Switch .com Best Exchange Rates .com Best Exchange Rates .com Best Exchange Rates
    eg: USDCAD, GBP/EUR, AUD to USD, 500 Pound to Yen, 15K Dollar Peso, Send Japan
    Flag of United Kingdom

    Currency in the United Kingdom

    A practical currency and money guide to travel, living and doing business in the United Kingdom and the Pound Sterling (GBP).


    What currency is used in the United Kingdom?

    The official currency of the United Kingdom (country code: GB) 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.

    An example Pound Sterling banknote


    Travel Ideas and Money Tips for the United Kingdom

    England is still one of the most popular tourist destinations in the world. Be sure to get out of London as England's smaller cities and beautiful country villages are fascinating and boast a robust culture. England is not known as a budget location and if you don't keep an eye on your budget it can be expensive.

    ATMs are everywhere and all major credit cards are accepted  though you could purchase a Prepaid Travel Card if you prefer not to carry your credit card with you all the time while travelling.

    In the United Kingdom, the National Rail service is known to always expensive, no matter how long your trip is. Depending how worried you are about your budget, by booking your ticket with the National Rail over a week in advance and during off peak hours, you can secure you tickets for for up to 50% less.

    There are plenty of spots to visit in the UK. For major cities you have Manchester, Liverpool, Bath, Oxford and more. In Scotland you have the gorgeous Edinburgh and the more modern Glasgow, plus plenty of stunning countryside. In Northern Ireland there is Belfast plus the beautiful countryside and towns.

    These days there are plenty of cheaps flights to get around in the United Kingdom with little effort and these are well worth taking advantage of, though you may like to take a ferry to get around between the islands. The ferries are usually pretty industrial and not overly romantic, but some might like to take a trip via water.

    Is the Euro accepted in the UK?

    The United Kingdom does not use the euro as an official currency however you may find some shops in the cities and larger towns or airports that will accept the Euro but watch out for the EUR/GBP exchange rates they offer.



    Expat Money & Business Guide to the United Kingdom

    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 the United Kingdom.

    How is the expat life in the UK?

    Expat life in the UK can be a positive experience, as the country is known for its rich history, culture, and diverse society. It also offers a high standard of living and a strong economy. However, as with any move to a new country, there can be challenges to overcome.

    One of the biggest challenges for expats in the UK is the weather, as it can be unpredictable and quite damp, especially in the winter. Additionally, the cost of living in the UK, particularly in the larger cities such as London, can be high.

    Another challenge for expats in the UK is the bureaucracy and paperwork, as the country has a complex system of regulations and procedures. This can be especially difficult for those who are not familiar with the process, but with the help of a good lawyer or an expat association, it can be navigated.

    The UK has a diverse society and it's relatively easy to find expat communities in most cities and towns. Joining one can be a great way to meet people and get support during the transition period.

    On the positive side, the UK offers a high standard of living, with access to excellent healthcare, education, and social services. The country is known for its rich history, art and culture, with many museums, galleries, and theatres to visit. Additionally, the UK is home to many different cultures, so it's easy to find food and other cultural experiences from around the world.

    Overall, expat life in the UK can be a positive experience, but it takes time to adjust to the new culture and way of life. With patience and persistence, it is possible to make a home in the UK and enjoy all that this beautiful country has to offer.

    Managing your finances in the United Kingdom

    Here we list some key points for expats and businesses to consider when managing financial dealings in the United Kingdom:

    1. 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.

    2. 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 the United Kingdom. It may also be more convenient to use a local GBP bank account to make purchases and withdraw cash.

    3. Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in the United Kingdom. This can help you avoid legal issues and ensure that you are complying with local requirements.

    4. Consider the tax implications: It is important to understand the tax implications of living or doing business in the United Kingdom. This can help you plan your finances and ensure that you are paying the correct amount of tax.

    5. Seek financial advice: If you are unsure of how to manage your finances in the United Kingdom, 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.

    1 GBP = 1.2346 USD
    Sell GBP  →  Buy USD
    GBP to USD at 1.2346 is near its 3-month average, having traded in a relatively stable 6.9% range from 1.1826 to 1.2639
      1 USD = 0.8100 GBP
    GBPUSD :

    12 May 2023
    0.9% 2 Week
    25 Feb 2023
    3.3% 3 Month
    26 May 2022
    2.1% 1 Year
    27 May 2018
    7.2% 5 Year
    28 May 2013
    18% 10 Year
    31 May 2003
    24.8% 20 Year
    GBP/USD historic rates & change to 26-May-2023



    What are GBP to USD forecasts?

    The pound experienced a strong start in May, reaching an 11-month high against the US dollar, as it benefited from ongoing inflationary pressures in the UK and Trussonomics' effects. GBP/USD traded mostly within a tighter range of US$1.2350 to US$1.2530 throughout April, before pushing above the US$1.2600 level on the 4th of May. The Bank of England's contractionary monetary policy stance in response to inflation figures at 10.1% and continued challenges such as a labor shortage and food price increases are expected to influence the exchange rate further. However, the market mood remains volatile, and upcoming UK PMIs may trigger fluctuations in the pound's value.

    On the other hand, the US dollar has firmed up recently as a result of souring sentiment amid increasing economic tensions between the US and China. The greenback also benefited from the Fed's interest rate hikes and the belief that they will reverse in 2023. The GBP/USD exchange rate has been relatively stable, trading within a 6.9% range from 1.1826 to 1.2639 in the previous three months. FX analysts will closely monitor the upcoming S&P Global PMIs for insight into the US economy, which could affect the dollar's trajectory against the pound. Ultimately, the exchange rate remains highly sensitive to economic data releases, political events, and evolving central bank policies.

    GBP/USD forecasts GBP/USD rates


    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 the United Kingdom or planning a trip or maybe living there, so will need to exchange and spend Pound Sterling.

    Loading comparison rates...


    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.





    Where do you want to Save Sending Money?