Currency in Jersey
A practical currency and money guide to travel, living and doing business in Jersey and the Pound Sterling (GBP).
What's in this Jersey currency guide:
What currency is used in Jersey?
The official currency of Jersey (country code: JE) 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 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.
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:
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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.
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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 Jersey. It may also be more convenient to use a local GBP bank account to make purchases and withdraw cash.
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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.
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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.
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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.
GBP/USD – Market Data
The exchange rate of Pound Sterling (GBP), or the amount of GBP that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest GBP/USD rate plus recent trend, chart, forecasts and historic rates.
GBPUSD is down around 15 percent this year and hit an all-time low (since decimalisation in 1971) in late September of 1.03 (1 USD = 0.97 GBP) — reacting to the controversial tax-cutting policies from the previous (new) chancellor.
The Bank of England has joined the global fight against inflation, but has raised rates by less than the US Federal Reserve.
So it seems the BoE’s gloomy economic forecasts has increased pressure on Sterling.
| Date | GBP/USD | Change | Period |
|---|---|---|---|
17 Jan 2023 | 1.2284 | 0.3% ▲ | 2 Week |
02 Nov 2022 | 1.1384 | 8.2% ▲ | 3 Month |
31 Jan 2022 | 1.3445 | 8.4% ▼ | 1 Year |
01 Feb 2018 | 1.4266 | 13.6% ▼ | 5 Year |
02 Feb 2013 | 1.5743 | 21.7% ▼ | 10 Year |
05 Feb 2003 | 1.6471 | 25.2% ▼ | 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 an International Money Transfer to Jersey or planning a trip or maybe living there, so will need to exchange and spend Pound Sterling.
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It is important to note that the exchange rate of the Pound Sterling can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect GBP exchange rates before making any financial decisions.
The Pound Sterling is also the domestic currency in 4 other countries.
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