Currency in Jersey GBP - Things to know
Foreign exchange guide to Jersey and the British pound
What's in this Jersey currency guide?
What currency is used in Jersey?
The official currency of Jersey (country code: JE) is the British pound, with symbol £ and currency code GBP.
Loading rates...
|
|
|
Things to know about the British pound
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 Jersey
Save money and time by Ordering your British pound 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 British pound otherwise you may get much worst exchange rates.
Travel Ideas and Money Tips for Jersey
Describe Jersey for travelers and expats
For travelers, Jersey is a great destination for its beaches, hiking, and scenic views. For expats, Jersey is an ideal place to live because of its low cost of living, friendly people, and great quality of life.
Best things to do and see in Jersey
There are a number of excellent things to do and see in Jersey. Visitors may wish to spend time exploring the island's beaches, hiking through its lush countryside, or visiting its many historical and cultural attractions. Additionally, Jersey makes an excellent base for exploring the rest of the Channel Islands, as well as the nearby coastline of Normandy and Brittany.
USD/GBP Market Data
The below interactive chart displays the USD/GBP change and UP📈 DOWN📉 trends over the past 1 Year.
Frequently Asked Questions
What currency should I use in Jersey?
The domestic currency in Jersey is the British pound.
What is the British pound currency code and symbol?
The three letter currency code for the British pound is GBP — symbol is £.
Which countries use the British pound?
It is the domestic currency in United Kingdom, Guernsey, Isle of Man, Jersey and South Georgia and South Sandwich Islands.
Is the British pound a closed currency?
No, the British pound is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and GBP?
Here are some popular conversion amounts for USD to GBP (US dollar to British pound)*.
*Converted at the current USDGBP interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Send Money to Jersey - Best Rates
To get a good (and fair) exchange rate when sending money to Jersey 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 Jersey
When sending money to Jersey 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 British pound 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 Jersey.
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 British pound deposited into the recipient bank account and less margins and fees kept by the banks!
Expat Money & Business Guide to Jersey
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 Jersey.
How is the expat life in Jersey?
There is a large expat community in Jersey, which makes it easy to meet people and make friends. There are plenty of clubs and organizations to get involved in, and the island is small enough that it's easy to get around and explore.
Any laws in Jersey that foreigners should be aware of?
Some key points of Jersey law that foreigners should be aware of include:
- The legal age for purchasing and consuming alcohol is 18.
- It is illegal to smoke in all public indoor places, including bars and restaurants.
- The legal age for purchasing and smoking tobacco products is 18.
- Motorists must drive on the left-hand side of the road.
- The use of mobile phones while driving is banned.
- TheBlood Alcohol Content (BAC) limit for driving is 80 milligrams of alcohol per 100 millilitres of blood.
What is doing business like in Jersey?
The economic environment in Jersey is generally considered to be good for doing business. The government is supportive of businesses and there is a low level of bureaucracy. Taxes are relatively low, and there is a well-developed infrastructure. The workforce is highly skilled and there is a good level of cooperation between businesses.
How is the economy in Jersey?
The economy of Jersey is quite strong and has been growing steadily for many years. There are a number of large businesses and industries that are based on the island, and the tourism industry is also very important to the economy.
Managing your finances in Jersey
Here we list some key points for expats and businesses to consider when managing financial dealings in Jersey:
Understand British pound 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 British pound bank account: A local GBP bank account can make it easier for you to manage your finances and pay bills while you are in Jersey. 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 Jersey. 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 Jersey. 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 Jersey, 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.