Currency in Isle of Man – Pound Sterling GBP
A practical foreign exchange and currency guide to Isle of Man
What's in this Isle of Man currency guide:
What currency is used in Isle of Man?
The official currency of Isle of Man is the Pound Sterling, with symbol £ and currency code GBP.
Things to know about the Pound Sterling
The British pound Sterling (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.
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.
What the Pound Sterling looks like?
Pound Sterling – Markets & Rates
The outlook for sterling remains challenging in its precarious post-Brexit economic environment.
The pound hit a multi-year Low in mid July of 1.18 against the greenback (1 USD = 0.8456 GBP) — on the bleak outlook for the UK economy and after the Federal Reserve started its long anticipated increase of interest rates.
| Date | GBP/USD | Change | Period |
|---|---|---|---|
27 Jul 2022 | 1.2162 | 0.5% ▲ | 2 Week |
12 May 2022 | 1.2204 | 0.1% ▲ | 3 Month |
10 Aug 2021 | 1.3836 | 11.7% ▼ | 1 Year |
11 Aug 2017 | 1.3012 | 6.1% ▼ | 5 Year |
12 Aug 2012 | 1.5679 | 22.1% ▼ | 10 Year |
15 Aug 2002 | 1.5345 | 20.4% ▼ | 20 Year |
Compare Pound Sterling Exchange Rates & Fees
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make a Transfer or Spend Pound Sterling.
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Travelling to 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
The Pound Sterling is also the domestic currency in 4 other countries.
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