What's in this Jersey currency guide?
|Domestic Currency||Pound Sterling|
|Exchange Rate||GBP/USD = 1.246|
Quick Conversions from Pound Sterling to US Dollar
Jersey Currency Info
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.
Frequently Asked Questions
What currency should I use in Jersey?
The domestic currency in Jersey is the Pound Sterling.
What is the Pound Sterling currency code and symbol?
The three letter currency code for the Pound Sterling is GBP — symbol is £.
Which countries use the Pound Sterling?
Is the Pound Sterling a closed currency?
No, the Pound Sterling is freely available and convertible. See guide: What is a closed currency?
Pound Sterling (GBP) in the markets
With the Bank of England holding interest rates steady amid signs of a recovery in the health of the UK economy following the general election, the pound is showing strength against most currencies early in 2020.
In the post UK election euphoria the pound rose to over 1.33 USD and 1.20 EUR but has since dropped back over the uncertainty of what sort of trade deal the UK can realistically negotiate with Europe over the next 11 months.
GBP has given up all of those election result gains as Mr Johnson pledged to outlaw any extension to the UK’s post-Brexit transition period at the end of next year. It appears the Brexit volatility in the pound is set to continue for the foreseable future.
For more details read the full article 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 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
Travel money for Jersey
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 Jersey
When searching around for information on how to get a good exchange rate when sending money to Jersey you need to start with finding out the latest 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 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 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 Jersey.
Use our 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!