Confusingly, Scottish and Irish bank notes are not afforded official legal tender status in England and Wales, but can legally be used in any British country. Most shopkeepers will accept them without complaint, but they are not obligated to do so. The main reason for them to refuse your Scottish or Irish notes is if they are uncertain about how to check their authenticity.
If you have any problems, most banks will exchange Scottish or Irish notes for English ones free of charge. Standard English bank notes are almost always accepted throughout the UK. Many visitors make the mistake of thinking that the euro is widely accepted as an alternative currency in the UK.
While shops at some major train stations or airports do accept euros, most other places do not. Lastly, some bigger stores in Northern Ireland may accept the euro as a concession to visitors from the south, but they are not legally required to do so. You have several different options when it comes to exchanging currency in the UK. Private bureaux de change belonging to companies like Travelex can be found on the high streets of most towns and cities, and in major train stations, ferry terminals and airports.
Alternatively, you can exchange money at most bank branches and Post Offices. It's a good idea to shop around, as exchange rates and commission fees can vary widely from one place to the next. The easiest way to find out which option is best is to ask how many pounds you will receive for your money after all of the charges have been deducted.
If you're headed to a rural area, it's also a good idea to exchange money at your first point of entry. The bigger the city, the more options you'll have and the better rate you're likely to get. Alternatively, it's also possible to use your regular bank card to draw local currency from an ATM often called a cashpoint in the UK. Charges are almost always incurred for non-UK accounts, although these are usually minimal and often cheaper than the commission charged by bureaux de change.
Portable cashpoints located inside convenience stores, gas stations and small supermarkets typically charge more than ATMs located within a bank branch. Your bank is also likely to charge a fee for overseas withdrawals and point-of-sale POS payments.
Below, you'll find British Pound rates and a currency converter. You can also subscribe to our currency newsletters with daily rates and analysis, read the Xe Currency Blog, or take GBP rates on the go with our Xe Currency Apps and website. The United Kingdom's central bank is the Bank of England. As the fourth most traded currency, the British Pound is the third most held reserve currency in the world. Importance of the British Pound The British Pound is the oldest currency still in use today, as well as one of the most commonly converted currencies.
Early Currency in Britain With its origins dating back to the year , the Pound Sterling was first introduced as the silver penny, which spread across the Anglo-Saxon kingdoms. In , the design was changed and rather than pure silver the new coins were struck from Silver pennies were the sole coinage used in England until the shilling was introduced in and the pound, two years later, in Google Pay and Apple Pay on phones are also accepted.
Contactless payments may still incur an overseas transaction fee and these vary by card and by bank, so it is a good idea to check with your card issuer before tapping your contactless card.
There are plenty of cash machines also known as cashpoints or ATMs dotted around London. Some other systems are also recognised, but it's a good idea to check with your bank or card company before you travel.
If you have a non-UK account, you will almost certainly have to pay a charge when you withdraw cash. Again, contact your bank before travelling to find out details. You might see cash machines in some corner shops and small supermarkets. Check before using them as they are likely to charge a fee for every transaction. Many cash machines also provide the facility to top up your mobile phone credit. Blue Tuesday..
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