Currency in Jersey: GBP Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Jersey with 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.
What is a good British pound exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
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Good 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.
For more GBP information check out our selection of British pound news and guides.
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 £.
What does the British pound look like?
Here is an example British pound banknote:
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 MYR and GBP?
Here are some popular conversion amounts for MYR to GBP (Malaysian ringgit to British pound)*.
*Converted at the current MYRGBP interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Jersey
Using Wise for British pound travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in British pound otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want British pound cash before departure, you can save money by ordering online. You generally get better rates and can pick up the GBP cash locally or even on travel day at the airport.
Jersey: Travel Guide
Traveling to Jersey requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
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.
Everyday Costs in in Jersey
How much does it really cost to live, work, or travel in Jersey? Here's what to expect for daily expenses and expat living.
Currency Guide for Jersey (ISO Code: JE)
When planning a 1-week mid-range stay in Jersey, travelers should budget around £1,200 to £1,500 for a comfortable experience. Daily expenses can vary, but here are some typical costs you might encounter: 🍽️ A meal at a local restaurant can set you back about £20-£30, ☕ a coffee will cost around £3-£5, 🚍 public transport fares average £2-£4 per journey, 📱 a prepaid SIM card is approximately £20, and a budget hotel or Airbnb can range from £60 to £120 per night. Overall, Jersey is generally considered to be on the expensive side compared to many destinations; for instance, you may find that costs here are higher than in the United States, but similar to what you would encounter in London, UK, especially considering accommodation and dining expenses.
For expatriates living in Jersey, typical monthly living costs are estimated between £1,800 and £2,500, depending largely on lifestyle choices and accommodation. When it comes to banking, most major banks in Jersey offer services tailored to expats, but it’s advisable to find a local bank that aligns with your needs. Using debit or credit cards is widely accepted, though fees may vary, so consider a card that offers low foreign transaction fees. Sending and receiving money can be done efficiently; online transfer services like Wise or OFX often provide competitive rates compared to traditional bank exchanges. However, for small amounts, you might find local currency exchanges convenient, although the rates may not be as favorable. Overall, for larger transfers, opting for online services usually results in greater savings.
USD/GBP Market Data
The below interactive chart displays the USD/GBP change and UP📈 DOWN📉 trends over the past 1 Year.
Recent British pound Market News
The US imposed a 10% reciprocal tariff rate on goods from the UK as part of Trump’s growing trade war with countries around the world.
The British pound (GBP), often referred to as sterling, is one of the world’s oldest and most traded currencies. As the official currency of the United Kingdom, its value is influenced by a combination of economic performance, monetary policy, political stability, and global market sentiment. Unlike commodity-linked currencies such as the Canadian and Australian dollars, the pound is primarily driven by domestic economic indicators and investor confidence in the UK economy.
Monetary policy set by the Bank of England (BoE) plays a key role in determining the value of the GBP. Interest rate decisions influence investment flows, with higher interest rates attracting foreign capital and strengthening the pound, while lower rates can weaken demand and push the currency down. Inflation levels, employment data, and GDP growth are closely watched by traders, as they help predict the BoE’s future policy direction.
The GBP is also highly sensitive to political events and government policies, particularly in the aftermath of Brexit. The UK’s departure from the European Union introduced currency volatility, as uncertainties surrounding trade agreements, business regulations, and foreign investment continue to affect investor sentiment. Periods of political instability, such as leadership changes or unexpected election outcomes, often lead to short-term fluctuations in the pound’s value.
Sterling’s performance is also shaped by its relationship with major trading partners, particularly the United States and the European Union. Since the UK relies heavily on trade with Europe, economic developments in the Eurozone can have a direct impact on GBP demand. Additionally, the GBP/USD pair—often called “Cable” in forex markets—is one of the most liquid and widely traded currency pairs, making it susceptible to movements in the US dollar.
Market trends show that the GBP is more volatile during European and U.S. trading hours, as it is heavily traded in London, one of the world’s largest financial hubs. Global risk appetite also plays a role; during economic uncertainty, investors tend to shift towards safe-haven currencies like the US dollar or Japanese yen, often leading to GBP depreciation.
Looking ahead, the future of the pound will depend on the UK’s economic recovery, the BoE’s policy decisions, trade agreements, and investor confidence. With the UK seeking to solidify its post-Brexit position in global trade, factors such as foreign investment, economic reforms, and business growth will shape the pound’s trajectory in the years to come.
For more GBP information read our News and guides to the British pound.
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!
Managing money while living and working in 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.
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 money transfer specialist 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.
We have put together some key points to help 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.