Scottish pounds where to exchange?

Old May 28th, 2015, 11:06 PM
  #1  
moo
Original Poster
 
Join Date: Jun 2004
Posts: 271
Likes: 0
Received 0 Likes on 0 Posts
Scottish pounds where to exchange?

While in Edinburgh I used a RBS atm to pull out British Pounds. What came out of the atm was Scottish pounds. I was to use them to pay cash for an apartment in Budapest (my next stop -- owner wanted payment in pounds). When I got to Budapest he refused payment in the Scottish pounds and said they are worthless outside of the UK. Where in the USA (or Amsterdam my next stop) can I cash them in for dollars (or euros)?
moo is offline  
Old May 29th, 2015, 12:43 AM
  #2  
 
Join Date: Sep 2011
Posts: 18,203
Likes: 0
Received 0 Likes on 0 Posts
You could try one of the GWK Travelex offices in Amsterdam or at Schiphol. There is a GWK office at Centraal Staion in Amsterdam and several in the city.
I have no idea if they will accept them though, since they are not officiial British pounds.

Otherwise there are online exchange places that will accept them, but you will probably get a terrible rate. Leftovercurrency.com says it will take them for instance. Have never used them so it is not a recommendation, merely a suggestion.
hetismij2 is offline  
Old May 29th, 2015, 01:09 AM
  #3  
 
Join Date: Jan 2003
Posts: 4,416
Likes: 0
Received 0 Likes on 0 Posts
It won't help you, but you should have exchanged Scottish notes for Bank of England notes before leaving UK, at any bank branch free of charge. The same goes for Northern Ireland notes. While both can be generally used throughout UK, you will have problems using them outside UK - not everywhere but a lot of the times.
Large exchange offices at Schiphol or near Centraal station will probably take them, as they presumably get a lot of Scottish visitors.
Alec is offline  
Old May 29th, 2015, 01:25 AM
  #4  
 
Join Date: Apr 2013
Posts: 7,763
Likes: 0
Received 0 Likes on 0 Posts
Save them for your next trip.
sparkchaser is offline  
Old May 29th, 2015, 03:12 AM
  #5  
 
Join Date: Aug 2012
Posts: 1,418
Likes: 0
Received 0 Likes on 0 Posts
This is a good example that the value of any currency is only as good as one's confidence in it. The notes are not "worthless" but due to unfamiliarity are often not accepted (even within England).

As suggested try and find a large exchange office in a popular tourist area.
sofarsogood is offline  
Old May 29th, 2015, 08:51 AM
  #6  
 
Join Date: Jan 2003
Posts: 34,892
Likes: 0
Received 0 Likes on 0 Posts
They aren't worthless, the only currency that may be worthless outside a country is a country with a really unstable currency, not Scotland.

YOu can exchange foreign money at any Travelex location in the uS, which are in big cities or international airports should also do it. No, their rates aren't the greatest, but if you truly don't want it, nothing else you can do. You no doubt can at the Amsterdam airport, also.
Christina is offline  
Old May 29th, 2015, 09:08 AM
  #7  
 
Join Date: Jan 2003
Posts: 1,664
Likes: 0
Received 0 Likes on 0 Posts
<i>YOu can exchange foreign money at any Travelex location in the uS, which are in big cities or international airports should also do it</i>

I think you've missed the specific point here, the discussion is about Scottish notes. The problem is that the GBP notes issued by the Scottish banks (as opposed the the Bank of England) are unfortunately wholly unfamiliar to foreign exchange staff and bank tellers outside the UK. As they have not been trained how to determine if they are genuine or a forgery, they would take the risk-free option and decline them.
Gordon_R is offline  
Old May 29th, 2015, 11:14 AM
  #8  
 
Join Date: Feb 2003
Posts: 7,561
Likes: 0
Received 0 Likes on 0 Posts
Moo: What did you do to pay in Budapest? You had to resolve that situation somehow.

<<The problem is that the GBP notes issued by the Scottish banks (as opposed the the Bank of England) are unfortunately wholly unfamiliar to foreign exchange staff and bank tellers outside the UK.>>

That's not it. There are other legal matters too that arise from the UK's decision NOT to create a paper money monopoly. The UK allows various banks to issue banknotes, which are usable throughout the UK. But only Bank of England notes are legal tender. RBS and other Scottish notes are not. Therefore they do not have to be accepted for payment of debts anywhere, including the four countries of the UK. That Scottish or Ulster businesses will accept them in their respective territories as a matter of course does not change the legal status of the banknotes.

If you're paying an obligation outside the UK, they ARE worthless because the obligee has no duty to accept them. Only if the obligee accepts the Scottish or Belfastian notes do they then have value.
BigRuss is offline  
Old May 29th, 2015, 01:51 PM
  #9  
 
Join Date: Oct 2005
Posts: 73,053
Likes: 0
Received 50 Likes on 7 Posts
Christina: Wrong >><i>They aren't worthless, the only currency that may be worthless outside a country is a country with a really unstable currency, not Scotland.</i><<

Scotland doesn't have a currency. The problem is these are Scottish Bank Notes (issued by commercial banks -- not by the Bank of England). They are accepted anywhere in Scotland - and as a courtesy some other places in the UK . . . but they are not 'official UK bank notes' useable anywhere else.

