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
USD to GBP at 0.7943 was trading 1.3% belowAVG:0.8045 with LO:0.7845 and HI:0.8276 (90 days). There are no current rate alerts.
US Dollar to Pound Sterling - Historical Rates
08 Jul 2020 : 0.7928
15 Jun 2020 : 0.7913
16 Apr 2020 : 0.8008
16 Jul 2019 : 0.8058
17 Jul 2015 : 0.6409
18 Jul 2010 : 0.6519
USD/GBP 10 year historic rates & changes to 15-Jul-2020 : 0.7943
The main currency of Jersey is the pound, although in many places the euro is accepted because of the location of the island. Pound coins are issued, but are much less widely used than pound notes.
In July 2014, the Jersey Financial Services Commission approved the establishment of the world's first regulated Bitcoin fund, at a time when the digital currency was being accepted by some local businesses
Travel money for Jersey
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.
Sending money to Jersey
When searching around for information on how to get a good exchange rate when sending money to Jersey 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.
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 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 Jersey.
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!
General advice: The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements before making any legal, accounting or financial decisions. The foreign exchange rates and products compared on this page and website are chosen from a range of products that bestexchangerates.com (BER) has access to and are not
representative of all the products available in the market.
We may receive referral fees in relation to your activity on the BER website however this doesn't affect the exchange rates or fees you are charged.
The use of terms "Best" and "Top" are not product ratings and are subject to our disclaimer.