You can combat this with an RFID-blocking wallet, such as this one from Amazon.ĥ: Many credit and debit cards come with additional costs to use them overseas, including international transaction fees, higher exchange rates, ATM fees, and cash advance fees. This is where someone scans your card with a reader that clones its details onto another card that can subsequently be used to make contactless payments. ![]() This is very convenient, but it also leaves shoppers open to cloning theft. ![]() Scotland pound to USD.Ĥ: Post-Covid, contactless payments via debit cards has risen from £30 to £100 in the UK. To see the latest exchange rate for UK Sterling, head to the Bank of England website: Scotland pound to Euro. The cashier then gives you the cash amount in notes (there’s usually a minimum in-store spend of £10 to be able to get cash back).ģ: Another option of exchanging currencies is via Scottish banks and foreign exchange counters, though the latter option is discouraged as they have high commission rates, especially foreign exchange counters at airports. One way to get around this is to use a card in a store that offers a cash back scheme where you pay for your goods plus an amount of cash via your card. If this cash is not declared it can be seized and you can be issued a £5,000 fine.Ģ: All Scottish cities and towns, and most large villages, have ATMs where you can withdraw cash, but the majority will charge a transaction fee. This cash can take the form of notes and coins, bearer bonds, and traveller’s cheques, all of which must be declared as soon as you arrive. Traveller’s cheques can be expensive when it comes to fees and they’re a pain to exchange, but they’re still one of the most secure options for carrying money around.ġ: If you arrive in England, Scotland or Wales as an international visitor you must declare if you’re carrying cash of £10,000 or more (not applicable to most of us, admittedly). The only downside is you’ll have to pay for these benefits with a high APR.Ī final option is traveller’s cheques, but this once-popular form of money has been superseded by travel cards like Revolut. no transaction fees, included travel insurance, and good exchange rates. It’s possible to get a hybrid credit card from many banks that combine the best features of a travel card with a credit card – i.e. The downside with these cards is they usually have high fees for cash withdrawals from ATMs, their exchange rates are often lousy, and they insist on transaction fees on every purchase – sometimes up to 3% which will soon mount up on an extended holiday.ĭebit cards backed by Visa and Mastercard are usually cheaper for ATM withdrawals, but some have foreign transaction fees, no rewards, and limited customer service if the card is stolen. In reality, the majority of shops and supermarkets throughout the UK will accept both Scottish and English banknotes as they know they are official currency, regardless of the complexities of legal tender.Ĭredit cards from Visa and Mastercard have several benefits including travel insurance and rewards schemes, but their biggest benefit is that you can immediately block the card if it is lost or stolen. If you offer to repay the same debt with an English note, the creditor must acknowledge the debt is legally paid (source: Wikipedia).Ĭlaiming a Scottish banknote is legal tender does not mean it has to be accepted in England. ![]() So if you have a debt in England and offer to repay it with a Scottish note, because the note is not legal tender the creditor can refuse it, even though it is a legitimate source of money. In simplified terms, ‘legal tender’ means that if you offer to fully pay off a debt to someone in legal tender, they can’t sue you for failing to repay. In Scotland, Royal Mint coins and banknotes issued by the Bank of Scotland, the Royal Bank of Scotland, and Clydesdale Bank are legal tender.Ĭonfusing, right? But what is legal tender? In England and Wales, Royal Mint coins and Bank of England notes are legal tender. Scottish notes are not legal tender in England or Scotland, and English notes are not legal tender in Scotland (source: BOE website). ‘Legal tender’ is one of those phrases that gets bandied about whenever there’s a dispute about Scottish and English banknotes, but the fact is it has no real meaning in everyday life.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |