Travel to Scotland Question: Money Exchange

[Knight]

Hi,

My wife and I are taking a ten-day (or twelve, we'll see) vacation to Edinburgh, Inverness, and London at the end of June. We've never travelled overseas before, and have zero experience with using anything but the greenback.

We've asked around our families for advice from other experienced travelers, and we even went into our bank today to ask for advice/assistance (that was a mess; they had no clue and spun their wheels for almost fifteen minutes trying to save face).

I've been told that banks have both higher and lower exchange rates. I've been told airport have both higher and lower exchange rates, but the Syracuse International doesn't have an exchange so that doesn't matter. I've been told that the exchange in Edinburgh ought to be fair, and that they scalp. It seems like no one can give advice that isn't contradictory to something else I've previously been told, and to be frank, I just want to know how to make sure my wife and I have a good time. I'm sort of at my wit's end with this, and we're running out of time.

Therefore, I was hoping that either one of the true-blue Scots or some of the seasoned travelers who've visited the country can give a younger fellow some advice on the subject. What is the best way--or at least most frugal--to exchange my US Currency for Scottish bank notes or GBP? Which should I use while in Edinburgh/Inverness and/or London?

Thanks!

[Jock Scot]

I am not sure that a local will know the best deals on exchange rates, but one thing you must do is let your credit card company know that you will be travelling abroad and between certain dates. It is not unusual for visitors to forget that and it can and does cause major complications for them. As far as I am aware any bank and post office will change Dollars to Pounds at the going exchange rate. No doubt you will change some--- most ---of your Dollars to Pounds at your own bank in America before you take off and you might get the best exchange rate doing that, but in truth I think it is a bit of a lottery.

[cck]

Certainly inform your credit card companies when and where you will be traveling. Some cards will not charge a foreign exchange rate. I have been told, but can't confirm, that ATM machines will not add a currency exchange charge, but they do charge a transaction fee.

[Macman]

When I travel, I go to my bank to get a "starter" wad of currency to see me through the first few days of travel. I don't like carrying huge amounts of currency. After that, I use ATMs and VISA in the foreign country. Could I get better exchange rates if I shopped around or looked into things further? Maybe, but I don't get too fussed about it, because I want to focus on enjoying my trip. The only time I really got skinned (that I knew about) was buying Chinese currency at Thomas Cook in my own town. I realized when I got to China that I could have a gotten a way better rate there.

When going to Scotland, I got GBP before leaving. Once that was spent, I got Scottish currency from ATMs. If you can't buy pounds before you go, don't worry; there are lots of banks around. I wouldn't bring US cash to the UK, though.

Two more things to note. Most debit cards have daily withdrawal limits, so time your ATM withdrawals judiciously if you spend lots of money. Also, I understand that American cards are not chipped; I was behind an American couple in a supermarket when their credit card didn't work in the machine. It got sorted out eventually because they had lots of cards to try.

[Father Bill]

Also, make sure that your P.I.N. has only four digits; our Canadian 5 digit is more secure, but would not have worked on the continent. Can't speak for Great Britain.

[Carlo]

Banks (at least swiss banks do) use two different exchange rates:
One for hard cash (coins and notes); the other for virtual money (credit-cards...)

When I pay with my credit-card I always ask to pay in £, because that way I get the better exchange rate.
I use ATMs for cash and because there is a transaction fee, it might be better to get a bit more at a time = less transaction fees.

Let your bank / credit-card company know where you are.
Check with your credit (debit)-card company if your card works over here.

My PIN is 6 digits long and it always worked.

Concerning Scottish vs English pounds.
I never had a problem with Scottish notes in England but I had problems with new looking English notes in London (they were out of date). So make sure you know how the notes should look

[ThistleDown]

Locals are probably not able to give you the best advice, but I live in both Canada and Scotland and spend time in Switzerland and Spain, so here's my advice. Wherever I am travelling I carry an amount in the currencies of the countries I am travelling to sufficient to make me comfortable for a few days. I divide the funds so I don't have a wack in the same place/pocket/sporran. I tell my credit card companies' security departments where I am travelling and roughly when. I don't use Visa or MasterCard when the retailer wants to charge me a fee. I use Visa and ATMs to draw instant cash (to the maximum daily limit to keep transaction fees low), but I have bank accounts in Canada, Scotland and Switzerland to fall back on. I do not use American Express or traveller cheques. I don't worry about two or three percentage points difference in exchange rates, but I demand the best rate from the bank I am using for cash transactions.

[California Highlander]

When going to Scotland, I got GBP before leaving. Once that was spent, I got Scottish currency from ATMs. If you can't buy pounds before you go, don't worry; there are lots of banks around. I wouldn't bring US cash to the UK, though.

Two more things to note. Most debit cards have daily withdrawal limits, so time your ATM withdrawals judiciously if you spend lots of money. Also, I understand that American cards are not chipped; I was behind an American couple in a supermarket when their credit card didn't work in the machine. It got sorted out eventually because they had lots of cards to try.

Note that my American card is chipped, but my bank required chip and sign, not chip and PIN. I only used my PIN once and had to sign the rest for my entire trip in Scotland!

I also got some GBP to start out and for general spending. My bank had a decent exchange rate. I used credit card for almost everything I could and also asked to pay in pounds. No issues while there or upon return. Some places and situations require cash, so it was good to have it.

[Kanati]

I suggest using your bank and (depending on your bank) give them enough time to get it to the branch.
Also there is a difference between Bank of England and Bank of Scotland notes. Its not a problem in Scotland but if you get Bank of Scotland notes as change you could have a problem if you travel to London.
When I was last in Edinburgh I made a purchase and the clerk ask me if I was traveling outside to Scotland. She told me that some smaller establishments may not want to take Scottish notes.

It was all news to me. I had never paid much attention to my notes since I usually go to London first. I am sure one could always go to a local bank to switch notes.

[Dileasgubas]

Since I'm a bit of a road warrior, here are my thoughts:

• you lose money each time you exchange a currency. Therefore, the fewer times you exchange currencies, the better.
• Banks and credit card companies usually give the best exchange rates; currency exchange booths tend to give the worst, and local businesses will usually be below that since they'll have to take the funds elsewhere to be exchanged again.
• ATMs usually have a fixed service charge, so if you are going to withdraw funds, go for a large amount in one withdrawal rather than a series of smaller ones
• Once you arrive at the airport, it is a good idea to have some local currency on hand. Options are to order the currency from your bank before you depart, go to an exchange booth, or hit an ATM. Better not to leave the airport without some local currency on hand. Airports usually offer the possibility to exchange funds and that is one less thing you'll have to worry about when you are likely to be tired and disoriented.
• Credit cards work for the big purchases such as car rental, hotels, trains, etc. The exchange rate is normally better as well. Cash works for smaller purchases such as a pint in a pub or a cab and also reduces exposure of your credit card to fraud.
• I bring a minimum of two credit cards in case one is compromised. It is not a good idea to be in a foreign country without easy access to funds. I say this from experience.
• One way to ensure you don't wind up with a pocketful of foreign currency at the end of your trip is to put it all on your last hotel bill just before you head to the airport. Most hotels will allow you to pay part of the bill in cash and the rest by credit.
• Visa and Mastercard usually work well worldwide. Discovery and American Express may not.
• Better to use local currency than your own. You won't get any deals when using USD outside the US.

Hope this helps.