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Isle of Man - Pound Sterling - Currency Guide

 

Foreign exchange guide to Isle of Man and the Pound Sterling (GBP)

   

General Currency Info - Pound Sterling

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.

   

GBP News, Forecasts and Trends

GBP will rise to 1.25 against the euro according to Standard Bank. The coronavirus pandemic has replaced Brexit in the headlines and means that the deadline for a trade deal with the Eurozone this year could either be pushed back, delaying a risk for the currency, or see more favorable terms given to the U.K.

This is a remarkable change of fortunes for GBP which was sold-off after the Brexit vote and again after the virus forced a lockdown in London, the world’s largest foreign-exchange centre. Against the dollar, sterling touched the lowest level in 35 years in March as traders sought the safety of the USD.

For more GBP currency market forecasts you can read the full article Pound Sterling Forecasts. The below interactive chart shows the USD to GBP exchange rate, trend and recent alerts for the last 90 days.

   
Recent USD to GBP 90-day trend
 
1-DAY0.5% (2d) 14-DAY-HI (4d)
USD/GBP at 0.801 was trading 0.9% below AVG:0.8084 with LO:0.7845 and HI:0.8661 (90 days). There are no current rate alerts.

US Dollar to Pound Sterling - Historical Rates

USD/GBP historic rateChange to 03-JulPeriod
0.8107  26 Jun 20201.2% ▼1 Week
0.7953  03 Jun 20200.7% ▲30 Days
0.8152  04 Apr 20201.7% ▼90 Days
0.7948  04 Jul 20190.8% ▲1 Year
0.6425  05 Jul 201524.7% ▲5 Years
0.6597  06 Jul 201021.4% ▲10 Years
USD/GBP 10 year historic rates & changes to 03-Jul-2020 : 0.8010
 

U$1,000 USD
=
£801.03 GBP

Converted at USD/GBP wholesale exchange rate, compare foreign transfer and spend/travel exchange rates.

 
 

US Dollar to Pound Sterling - Quick Conversions

USD GBP
U$ 1 £ 0.8010
U$ 5 £ 4.0050
U$ 10 £ 8.0100
U$ 20 £ 16.02
U$ 50 £ 40.05
U$ 100 £ 80.10
U$ 250 £ 200.25
U$ 500 £ 400.50
U$ 1,000 £ 801.00
U$ 2,000 £ 1,602
U$ 5,000 £ 4,005
U$ 10,000 £ 8,010
U$ 50,000 £ 40,050
U$ 100,000 £ 80,100
More amounts
USD GBP
U$ 1.2484 £ 1
U$ 6.2420 £ 5
U$ 12.48 £ 10
U$ 24.97 £ 20
U$ 62.42 £ 50
U$ 124.84 £ 100
U$ 312.10 £ 250
U$ 624.20 £ 500
U$ 1,248 £ 1,000
U$ 2,497 £ 2,000
U$ 6,242 £ 5,000
U$ 12,484 £ 10,000
U$ 62,420 £ 50,000
U$ 124,840 £ 100,000
More amounts

Frequently Asked Questions

 

What currency should I use in Isle of Man?

The domestic currency in Isle of Man 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?

 

Travel, Currency and Money saving tips for Isle of Man

The Isle of Man is a totally underrated little island – like a mini version of mainland Britain, with all of its different landscapes on a small scale. The Manx scenery rivals that of the Lake District and Highlands but it doesn’t have the volume of tourists, which makes it much better.What you'll find here is beautiful scenery in the lush valleys, barren hills and rugged coastlines. In 2016 Unesco designated the Isle of Man a biosphere reserve (one of five in the UK), marking it out as one of the most beautiful spots in Britain to enjoy nature. That bucolic charm is shattered during the world-famous Tourist Trophy (TT) motorbike racing season, which attracts 50,000 punters every May and June. Needless to say, if you want a slice of silence, avoid the high-rev bike fest.

Getting around in the Isle of Man.

Located in the south of the Island, the Isle of Man 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, Manannan, 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 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.

Travel tips for the Isle of Man.

There is an irony to the fact that Isle of Man is not part of the UK, yet it is the only location in the British Isles from which you can see all the UK’s constituent parts – on clear days, England, Wales, Scotland and Northern Ireland are visible from the 2,037ft Snaefell, reached via the Snaefell Mountain Railway.

Niarbyl (meaning ‘the tail’ in Manx) is a craggy, rocky beach with a really good café overlooking it on the edge of a cliff. As you might expect, the views are amazing from the café. But the food is top notch too, including fresh local crab. Try and get the table upstairs for the full-on sea view. They have local bottled beer, but you have to ask for it

 

Travel money for Isle of Man

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.

