Currency & exchanging money

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.

Please note that from 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).

 Currency limits (customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageTravel_ShowContent&id=HMCE_PROD1_026096&propertyType=document )

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. You can calculate the value of your currency in pound sterling using our currency converter. To see today’s exchange rate visit the Financial Times currencies (www.marketprices.ft.com/markets/currencies/ab) website.