Visa/MasterCard in the UK — payment direction overview
The UK is one of the world's most "cashless" countries. Almost 90% of its citizens have a debit card, and 89% of everyday payments are made by bank transfer, even for small purchases. There are almost no places that accept only cash. There are more than 1.3 million POS terminals in the country, which is growing yearly.
Therefore, Visa/MasterCard in British Pounds Sterling (GBP) is one of the most convenient payment methods in the country. But when it becomes necessary to exchange currency, it is worth contacting exchangers and finding a favourable rate.
Banks issuing cards in GBP
The British banking system is many hundreds of years old. It is customary to subdivide it into 3 levels:
- Small building societies and credit unions.
- Commercial specialized banks and securities depositories.
- The fundamental Bank of England ensures the stability of the national currency, as well as the entire financial system of the country.
The banks are divided into three main varieties — savings, clearing, and trading. Institutions such as:
- HSBC is one of the largest banking organizations in the world, serves more than 130 million customers, and has subsidiaries on five continents.
- Barclays. One of the largest in the country, as well as the world, financial conglomerates. Widely represented in Europe, USA and Asia. Conglomerate operations through subsidiary Barclays Bank PLC, the second largest bank in Britain by assets. It is one of the systemically important banks.
- Tesco Bank is a retail and full-fledged financial services market for individuals. The services include maintenance of debit accounts, loans and credit cards, insurance and many others.
- Nationwide is a large and significant building society, widely known. Provides services to insurance and financial companies.
- Royal Bank of Scotland is one of the world's leading banks in terms of assets. Most of the shares are owned by the British Treasury. Founded in 1727.
A UK bank account is easiest to open for those who live there. Foreigners are subject to a thorough check on the origin of assets, even if the person previously had a British account.
Exchange Visa/MasterCard GBP
Exchangers are the most comfortable and fastest way to convert British pounds into dollars, cryptocurrencies, other assets, or vice versa — get pounds sterling.
With the help of BestChange, you can easily find exchangers that work and have an adequate exchange rate. Go to the site, create an application, specify your details, and pay for it. The operation takes a minimum of time.