>><i>YOu can exchange foreign money at any Travelex location in the uS, which are in big cities or international airports should also do it.</i><<

Probably not

It is very likely they cannot be exchanged at any travelex (outside of the UK at least)
janisj is online now  
Old May 29th, 2015, 03:00 PM
  #10  
 
Join Date: Feb 2003
Posts: 7,561
Likes: 0
Received 0 Likes on 0 Posts
<<It is very likely they cannot be exchanged at any travelex (outside of the UK at least)>>

And that gets back into the legal tender issue - Scottish bank notes have value only because the Scots accept them but no person in the UK must accept them at all. The only official UK currency etched on paper (or whatever slim and foldable medium - US money is cotton, Aussie money is plastic) is Bank of England banknotes and that's true only for England and Wales. The rest are accepted by custom and can be exchanged for English notes.

This is a peculiarity of the English system (which the Brits foisted upon Macao and Hong Kong) and depends upon the historical importance and reliability of the pound. Even the more tied-to-HRM commonwealth countries (read: the Oceanian members) don't do this.
BigRuss is offline  
Old May 30th, 2015, 04:00 AM
  #11  
 
Join Date: Jun 2008
Posts: 4,386
Likes: 0
Received 0 Likes on 0 Posts
UK is switching to polymer notes in 2016 starting with £5.
northie is offline  
Old May 30th, 2015, 04:21 AM
  #12  
 
Join Date: Jan 2005
Posts: 2,585
Likes: 0
Received 0 Likes on 0 Posts
A daft idea, probably, but there is at least one branch of RBS in Amsterdam. The staff may be able to advise you
MissPrism is offline  
Old May 30th, 2015, 04:35 AM
  #13  
 
Join Date: Jan 2005
Posts: 2,585
Likes: 0
Received 0 Likes on 0 Posts
Hmm, I think it was a daft idea. Perhaps there is no actual bank, but they have a headquarters in Amsterdam. http://www.rbs.com/about/worldwide-locations.html
They give phone numbers for all their head offices
MissPrism is offline  
Old May 30th, 2015, 05:48 AM
  #14  
 
Join Date: Jan 2003
Posts: 4,416
Likes: 0
Received 0 Likes on 0 Posts
RBS branch in Amsterdam is for corporate business only - no walk-in counters.
Alec is offline  
Old May 30th, 2015, 06:18 AM
  #15  
 
Join Date: Oct 2008
Posts: 2,190
Likes: 0
Received 0 Likes on 0 Posts
just send me the money and I can turn it into beer.
unclegus is offline  
Old May 30th, 2015, 07:29 AM
  #16  
 
Join Date: Jul 2006
Posts: 25,918
Received 4 Likes on 4 Posts
Do you know anyone going to UK soon?
bilboburgler is online now  
Old May 30th, 2015, 08:59 AM
  #17  
 
Join Date: Sep 2011
Posts: 18,203
Likes: 0
Received 0 Likes on 0 Posts
Well I guess moo is now in Amsterdam, based on their other thread. It would be nice if they came back and let us know if they were able to exchange the notes. Could be useful for others too.
hetismij2 is offline  
Old May 31st, 2015, 05:24 PM
  #18  
 
Join Date: Apr 2013
Posts: 148
Likes: 0
Received 0 Likes on 0 Posts
>But only Bank of England notes are legal tender. RBS and other Scottish notes are not. Therefore they do not have to be accepted for payment of debts anywhere, including the four countries of the UK.<

The old "legal tender" chestnut. Bank of England notes are not legal tender in Scotland nor are any notes.

"The legal position with regard to Scottish Banknotes is as follows:

Scottish Banknotes are legal currency – i.e. they are approved by the UK Parliament. However, Scottish Bank notes are not Legal Tender, not even in Scotland. In fact, no banknote whatsoever (including Bank of England notes!) qualifies for the term 'legal tender' north of the border and the Scottish economy seems to manage without that legal protection.

HM Treasury is responsible for defining which notes have ‘legal tender’ status within the United Kingdom and the following extract from Bank of England’s website may help to clarify what is meant by “legal tender” and how little practical meaning the phrase has in everyday transactions.

“The term legal tender does not in itself govern the acceptability of banknotes in transactions. Whether or not notes have legal tender status, their acceptability as a means of payment is essentially a matter for agreement between the parties involved. Legal tender has a very narrow technical meaning in relation to the settlement of debt. If a debtor pays in legal tender the exact amount he owes under the terms of a contract, he has good defence in law if he is subsequently sued for non-payment of the debt. In ordinary everyday transactions, the term ‘legal tender’ has very little practical application.”
(Ref. www.bankofengland.co.uk/banknotes/about/faqs.htm.)"

http://www.scotbanks.org.uk/legal_position.php
uruabam is offline  
Old Jun 1st, 2015, 12:04 AM
  #19  
 
Join Date: Feb 2003
Posts: 10,045
Likes: 0
Received 0 Likes on 0 Posts
Interesting, uruabam, but how does that help the OP?
Heimdall is online now  
Old Jun 1st, 2015, 03:41 AM
  #20  
 
Join Date: Apr 2013
Posts: 148
Likes: 0
Received 0 Likes on 0 Posts
>Interesting, uruabam, but how does that help the OP?<

Like 50% of the posts on Fodors, it doesn't. Just an interesting titbit.
uruabam is offline  

Thread Tools
Search this Thread

Contact Us - Manage Preferences Archive - Advertising - Cookie Policy - Privacy Statement - Your Privacy Choices -