Currency in Falkland Islands: FKP Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in the Falkland Islands with the Falkland Islands pound.
What's in this Falkland Islands currency guide?
What currency is used in the Falkland Islands?
The official currency of the Falkland Islands (country code: FK) is the Falkland Islands pound, with symbol £ and currency code FKP.
What is a good Falkland Islands pound exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
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Frequently Asked Questions
What currency should I use in the Falkland Islands?
The domestic currency in the Falkland Islands is the Falkland Islands pound.
What is the Falkland Islands pound currency code and symbol?
The three letter currency code for the Falkland Islands pound is FKP — symbol is £.
What does the Falkland Islands pound look like?
Here is an example Falkland Islands pound banknote:
Which countries use the Falkland Islands pound?
It is the domestic currency in Falkland Islands.
Is the Falkland Islands pound a closed currency?
No, the Falkland Islands pound is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and FKP?
Here are some popular conversion amounts for USD to FKP (US dollar to Falkland Islands pound)*.
*Converted at the current USDFKP interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for the Falkland Islands
Using Wise for Falkland Islands pound travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Falkland Islands pound otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Falkland Islands pound cash before departure, you can save money by ordering online. You generally get better rates and can pick up the FKP cash locally or even on travel day at the airport.
Falkland Islands: Travel Guide
Traveling to the Falkland Islands requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
The Falkland Islands, also known as Islas Malvinas, are a British Overseas Territory located in the South Atlantic Ocean. They are known for their rugged landscapes, wildlife, and history. Visitors to the islands can enjoy activities such as birdwatching, hiking, and fishing, as well as visiting historical sites related to the 1982 conflict between the United Kingdom and Argentina.
The Falkland Islands are not a traditional tourist destination and the number of visitors is relatively small compared to other places. The main industries of the islands are fishing and sheep farming. The islands have a small population and the capital, Stanley, has a population of around 2,000 people.
Overall, The Falkland Islands are not a typical tourist destination and it's not a popular choice for expats, but if you are looking for a unique and peaceful place, with a rich history and a strong sense of community, the Falkland Islands may be an option to consider.
Everyday Costs in in Falkland Islands
How much does it really cost to live, work, or travel in Falkland Islands? Here's what to expect for daily expenses and expat living.
Traveling to the Falkland Islands (ISO Code: FK)
For those planning a week-long mid-range stay in the picturesque Falkland Islands, budgeting effectively is crucial. Travelers can expect to spend approximately £800 to £1,000 for a comfortable week, covering accommodation, meals, and activities. Here’s a breakdown of typical daily expenses in British pounds (£):
- 🍽️ Meal at a local restaurant: £15-£20
- ☕ Coffee: £3-£4
- 🚍 Public transport fare: £2-£3
- 📱 Prepaid SIM card: £10-£20
- 🏨 Budget hotel or Airbnb: £50-£80 per night
Overall, the Falkland Islands tend to be considered an average to slightly expensive destination, especially when compared to the United States—where similar mid-range options can be more affordable. For instance, a week in the UK can be comparable in costs, while the Falklands might be pricier than major destinations in Australia due to limited local services and imported goods impacting daily prices.
Living as an Expat in the Falkland Islands
For expats making the Falkland Islands their new home, typical monthly living costs can range from £1,500 to £2,500, depending on one’s lifestyle choices. Key expenses may include rent, utilities, and food. It's advisable to explore banking options with local banks, especially if you expect to handle cash transactions frequently. In terms of card usage, credit and debit cards are widely accepted, although it's prudent to have some cash on hand for smaller vendors. When sending or receiving international money, services like Wise or OFX are generally recommended for their competitive exchange rates and lower fees compared to traditional banks. However, always check the local currency exchange rates; sometimes, exchanging a small amount of cash locally can save on immediate needs due to minimal transaction fees.
USD/FKP Market Data
The below interactive chart displays the USD/FKP change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to the Falkland Islands - Best Rates
To get a good (and fair) exchange rate when sending money to the Falkland Islands you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to the Falkland Islands
When sending money to the Falkland Islands it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Falkland Islands pound amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted FKP amount will be transfered to the recipient account you specify in the Falkland Islands.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Falkland Islands pound deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in the Falkland Islands
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
Understand Falkland Islands pound currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the FKP exchange rate and consider using a money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Falkland Islands pound bank account: A local FKP bank account can make it easier for you to manage your finances and pay bills while you are in the Falkland Islands. It may also be more convenient to use a local FKP bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in the Falkland Islands. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in the Falkland Islands. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in the Falkland Islands, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in the Falkland Islands.
The Falkland Islands are not a common destination for expats, but there are a small number of people who have decided to make the islands their home. The islands are remote and isolated, which can make it challenging to live there, but it also offers a unique and peaceful lifestyle.
It is important to note that the Falkland Islands are located in the Southern Hemisphere and the weather can be unpredictable, with strong winds and rain common. Also, the official language is English and the currency is the Falkland Islands Pound.