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
Travel, Currency and Money saving tips for the South Georgia and South Sandwich Islands
South Georgia is one of the most visited locations in Antarctica. It is spectacularly picturesque and is frequently described as being "The Alps in the mid-ocean". Over half the island is permanently glaciated, wildlife is abundant, approach by sea is usually straightforward and it is steeped in the history of Antarctic exploration and the stories and relics of Antarctic whalers and sealers.
The South Sandwich Islands on the other hand are isolated and are not often visited other than by survey ships on scientific excursions. The prevailing weather conditions usually make the approach difficult, they rise very steeply out of the sea and are subject to active volcanism. The only access to South Georgia or the South Sandwich Islands is by sea, there are no flights.There is a small gift shop at Grytviken which will accept Falkland pounds, British pounds, American dollars and Euros. Water is sold by the tonne. Most large ships visiting the islands will sell basic supplies (razors, shampoo, hats, snacks), but otherwise it is unlikely you will have any use for whatever money you bring with you. As a British territory with such a small population and being as remote as it is, English is spoken by everyone. Grytviken is the one place on South Georgia still occupied today by the scientists and crew of the British Antarctic Survey. The name Grytviken means 'Pot Cove' after the sealers trypots, used for recovering the blubber from seals which were found there. It is the best harbour on the island, being a bay within a bay.
Travel money for the South Georgia and South Sandwich Islands
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 the South Georgia and South Sandwich Islands
When searching around for information on how to get a good exchange rate when sending money to the South Georgia and South Sandwich Islands 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 the South Georgia and South Sandwich Islands
When sending money to the South Georgia and South Sandwich Islands 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 the South Georgia and South Sandwich Islands.
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.