currency

Pounds & Pence

Britain's decimal monetary system is based on the pound (£), which is made up of 100 pence (written as "p"). Pounds are also called quid by Britons. There are £1 and £2 coins, as well as coins of 50p, 20p, 10p, 5p, 2p, and 1p. Bank notes come in denominations of £5, £10, £20, and £50.

The banknotes currently in use are:
a £5 note featuring Elizabeth Fry;
a £10 note featuring Charles Darwin;
a £20 note featuring Sir Edward Elgar; (Older but still in use for the forseeable future)
a NEW £20 banknote introduced on the 13th of March 2007 ( Adam Smith, the 18th century philosopher and economist, on the back of the new note)
a £50 note featuring Sir John Houblon, the first Governor of the Bank of England.

older style banknotes now out of circulation:
The older style £5 note, featuring George Stephenson was withdrawn from circulation on 21 November 2003.
The older style £10 note, featuring Charles Dickens was withdrawn from circulation on 31 July 2003.
The older style £20 note, featuring Michael Faraday was withdrawn from circulation on 28 February 2001.

ATMs

ATMs, sometimes referred to as "cash machines" or "cashpoints," are widely available in Britain, certainly in all cities and bigger towns, and even at a bank or two in smaller places. But don't always count on it. If you're venturing into rural England, it's always good to have pounds in your pocket.

Credit Cards

Credit cards are another safe way to carry money, but their use has become more difficult, especially in England . They also provide a convenient record of all your expenses, and they generally offer relatively good exchange rates. You can usually withdraw cash advances from your credit cards at banks or ATMs, provided you know your PIN. Keep in mind that you'll pay interest from the moment of your withdrawal, even if you pay your monthly bills on time. Also, note that many banks now assess a 1% to 3% "transaction fee" on all charges you incur abroad (whether you're using the local currency or your native currency).There is almost no difference in the acceptance of a debit or a standard credit card.More and more places in England are moving from the magnetic strip credit card to the new system of "Chip and Pin." With these cards, you must enter a four-digit PIN on a keypad when making a transaction.

In the changeover in technology, some retailers have falsely concluded that they can no longer take swipe cards, or can't take signature cards that don't have PINs. For the time being both the new and old cards are used in shops, hotels, and restaurants regardless of whether they have the old credit and debit cards machines or the new Chip and Pin machines installed. Expect a lot of confusion before you arrive in England or elsewhere.