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STM Events : Visit UK : Practical Information : Money and currency

Money and currency

Currency

Britain's unit of currency is the Great British Pound (sterling). The symbol for the pound sterling is £.

The British monetary system

British money is based on the decimal system - there are one hundred pence to each pound.

Coins have the values of 1p, 2p, 5p, 10p, 20p, 50p, £1 and £2.

Notes have the values of £5, £10, £20 and £50.

Scottish £1 notes are still in circulation in Scotland.

The Channel Islands and the Isle of Man have some different coins and notes from the mainland but the monetary system is the same.

Bringing money to the UK

If you are an EU citizen and travelling from within the EU you can bring in and take out bank notes, travellers' cheques, letters of credit etc. in any currency and up to any amount.

As of 15 June 2007, if you are travelling to or from a country outside the European Union (EU), you will need to declare any sums of cash of 10,000 Euro or more (or the equivalent in another currency) to HM Revenue & Customs (HMRC). More information on currency limits (HMRC website)

Bringing cash into the UK (FCO website)

Changing money & exchange rates

Foreign currency can easily be exchanged at banks, post offices, some hotels and Bureau de Change kiosks, which are found at international airports and most city centres.

To see today's exchange rate visit the Financial Times currencies website.

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