Currency in Isle of Man
Foreign exchange guide to Isle of Man and the Pound Sterling
What's in this Isle of Man currency guide?
What currency is used in Isle of Man?
The official currency of Isle of Man (country code: IM) 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 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.
Travel Ideas and Money Tips for Isle of Man
Describe Isle of Man for travelers and expats
The Isle of Man is a small island nation located in the Irish Sea between Great Britain and Ireland. The island is known for its beautiful scenery, friendly people, and relaxed lifestyle. The Isle of Man is a popular destination for travelers and expats looking for a safe and welcoming place to live.
Best things to do and see in Isle of Man
There are plenty of things to see and do on the Isle of Man, from exploring the island's ancient castles and historic sites to enjoying its stunning landscapes and coastline. Here are some of the best things to do on the Isle of Man:
1. Take a trip on the Isle of Man Steam Railway
The Isle of Man Steam Railway is a must-visit for anyone interested in the island's history. The heritage railway runs for 15 miles from Douglas to Port Erin, following the original 1874 route. The trip takes around 45 minutes and offers stunning views of the island's coastline.
2. Visit Castle Rushen
Castle Rushen is one of the Isle of Man's most iconic landmarks. The castle dates back to the 13th century and was once the seat of the island's rulers. nowadays, the castle is open to the public and is well worth a visit.
3.Explore the Isle of Man's coastline
The Isle of Man's coastline is absolutely stunning and well worth exploring. The island is home to some of the UK's best beaches, including Port Erin Beach and Peel Beach.
4. Visit the House of Manannan
The House of Manannan is a must-visit for anyone interested in the island's Celtic heritage. The museum is located in Peel and tells the story of the Isle of Man's Celtic god, Manannan.
5. Go hiking in the Isle of Man
The Isle of Man is a great place for hiking, with plenty of trails to explore. One of the best ways to see the island is to hike from coast to coast, from Douglas to Port Erin. The trail takes around four hours to complete and offers stunning views of the island.
Top Travel tips for Isle of Man
The Isle of Man is a beautiful place with much to offer visitors. Here are our top travel tips for making the most of your time on the island:
1. Start your visit in Douglas, the island's capital. Douglas is a great base for exploring the island, with plenty of hotels, restaurants, and bars. There is also a good selection of shops, and the town has a busy harbour.
2. From Douglas, head to the north of the island to visit Peel, a picturesque fishing town with a medieval castle. Peel is also home to the House of Manannan, a museum dedicated to the Isle of Man's Celtic heritage.
3. For stunning views, take a trip on the Isle of Man Steam Railway, which runs from Douglas to Port Erin. The railway passes through some of the island's most scenic countryside, including the rugged Glen Mooar Valley.
4. For a taste of Isle of Man history, visit Castletown, the island's former capital. Castletown is home to Castle Rushen, a medieval fortress which has been beautifully restored.
5. The Isle of Man is home to some of the best beaches in the British Isles. Popular spots include Ramsey, Port Erin, and Laxey.
6. The Isle of Man is a great place for walkers, with a network of footpaths criss-crossing the island. For challenging hikes, head to the south of the island where you will find the highest peaks.
7. The Isle of Man is renowned for its motorsport heritage, and the island hosts the prestigious Isle of Man TT race every year. For a taste of the action, visit the Isle of Man Motor Museum in Douglas.
8. To really experience the island's Celtic heritage, visit during the Isle of Man Celtic Festival, which takes place in September. The festival features music, dance, and storytelling, and is a great opportunity to try traditional Manx dishes.
9. The Isle of Man is the perfect place to try your hand at some traditional Manx crafts. Popular activities include pottery, weaving, and jewellery making.
10. For a taste of the island's dark side, visit the village of Ballaugh, home to the infamous 'body snatchers'. In the 19th century, two men were hanged for robbing graves, and their bodies were left to rot in a gibbet on the village green.
What's the best way to pay in Isle of Man?
There is no definitive answer to this question as the best way to pay in Isle of Man may vary depending on the specific situation. However, some general tips that may be useful include carrying enough cash to cover all expenses, using a credit or debit card for larger purchases, and being aware of any currency exchange fees that may apply.
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 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?
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 Isle of Man - Best Rates
To get a good (and fair) exchange rate when sending money to Isle of Man 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 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 :
- 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 Isle of Man.
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 Isle of Man
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 Isle of Man.
How is the cost of living in Isle of Man?
The cost of living in Isle of Man is relatively high when compared to other countries. However, this is offset by the high salaries that many people earn.
How is the expat life in Isle of Man?
The Isle of Man is a beautiful and friendly place to live, with a great community feel. The people are very welcoming and there is a strong sense of community. There are plenty of things to do and see, and the island is a great place to raise a family. The schools are excellent and there are plenty of opportunities for outdoor activities. The only downside is that it can be a bit expensive to live here, but overall it is a great place to call home.
Any laws in Isle of Man that foreigners should be aware of?
The laws in Isle of Man that foreigners should be aware of include the following: the requirements for secured transactions, the company law, the intellectual property law, the banking law, the insurance law, and the taxation law.
What is doing business like in Isle of Man?
There is no income tax, corporate tax or capital gains tax in Isle of Man.
How is the economy in Isle of Man?
The economy in Isle of Man is strong. The government is committed to maintaining a business-friendly environment, and the island has a highly skilled workforce. The economy is diversified, with a mix of industries, including banking and finance, manufacturing, and tourism.
Managing your finances in Isle of Man
Here we list some key points for expats and businesses to consider when managing financial dealings in Isle of Man:
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 Isle of Man. 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 Isle of Man. 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 Isle of Man. 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 Isle of Man, 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.
