Gibraltar (GI)
A unique British Overseas Territory at the tip of the Iberian Peninsula: English-speaking, tax-efficient (no VAT, no CGT, no inheritance tax), with a Mediterranean climate, 300 days of sunshine, and the world-famous Rock of Gibraltar.
Currency & Money
Practical money tips for living in Gibraltar.
Denominations
Coins: 1p, 2p, 5p, 10p, 20p, 50p, £1, £2, £5. Banknotes: £5, £10, £20, £50, £100. GIP is pegged 1:1 to GBP. UK pounds (GBP) are accepted everywhere in Gibraltar at par, but Gibraltar pounds are NOT accepted in the UK.
Payment Culture
Highly card-friendly — contactless and chip-and-PIN accepted virtually everywhere. Cash is used but less common than in Spain. Apple Pay and Google Pay widely accepted. No foreign transaction fees for most UK banks. EUR sometimes accepted in tourist areas and near the Spanish border.
ATM Tips
ATMs (cashpoints) are available throughout Gibraltar town centre and the airport area. Barclays, NatWest, and local banks have ATMs. GIP notes dispensed; GBP notes also widely dispensed. Visa and Mastercard widely accepted. No currency exchange needed if arriving from the UK — GBP works at par.
Exchange Tips
No need to exchange GBP for GIP — both circulate at par. EUR can be exchanged at banks and bureaux de change on Main Street. Avoid airport exchanges. Wise and Revolut offer competitive GBP/EUR rates for digital transfers.
Pro tip: Best apps for expats
- • Wise — Send money internationally at near-interbank rates
- • Revolut — Multi-currency account, free ATM withdrawals (limits apply)
- • N26 — German IBAN, free account, good for EU residents