops and restaurants.
- The island is also home to several castles and forts, including Castle Cornet and Fort Grey.
- The island is home to many beautiful gardens, including the Guernsey Botanical Gardens and the Saumarez Park.
- Guernsey is also famous for its delicious seafood and dairy products, particularly Guernsey cream, which is made from the milk of Guernsey cows.
- There are some other smaller islands to visit like Sark, Alderney, and Herm, which are accessible by boat or plane.
What currency to use in Guernsey?
The official currency of Guernsey is the British pound (GBP). Guernsey is a Crown dependency, but it is not part of the United Kingdom. The Guernsey pound is legal tender on the island and it is at par with the British pound but it is not in circulation, so the British pound is the only currency that can be used in Guernsey.
British pounds are widely accepted in Guernsey and you can use them to pay for goods and services. Some businesses may also accept euros, but you should check with the establishment first. It's also important to note that not all businesses in Guernsey accept credit cards, so it's always a good idea to have some cash on hand.
You can find ATMs or cash exchange services in Guernsey, and also you will find currency exchange services at the airport or ferry terminals.
It is always recommended to check the current exchange rate before your trip, and make sure you have enough currency to cover your expenses while you are on the island.
GBP/USD Market Data
The below interactive chart displays the GBP/USD trend and UP▲ DOWN▼ HIGH▲ LOW▼ alerts
Frequently Asked Questions
What currency should I use in Guernsey?
The domestic currency in Guernsey is the Pound Sterling.
What is the Pound Sterling currency code and symbol?
The three letter currency code for the Pound Sterling is GBP — symbol is £.
Which countries use the Pound Sterling?
It is the domestic currency in United Kingdom, Guernsey, Isle of Man, Jersey and South Georgia and South Sandwich Islands.
Is the Pound Sterling a closed currency?
No, the Pound Sterling is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and GBP?
Converted at USD/GBP interbank rate, compare Send Money and Currency Exchange exchange rates.
Send Money to Guernsey - Best Rates
To get a good (and fair) exchange rate when sending money to Guernsey 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 Guernsey
When sending money to Guernsey 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 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 Guernsey.
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 Pounds Sterling deposited into the recipient bank account and less margins and fees kept by the banks!
Expat Money & Business Guide to Guernsey
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.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Guernsey.
Is it expensive living in Guernsey?
The cost of living in Guernsey can be considered higher than in some other parts of the UK or Europe. The island is relatively small and has a limited supply of goods and services, which can lead to higher prices. However, it is also a relatively wealthy island, and the standard of living is generally quite high.
Housing costs in Guernsey can be high, particularly if you are looking to rent or buy property on the island. However, salaries tend to be higher as well, and this can help offset some of the costs.
Food and grocery prices in Guernsey can also be higher than in other parts of the UK or Europe. However, the island is known for its excellent seafood and dairy products, so you can find some great local products.
Utilities, such as electricity and gas, can also be more expensive in Guernsey than in some other parts of the UK or Europe.
Overall, the cost of living in Guernsey can be considered higher than in some other parts of the UK or Europe, but the island is relatively small, and the standard of living is generally quite high. It's always a good idea to research the costs of living before you move to a new place, and to budget accordingly.
Managing your finances in Guernsey
Here we list some key points for expats and businesses to consider when managing financial dealings in Guernsey:
Understand Pound Sterling currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the GBP exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Pound Sterling bank account: A local GBP bank account can make it easier for you to manage your finances and pay bills while you are in Guernsey. It may also be more convenient to use a local GBP 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 Guernsey. 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 Guernsey. 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 Guernsey, 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.
