.svg)
The local currency in the United Kingdom is the Great Britan Pound (GBP).
This is a guide on everything about the local currency in the United Kingdom. Also, we discuss smart ways to spend, make payments, transfer funds, and withdraw cash at the ATMs while you journey around the world with your Peso multi-currency wallet.
The official currency of the UK (England, Scotland, Wales, and Northern Ireland) is the Great Britain Pound (or Pound). The UK also declined the option to adopt the Euros as legal tender in 1999.
As a tourist in the UK visiting tourist sites in London, for example, Euros (as well as US Dollars) may be accepted by businesses in those environments–hotels, retail stores, airports and stores. You may, however, need to rely on the Pound for transactions as as you make your into the UK countryside.
These Euros-accepting businesses won’t offer great exchange rates, and you’d be compelled to pay for the convenience.
This means the merchant will choose their exchange rate if you choose to pay in Euros and they will also boost their profits by having a markup on the mid-market exchange rate. So, it is more expensive to pay in Euros than in UK’s local currency, Great Britain Pound.
.png)
If you will be going to the United Kingdom for a short or long stay, and you wish to spend the Great Britain Pound your entire stay, you could either choose to use an exchange office at home or in the UK or use an ATM when you arrive at a UK airport.
Avoid falling into the Dynamic Currency Conversion (DCC); also referred to as cardholder preferred currency (CPC), which is when a customer pays for a product or service in a foreign country using their home currency instead of the local currency.
If showing up in the United Kingdom without any pounds sterling, you should consider exchanging some of the spending money in your budget at the exchange office before you leave. Exchange rates for your home currency with the GBP will be lower in the United Kingdom than in your country. Consider making the exchange when you get to the UK.
Alternatively, you can use the Pesa Borderless Wallet for your money transfers in the UK.
With Pesa, you can send money from the UK to 20+ countries across Africa, Europe, North America and Southern Asia. Convert these currencies in real-time mid-market exchange rates with no hidden fees on the Pesa app.
The best place to buy the Great Britain pounds will be determined by the exchange rates providers offer, and their charges for this service. Take a moment to review your options, and decide on the one that provides you with the best exchange value.
There are numerous currency exchange services in London, but the three most popular exchange services are Eurochange, Travelex, and Currency Online Group. Be cautious of ‘fee-free’ and ‘commission fee’ foreign exchange transactions as the service’s profit is built into the exchange rate offered.
This is important if changing cash to the local currency is your preferred option. The mid-market rate, inter-bank rate, or spot rate, as it is also called, is the real exchange rate. Every tourist’s exchange rate is derived from the mid-market rate based on the exchange business’. Lots of platforms offering ‘zero commission’ or ‘transaction fee’ actually include it in the exchange rate. It means exchange rates may contain hidden fees, which include their markup, 10%-15% above the mid-market rate. Hence, it is important to know the mid-market rate for comparison with the rate you’re being offered.
By avoiding high-fee exchange service providers at airports and hotel front desks, you stand a better chance of getting a good exchange rate. To avoid stress or uncertainty, use any of the three popular exchange services in London or use an ATM as an alternative.
Avoid making transactions in your home country, and ensure that the bills you wish to exchange for the British pound sterlings are clean, unmarked and not torn as they may be rejected by exchange services.
Send and receive money internationally at the real exchange rate with Pesa.
