British Pound Sterling
This is a foreign exchange guide to Isle of Man, the British Pound Sterling currency plus sending GBP transfers and travel tips.
In this Isle of Man currency guide we take a look at :
- British Pound Sterling info - general info about the British Pound Sterling
- British Pound Sterling in the markets - recent GBP moves and predictions from the FX markets
- Travelling in Isle of Man - currency & money saving tips
- Buying British Pound Sterling cash online - travel money for Isle of Man
- Sending money to Isle of Man - save on British Pound Sterling bank transfers to Isle of Man
- British Pound Sterling exchange rates - latest & historic exchange rates.
- GBP News - the latest British Pound Sterling related articles from our blog.
British Pound Sterling (GBP) general currency information
What is the British Pound Sterling currency code and symbol?
The three letter currency code for the British Pound Sterling is GBP and the symbol is £.
Which countries use the British Pound Sterling?
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.
British Pound Sterling (GBP) in the markets
On October 11 the pound had a large one-day rise against the Euro with signs that the EU and UK could still get a Brexit deal ahead of the October 31 deadline. Pound valuations will continue to fluctuate based on Brexit No-deal, Deal and Remain probabilities. No-deal prospects may increase if, as is widely expected, ardent Brexiteer Boris Johnson becomes the UK’s next prime minister. However, some banks argue that Johnson’s appointment would make little difference to no-deal or remain probabilities.
The pound is unlikely to receive much in the way of meaningful respite until November, analysts say, when hopefully the UK-EU Brexit arrangement, or lack thereof, is known (Boris Johnson insists that the UK will not seek any further Article 50 extensions beyond the October-31 deadline).
The pound would be doing far worse if it weren't receiving some support from the Bank of England which, surprisingly, is the only major central bank still considering higher interest rates in 2019.
By some margin, the pound was the worst-performing major currency in the second quarter. It slipped in late June to multi-month lows against a number of important currencies, including the Australian dollar, New Zealand dollar, euro, Canadian dollar and Swiss franc.
For more details read the full article British Pound Sterling Forecasts.
The interactive chart below shows the GBP to USD exchange rate and trend for the previous 3 months:
Travel, Currency and Money saving tips for Isle of Man
The Isle of Man is a totally underrated little island – like a mini version of mainland Britain, with all of its different landscapes on a small scale. The Manx scenery rivals that of the Lake District and Highlands but it doesn’t have the volume of tourists, which makes it much better.What you'll find here is beautiful scenery in the lush valleys, barren hills and rugged coastlines. In 2016 Unesco designated the Isle of Man a biosphere reserve (one of five in the UK), marking it out as one of the most beautiful spots in Britain to enjoy nature. That bucolic charm is shattered during the world-famous Tourist Trophy (TT) motorbike racing season, which attracts 50,000 punters every May and June. Needless to say, if you want a slice of silence, avoid the high-rev bike fest.
Getting around in the Isle of Man.
Located in the south of the Island, the Isle of Man only airport - Ronaldsway – is regularly serviced by a bus route to bring you to the town or village where you wish to stay. Alternatively, you can call for a taxi or hire a car straight from the airport to get to your destination. If you decide to travel to the Isle of Man by sea, you can come by foot or by car. The Steam Packet Company operates regular ferry services to the Island from Heysham, Liverpool, Birkenhead, Dublin and Belfast using two reliable vessels – the 96-metre wave piercing catamaran, Manannan, or the conventional Ben-my-Chree.
Taxis can also be found in the majority of the main towns and villages in the Island, giving you complete control of where you want to go without having to rely on fixed schedules. There’s an extensive bus network - Bus Vannin – that serves the whole Island on a regular basis including Ronaldsway Airport and the Sea Terminal in Douglas.The Isle of Man Steam Railway, Manx Electric Railway and Snaefell Mountain Railway are a fun way to explore the Island’s impressive landscape and heritage sites. It is the longest narrow gauge steam line in Britain that still uses its original locomotives and carriages which will carry you through the charming countryside between the Island’s capital and a range of destinations in the south.
Travel tips for the Isle of Man.
There is an irony to the fact that Isle of Man is not part of the UK, yet it is the only location in the British Isles from which you can see all the UK’s constituent parts – on clear days, England, Wales, Scotland and Northern Ireland are visible from the 2,037ft Snaefell, reached via the Snaefell Mountain Railway.
Niarbyl (meaning ‘the tail’ in Manx) is a craggy, rocky beach with a really good café overlooking it on the edge of a cliff. As you might expect, the views are amazing from the café. But the food is top notch too, including fresh local crab. Try and get the table upstairs for the full-on sea view. They have local bottled beer, but you have to ask for it
Travel money for Isle of Man
Save money and time by Ordering your British Pound 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 British Pound Sterling otherwise you may get much worst exchange rates.
Isle of Man Trip Checklist
Sending money to Isle of Man
When searching around for information on how to get a good exchange rate when sending money to Isle of Man you need to start with finding out the latest British Pound Sterling foreign-transfer exchange 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 here).
Get a better deal for foreign transfers to Isle of Man
When sending money to Isle of Man 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 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 Isle of Man.
Use our Send to GBP 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 Sterling deposited into the recipient bank account and less margins and fees kept by the banks!