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The GBP is probably the most classic of all currencies, for it symbolizes the once majestic empire that no armada nor army could hold back. Even today, the power of the formal industrial beast can still be felt, as exemplified by the fact that the GBP is the fourth most traded with currency in the foreign exchange market.
A local Bank Transfer in GBP will take no longer than a couple of hours or a business day at max, while international transfers via Bank can take up to 5 days. Furthermore, local Bank Transfers in GBP are cheaper in comparison to international Wire Transfers.
Usually the cost for an international Wire Transfer shouldn’t surpass the £20 limit. It’s worth a mention that many GBP using brokers do not have withdrawal/deposit fees attached to them. Take for instance Tickmill, Exness or even Plus500. However, traders should be aware that when transferring money via Wire, the bank involved will most certainly apply a service fee.
GBP deposits using a Credit/Debit Card take no more that a couple of seconds. On some rare occasions the processing time can expand to several minutes. Usual fees on GBP transaction when using Credit or Debit cards are, in the worst case scenario, between 2-3%, yet as is with Wire Transfers, many brokers offering GBP as their base currency do not charge for Credit/Debit card payments.
Some of the most commonly used alternative payment methods in Great Britain are Skrill, Neteller and PayPal, all of which process payments instantaneously.
If there are fees issued by the broker for depositing/withdrawing (as many brokers do not charge them) via Neteller and/or Skrill, they should not exceed 2% of the sum. However, the payment systems themselves will charge for transactions.
Skrill charges 1.45% of the sum for sending money while Netteler issues a commission 2.5% of the requested sum.
Sending/receiving GBP locally using PayPal is free. International PayPall payments that are over £100 are charged with £1.99 if the recipient is in the US, Canada or Europe; the fee is £3.99 for the rest of the world. Users must also consider that there probably will be currency conversion rates.
The British Pound is considered to be the oldest currency in the world dating all the way back to the times of the Anglo-Saxons.
Since 1960, Queen Elizabeth II is featured on every pound note issued by the Bank of England.
There is a £1 million pound note as well as a £100 million pound one. Called the Giants and the Titans, these two notes are held in Scottish and Northern Irish banks, respectfully.