Currency
The pound sterling is the British unit of currency, and the denoting symbol is the £, and £1 = 100pence.

1p and 2p coins are copper, whilst 5p, 10p, 20p, and 50p coins are silver. The £1 coin is gold and the £2 coin is gold and silver.

Bank notes come in £5, £10, £20 and £50 denominations. Scottish money is accepted in England and Wales, and English currency is also welcomed in Scotland and Wales. Full details are available from the Bank of England.

Exchange Rates
As you may know, exchange rates fluctuate, so check this currency converter for current exchange rates.

Exchanging money
Currency is easily exchangable throughout the UK. There are lots of bureau de changes, banks, post offices and travel agents offering this service, but be sure to shop around for the best exchange rates and the lowest commissions.

Banks
Bear in mind, should you wish to exchange currency in a bank, that the opening hours are relatively short, typically 9.30am-3.30pm Monday to Friday, with some larger branches offering service on Saturday mornings.

If you are planning to temporarily live and work in the UK, opening a bank account is almost essential, and you will at least need to provide proof of your home address and signature. Carrying records of your banking details from home may help you substantially in opening a British bank or building society account.

Cash
As in any country, nothing is easier to purchase things with than cash, but carrying large amounts of hard currency is, for obvious reasons, not recommended. It would be wise to travel with small amounts of cash as British shopkeepers can become a little disgruntled at having to process a credit card transaction for a newspaper.

Travellers Cheques
These are designed to offer better protection from both theft and loss. Traveller's cheques are widely accepted throughout the UK and have good replacement policies. Remember - always keep a record of the serial numbers from the cheques.

Credit Cards and Cash machines (ATM)
Our little plastic friends are the ideal travelling companion, allowing you to both make purchases and draw cash from ATM's. Remember that machines are not infallible so where possible use a human teller.
Some ATM's are linked internationally allowing you to withdraw cash directly from your own personal account. You will find almost all types of credit card accepted throughout Britain, particularly if the card contains VISA or MASTERCARD.

If you are taking credit cards purely for emergency purposes, make sure that your credit limit is sufficient to cover any unexpected costs.

To guard against accidental loss, it is always wise when you plan your trip to take more than one source of payment.

V.A.T (Value Added Tax)
VAT is a 17.5% sales tax levied on goods and services, but not on books or food. Restaurants, by law, must include VAT in their pricing.

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