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Money exchange (Scotland) - Better to do it here or there?

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StaggerLee Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-21-06 07:34 AM
Original message
Money exchange (Scotland) - Better to do it here or there?
A friend of mine is traveling to Scotland on Friday and wants to know if it's more advantageous to exchange her dollars there? Does anyone know if it makes much of a difference? (she's obviously trying to get more bang from her buck)

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tjwmason Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-21-06 07:46 AM
Response to Original message
1. Not sure about exchange rates
In some cases it might be better to use credit cards.

Small note about Scottish money, up there they have slightly different notes. In addition to the usual Bank of England issued 5, 10, 20 and 50, there are also the same issued by the Bank of Scotland, the Royal Bank of Scotland, and the Clydesdale Bank - plus the R.B.S. issues a 1, though these are pretty rare. Changing these back into dollars after returning might be a bit of trouble; and they might look odd at first.
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datasuspect Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-21-06 07:48 AM
Response to Original message
2. credit cards get favorable exchange rates
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KurtNYC Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-21-06 09:05 AM
Response to Reply #2
7. Mine (and I think most) now slaps a 2%
fee on all foreign transactions.

If they are going to exchange cash, I would generally try to find a bank and avoid exchanging at the airport or in train stations/subway.

My usual method is: land with just enough local currency to get transportation then look for a bank/ATM on your network and withdraw cash there. My bank has branches worldwide and charges no exchange fee and no ATM fee so it is just like being at home.
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Corgigal Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-21-06 08:02 AM
Response to Original message
3. daughter just got home from Scotland
Edited on Mon Aug-21-06 08:03 AM by Corgigal
two weeks ago. Use the credit card instead of cash when possible. I don't think it matter if she gets it exchanged here or there. She can always carry travelers checks and then exchange them at the local bank in Scotland.

Exchange rate sucks but it wasn't as bad as England's was. That was 1.88 U.S. dollar to 1 English Pound. Kid almost put us in the poor house.
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tjwmason Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-21-06 08:04 AM
Response to Reply #3
4. England and Scotland are the same currency
thus the same exchange rate for both countries - we're both part of the U.K.
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Corgigal Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-21-06 08:09 AM
Response to Reply #4
5. my bad then
She went to England, Ireland and Scotland. I thought only her stay in England was making us poor. Might have been the whole damn trip.
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RebelOne Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-21-06 08:56 AM
Response to Original message
6. Wait until you get over there. You will get a beter exchange rate.
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radwriter0555 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-21-06 09:13 AM
Response to Original message
8. Do it there, do it with an ATM; get a few dollars at the airport of you
need them; make sure your friend tells the bank she's traveling overseas, and her credit card cos.

The exchange rate is HIDEOUS. She won't get any bang for her buck, she'll just have to suck it up.
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