 
Provider ReviewAmount GBP(£)Exchange RateFee USDDeal Links
TransferWise
> Best Overall
£785.05
1.99%
0.797U$15.00
U.S. Bank logo
U.S. Bank
£749.80
6.39%
£35 less
0.74980
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
£742.30
7.33%
£43 less
0.749815
Wells Fargo Bank logo
Wells Fargo Bank
£734.80
8.26%
£50 less
0.7498U$20
Travelex Online
£730.10
8.85%
0.73010^
TransferWise
 
loading
TransferWise: Travel Money USD→GBP
From Amount (USD)U$1,000
Fee:U$15.00 USD (1.5%)
Exchange Rate:0.7970 (-0.5% from mid-rate)
To Amount (GBP) £785.05
Total Cost:1.99%
Time:2:29 Local
Currency Services:Multi-currency debit card with linked foreign bank accounts
Delivery/Collect:5-7 days
Rating:
 
: 4.6/5.0
Review:


U.S. Bank
 
loading
U.S. Bank: Travel Money USD→GBP
From Amount (USD)U$1,000
Fee:0
Exchange Rate:0.7498 (-6.39% from mid-rate)
To Amount (GBP) £749.80
Total Cost:6.39%
Time:2:29 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Review:


Banks - Average Rate
 
loading
Travel Money USD→GBP
From Amount (USD)U$1,000
Fee:15
Exchange Rate:0.7009 (-12.5% from mid-rate)
To Amount (GBP) £742.30
Total Cost:7.33%
Currency Services:Branch
Delivery/Collect:-


Wells Fargo Bank
 
loading
Wells Fargo Bank: Travel Money USD→GBP
From Amount (USD)U$1,000
Fee:U$20 USD (Minimum fee)
Exchange Rate:0.7498 (-6.39% from mid-rate)
To Amount (GBP) £734.80
Total Cost:8.26%
Time:2:29 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Review:


Travelex Online
 
loading
Travelex Online: Travel Money USD→GBP
From Amount (USD)U$1,000
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:0.7301 (-8.85% from mid-rate)
To Amount (GBP) £730.10
Total Cost:8.85%
Time:
Rate Fetched: Sun Jul 05 2020 02:15:03 GMT+0000 (UTC)
Currency Services:FREE Home delivery & Branch pickup
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Review:


 
loading
Snapshot 07/05/2020 - View live rates

Sending money to Isle of Man

When searching around for information on how to get a good exchange rate when sending money to Isle of Man you need to start with finding out the latest Pound Sterling exchange rate for foreign-transfers, which can be very different to the wholesale rate.

Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save - we make that calculation easy in the below table.

 

USD to GBP International Money Transfers

Provider ReviewReceive GBP(£)Exchange RateFee USDDeal Links
OFX
> Best Overall
£794.60
0.8%
0.79460^
XE
£789.00
1.5%
0.7890
HSBC logo
HSBC
£767.45
4.19%
£27 less
0.7686U$1.50
U.S. Bank logo
U.S. Bank
£765.50
4.43%
£29 less
0.76550
Bank of America logo
Bank of America
£754.02
5.87%
£41 less
0.7655U$15
Wells Fargo Bank logo
Wells Fargo Bank
£754.01
5.87%
£41 less
0.7694U$20
Banks - Average Rate
U.S. Bank logo Bank of America logo HSBC logo Wells Fargo Bank logo
£760.25
5.09%
£34 less
0.767315
OFX
 
loading
OFX: Foreign Transfer USD→GBP
From Amount (USD)U$1,000
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:0.7946 (0.8% from mid-rate)
To Amount (GBP) £794.60
Total Cost:0.8%
Time:
Rate Fetched: 2:29 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Speak to Dealers, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Review:


Compare OFX Rates
XE
 
loading
XE: Foreign Transfer USD→GBP
From Amount (USD)U$1,000
Fee:
Exchange Rate:0.7890 (1.5% from mid-rate)
To Amount (GBP) £789.00
Total Cost:1.5%
Time:2:29 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Speak to Dealers
Rating:
 
: 3.5/5.0
Review:


Compare XE Rates
HSBC
 
loading
HSBC: Foreign Transfer USD→GBP
From Amount (USD)U$1,000
Fee:U$1.50 USD (.15%)
Exchange Rate:0.7686 (4.04% from mid-rate)
To Amount (GBP) £767.45
Total Cost:4.19%
Difference:
£27 GBP less than using OFX
Time:2:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare HSBC Rates
U.S. Bank
 
loading
U.S. Bank: Foreign Transfer USD→GBP
From Amount (USD)U$1,000
Fee:0
Exchange Rate:0.7655 (4.43% from mid-rate)
To Amount (GBP) £765.50
Total Cost:4.43%
Difference:
£29 GBP less than using OFX
Time:2:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare U.S. Bank Rates
Bank of America
 
loading
Bank of America: Foreign Transfer USD→GBP
From Amount (USD)U$1,000
Fee:U$15 USD (Minimum fee)
Exchange Rate:0.7655 (4.43% from mid-rate)
To Amount (GBP) £754.02
Total Cost:5.87%
Difference:
£41 GBP less than using OFX
Time:2:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare Bank of America Rates
Wells Fargo Bank
 
loading
Wells Fargo Bank: Foreign Transfer USD→GBP
From Amount (USD)U$1,000
Fee:U$20 USD (Minimum fee)
Exchange Rate:0.7694 (3.95% from mid-rate)
To Amount (GBP) £754.01
Total Cost:5.87%
Difference:
£41 GBP less than using OFX
Time:2:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare Wells Fargo Bank Rates
Banks - Average Rate
 
loading
Foreign Transfer USD→GBP
From Amount (USD)U$1,000
Fee:15
Exchange Rate:0.7639 (4.63% from mid-rate)
To Amount (GBP) £760.25
Total Cost:5.09%
Difference:
£34 GBP less than using OFX
Transfer Speed:
Services:


 
loading
Snapshot 07/05/2020 - View live rates

Get a better deal for foreign transfers 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 4 simple steps :

  1. Open an account with a BER reviewed FX provider (id docs may be required)
  2. You specify the local or 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.

Use the above Send to Pounds Sterling 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!


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