A practical currency and money guide to travel, living and doing business in Guernsey and the Pound Sterling (GBP).
What's in this Guernsey currency guide:
The official currency of Guernsey (country code: GG) is the Pound Sterling, with symbol £ and currency code GBP.
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 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.
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:
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.
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.
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.
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.
The exchange rate of Pound Sterling (GBP), or the amount of GBP that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest GBP/USD rate plus recent trend, chart, forecasts and historic rates.
15 Mar 2023
|2.1% ▲||2 Week|
29 Dec 2022
|2.2% ▲||3 Month|
29 Mar 2022
|5.9% ▼||1 Year|
30 Mar 2018
|12.1% ▼||5 Year|
31 Mar 2013
|19% ▼||10 Year|
03 Apr 2003
|21.4% ▼||20 Year|
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Guernsey or planning a trip or maybe living there, so will need to exchange and spend Pound Sterling.
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It is important to note that the exchange rate of the Pound Sterling can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect GBP exchange rates before making any financial decisions.