JE
British pound sterling
£ GBP
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In this guide we review :
- 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 Jersey - currency & money saving tips
- Buying British pound sterling cash online - travel money for Jersey
- Sending money to Jersey - save on British pound sterling bank transfers to Jersey
- British pound sterling exchange rates - latest info & charts.
British pound sterling (GBP) general currency information
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.
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?
It is the domestic currency in United Kingdom, Guernsey, Isle of Man, Jersey and South Georgia And South Sandwich Islands.
British pound sterling (GBP) in the markets
Like most currencies, the pound was strong against the US dollar in early 2018. By late March, in line with the broader market for dollar pairs, GBP/USD had fallen back from January’s 19-month high of 1.434 to 1.4, but remained up 4% on the year and 17% higher than 2017’s low of 1.2.
Mirroring the standoff between UK and EU Brexit negotiators, the pound-euro exchange rate did little in the six-month period between October ’17 and March ’18. The pound continues to buy roughly 1.14 euros.
Like most other G10 currencies, the pound gained significantly in early 2018 against the Australian dollar and lost out against the yen.
According to a Reuters survey of FX analysts in March, the pound will end the year buying 1.41 US dollars (entering 2018, most analysts predicted rates between 1.3 and 1.35) and 1.12-1.14 euros.
The interactive chart below shows the GBP to USD exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.
Currency and money saving tips for Jersey
The main currency of Jersey is the pound, although in many places the euro is accepted because of the location of the island. Pound coins are issued, but are much less widely used than pound notes.
In July 2014, the Jersey Financial Services Commission approved the establishment of the world's first regulated Bitcoin fund, at a time when the digital currency was being accepted by some local businesses
Jersey Trip Checklist
- Compare GBP travel cash rates - probably why you are here!
- Lonely Planet - world's best travel guide (coupon and deals)
Travel money for Jersey
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.
Travel Money Exchange Rates Compared
Buying GBP Cash with USD 1,000
Travelex OnlineSending money to Jersey
When sending money to Jersey 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 3 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 Jersey.
By comparing the 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 in Jersey and less margins and fees kept by the banks!
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