A trip can quickly slow down when you scramble for the right currency at checkout. The British Pound Sterling (£) is the UK's official currency, and knowing how to handle it before you arrive can save you time, money, and hassle. This blog explores the currency in UK, covering everything from its banknotes and coins to the best ways to exchange and spend money.
List of currency notes in UK
The UK currency notes currently in circulation are £5, £10, £20 and £50, while the decimal coins include 1p, 2p, 5p, 10p, 20p, 50p, £1, and £2. You can use these notes and coins for everyday transactions across the U.K.
Using Indian currency
Indian currency in UK is not a legal tender and must be exchanged for GBP. You can convert money at currency exchange offices, banks, U.K. ATMs or even carry Forex Cards. Some Indian banks provide currency exchange UKservices before departure for customer convenience.
Methods of payment in the UK
Here are some of the popular methods for payment in UK:
- Cash: You can use GBP for all kinds of transactions.
- Debit and credit cards: Debit and credit cards are also used widely for transactions
- ATMs: UK ATMs accept international cards for cash withdrawals.
- Mobile payments: Many retailers accept transactions via mobile wallet apps. You can use these apps to pay with your smartphone.
- Cheques: While less common, some institutions also accept personal cheques.
- Online and card payments: E-commerce stores in the U.K. accept online payments for shopping, services and bill payments.
- Forex travel cards: You can use Forex cards like debit cards for GBP transactions.
- Traveller's cheques: Traveller's cheques are a good way to obtain U.K. currency at banks or exchange bureaus.
Tips to save money when travelling in UK
The U.K. is an expensive destination, but with the right planning, you can easily save money and have a good time. Here are some tips for saving money while travelling in the U.K.
- Exchange your INR for GBP in UK in local banks or ATMs instead of airport exchanges for better rates.
- Use contactless payment and travel cards for cheaper fares while using London transport.
- Look for historical sites, museums and other attractions in the U.K. that offer free entry.
- Eat at restaurants offering discounted meals or pre-theatre set menus for optimal savings.
- Save on sightseeing with multi-passes issued by heritage organisations like the National Trust, English Heritage, and Historic Scotland.
- You can pre-book your travel, tours, and attractions at VisitBritain Shop for a discounted rate.
Another smart way to avoid unnecessary expenses in the U.K. is to get a travel insurance policy from a leading service provider. A single-trip travel insurance package offers coverage against medical emergencies, theft and other hassles.
FAQs
- Are Euros accepted in the U.K.?
Euros are not accepted in the U.K. for regular transactions. Only some tourist areas may accept Euros, so it is always better to use GBP.
- Are Indian credit and debit cards accepted in the U.K.?
Major Indian cards like Visa and Mastercard are accepted in the U.K.
- How to get the best exchange rates for GBP in the U.K.?
The best way to get the lowest exchange rates for GBP in the U.K. is to withdraw money from the ATM using a low-forex-fee debit card.
Conclusion
When travelling to the U.K., understanding the Great British Pound, available payment methods, and money-saving tips can make the trip smoother and more cost-effective. Additionally, exchanging currency wisely and using cost-saving options can enhance your travel experience.
However, unexpected situations can still arise. That's why having the right travel insurance is essential. A good policy provides a safety net against sudden financial stress and protects you against medical emergencies, lost luggage, and flight delays, providing you peace of mind.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.