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
US dollar weakness has helped the embattled pound continue its recovery off June and early July lows. Despite this brief upturn, the outlook remains pessimistic as Brexit uncertainty and questions over the economy’s ability to rebound after the pandemic weigh on the currency.
In late July pound sterling is heading back towards US1.30 due to US dollar weakness. 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 (below US1.16) in March as traders sought the safety of the USD.
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.
For more GBP currency market forecasts you can read the full article Pound Sterling Forecasts. The below interactive chart shows the GBP to INR exchange rate, trend and recent alerts for the last 90 days.
Recent GBP to INR 90-day trend
GBP to INR at 97.84 was trading 3.3% aboveAVG:94.7 with LO:91.63 and HI:98.43 (90 days). There are no current rate alerts.
Travel, Currency and Money saving 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.
Travel money for the United Kingdom
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 United Kingdom
When searching around for information on how to get a good exchange rate when sending money to the United Kingdom 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 United Kingdom
When sending money to the United Kingdom 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 United Kingdom.
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.