Hi everyone...I just need some small advice on the money thing. I have read alot of posts and have had many of my questions answered and found stuff out that I wasn't even aware of. I will be bringing ATM and credit cards and have them all checked out with my companies as far as using them abroad.

I stopped by my AAA association today to pick up an adapter and converter and while I was there asked about if it was worth it to get some British Sterlings. Unless she was incorrect in her information it appears that I can get the exact exchange rate of the day and if I get $500 I do not pay anything extra. If I get under there is a charge of $7.00. I need to order them and they will be here in 3 business days so I can get them pretty close to leaving and make out pretty good on the exchange.

Is there some percentage that is hidden in there that I should know about from you seasoned travelers? I vaguely remember reading something somewhere several weeks ago.

Since we will be getting in on Sunday in the morning this seems like it might be worth our while to get some before we go over.

I still haven't planned my itinerary but I know the general areas that we will be headed to. We leave on May 26 and I think the only thing I really will plan is our first 2 days and our last day (that is as far as booking a place to stay.) I will post an itinerary review in a few days.

Thanks for answers to my money questions and if it was in a previous post that I missed or forgot that I read (you know what it is like when you pass 55 years old)please direct me so you don't have to retype anything. Thanks again

I would be immediately suspicious of anyone suggesting they were offering me "the exact exchange rate of the day", as there really isn't any such thing. it depends on a lot of things. Maybe their rate is good, maybe it isn't.

Also, they're not called "British Sterlings" -- they are just pounds, or pounds sterling if you're trying to distinguish from pounds avoirdupois (i.e., weight). I don't think the name "sterling" has any official standing.

In internet writing, it's easiest to call them GBP (and dollars USD) to avoid possible symbol confusion where the barred L or barred S don't display correctly on the other end.

It's not a bad idea to show up with some local cash, though; ATMs are the way to go but you never know if the one you want in the airport upon arrival is going to be out of order or have 50 people in line.

I think by "exact exchange rate" the AAA person only meant there will be no AAA charge added on top of whatever the bank will charge if you order at least $500.

You can confirm their rate and compare with what your bank will charge you.

Any major bank sends you money within 3 days from your order. They send it to the local branch of your choice, if the local branch doesn't carry foreign currency, deducting US $$ from your account.

The way to determine if the rate you are offered is a good one: ask what they are selling GBP for right now, then look at one of the internet sites like oanda.com or xe.com to see what the interbank rate is for today. Compare.
When you use an ATM your cost would be about 1% over the interbank rate; buying currency will usually be 5% or more over the interbank rate. It would be most unusual for anyone in the U.S. to sell you pounds or euros without a mark-up of some kind.

One thing to watch out for in Scotland - most of the banknotes that you'll see are issued by Scottish banks.

Once you leave Scotland it becomes harder to spend them the further away you go. Once you leave the UK you may find it impossible to change them for any other currency.

So try to use up all your Scottish bank notes before you leave

http://en.wikipedia.org/wiki/Pound_sterling (under the subhead "Legal tender and regional issues&quot has some good information about the mysterious world of Scottish banknotes, which are indeed issued by banks, not the Government, and are not legal tender -- they are promissory notes, and can be legally refused as payment (but won't be in Scotland or, probably, near it). This is seriously weird stuff.

Even more bizarre is the Northern Irish UKP 5 note printed by Northern Bank in 2000, which is plastic and manufactured in Australia! No one on the island of Great Britain is going to accept those; they'll assume they're old Irish pre-Euro punts!

Even Bank of England notes are not legal tender in Scotland

AAA (I am a member too and know how they work it) will not charge you the $7 if you buy more than $500. But that only makes things worse sine they are trying to talk you into buying much more than you'd need ahead of time.

You will pay approx 10+¢ more per £ than you will from an ATM in Scotland.

So I wouldn't do it myself. But if you really want some £ cash before you land in the UK - just take $100 or so, and exchange it for £ at your departure airport.

There will be ATMs at your arrival airport in Scotland.

should we report AAA to the Better Business Bureau?

Why on Earth would you suggest such a thing?? That is normal mark up for just about any financial institution in the States . . . .

>>"Once you leave Scotland it becomes harder to spend them the further away you go."<<

I've always heard this as well, but I've never had anyone refuse them... even as far south as London.

I have had merchants refuse them - but never a UK bank.

Thank you all for your suggestions. I knew there was a reason I posted this questions. Such good feedback.

I think I have rethougth getting money before I leave and after going over your response I will wait untill I get to the Glasgow airport and use an ATM Machine.

As Janis said, there are ATMs at the airports. Wherever I am going I always get money from an ATm on arrival.

I too have never had anyone refuse Scottish notes anywhere in the UK.

"Legal tender" has quite different meanings in different parts of the UK, and it's pointless using the term. Notes issued by Scottish private banks aren't "legal tender" in Scotland, but merchants aren't entitled to refuse them.

Merchants are quite entitled to refuse to accept Northern Irish banknotes outside Northern Ireland, or Scottish notes outside Scotland. In my experience, that's never a real risk in heavily-visited sites in central London, round stations with connections to Scotland or anywhere in England's far north: it IS a real risk anywhere in England south of the Newcastle-Carlisle line, especially in the suburbs.

There are two reasons for this: merchants can't easily distinguish forgeries, and banks (even those that make money by issuing notes in Scotland) charge merchants in England more for handling deposits that include Scottish or Northern Irish notes.

Incidentally, were Scotland to declare independence, were it to be allowed into the EU and were its economy deemed suitable for the Eurozone (all real ifs, by the way), it'd have to abandon the quaint tradition of letting foreign-owned banks make money out of the Scots by issuing banknotes on their behalf.

The only "legal tender" in the UK is from the Bank of England. Legally anyone can refuse Scottish notes - even in Scotland.
For that reason all banks must give you English notes if asked, though many advise you to order in advance at holiday times.
Legal tender is that which you MUST accept from a creditor - even large numbers of coins are not legal tender and can be refused.

jainsi - i was being satirical of course and let the buyer do their own research, yet as the OP presented it:

<Unless she was incorrect in her information it appears that I can get the exact exchange rate of the day and if I get $500 I do not pay anything extra.>

i would say that AAA was purposely misleading the OP into thinking she was getting the going bank rate when he surely would not - losing about 10% as one poster said. But report to BBB - no but i do think it's reprehensible of AAA to falsely advertise a perfect exchange rate and no fees when they're really ripping her off.

What I don't get is trying to save a couple of bucks on an ATM charge or exchange fee when you are going to spend many hundreds while on vacation. If you have a need to have a few pounds prior to going, get them and don't stress over the charge. Buy them and get on with fun stuff.

<<< The only "legal tender" in the UK is from the Bank of England >>>

In Scotland BoE banknotes AREN'T legal tender - no paper money is except perhaps £1 notes and they are rarer than hen's teeth