How
to effectively organise your money, banking
and budget.
To guard against theft, loss of money or
other circumstances travellers should ideally
have several sources of money, for example
they may choose to carry cash money and
foreign currency that can be changed, plus
have a credit card, an ATM card and travellers
cheques. Cards and cash should be stored
in lockers, safety deposit boxes or secured
on your person wherever possible. Keep a
copy of your travellers cheque numbers separate
from the cheques and also leave a copy with
a reliable person at home.
CREDIT CARDS
Most major credit cards can be used for
purchases including accomodation, airtickets,
and purchases in large shops. The most popular
cards used are VISA, MASTERCARD, American
Express and to a lesser extent DINERS. You
can also use payment cards within the networks
Cirrus, JBC, Solo, Eurocard, Delta and Switch.
Look for the signs displayed at the entrance
to the store or near the pay point. In smaller
towns the restaurants and shops may prefer
you to pay in cash. It is probably a good
idea to have several money resources. Credit
Cards can also be used in ATMs or over the
counter in major banks.
BANKING
Scottish banks open Monday-Friday from 9:00am
or 10am until 4pm or 5pm. Some banks are
open later on Thursdays. To open a bank
account you need a proof of idenitity (usually
a passport), a letter of reference from
your bank at home, proof of current address
(eg gas bill, phone bill or letter from
your landlord or hostel/hotel that you are
staying at), and proof of employment. Most
employment agencies will give you a letter
to state that you are working for them and
you can present this letter at the bank.
Some banks are more lenient than other so
go to several different banks or bank branches.
Usually the smaller banks and building societies
are more welcoming to new accounts, but
the larger ones can sometimes offer more
services. The major banks include Lloyds,
Midland, Nat West, Barclays and the Bank
of Scotland. It is hard to get bank accounts
that you can access internationally. Usually
ATM cards for foreigners only work in Scotland
even if you have a passport declaring you
as a British citizen.
All the banks listed below offer business
banking services including currency exchange,
money transmission, letters of credit, bills
of exchange and foreign currency accounts.
Such services are often provided by selected
branches only. Contact the head office of
the banks (details below) to find the location
of the nearest branch that offers the services
that interest you.
Edinburgh
Royal Bank of Scotland
2 Saint Andrews Square
Edinburgh EH2 2AD
Tel: +44 0131 556 8555
Website: RoyalBankScot.co.uk
Bank of Scotland
38 St Andrews Square
Edinburgh EH2 2YR
Tel: +44 0131 465 3900
Website: Bankofscotland.co.uk
Barclays Bank PLC
1 St Andrew Square
Edinburgh EH2 2BD
Tel: +44 0845 600 0180
Website: Barclays.co.uk
HSBC Bank PLC
Current Customers
76 Hanover Street
Edinburgh EH2 1EL
Tel: +44 0845 740 4404
Website: Hsbc.co.uk
NatWest
80 George Street
Edinburgh EH2 3DZ
Tel: +44 0870-240 3366
Website: Natwest.co.uk
Bureaux de Change
Edinburgh
ESIC Bureau de Change
Edinburgh & Scotland Information Centre
3 Princes Street
Tel: + 44 0131 473 3800
Fax: + 44 0131473 3881
American Express
139 Princes Street
Tel: +44 0131 7180 2501
Website: Amex.com
Thomas Cook
52 Hanover Street
Tel: +44 0131 226 5500
Website: Thomascook.com
You can exchange currency, travellers cheques,
euro-cheques, personal cheques, obtain credit
card cash advances and arrange money transfers
from any branch of Scotland and the UK's
major banks: Royal Bank of Scotland, Bank
of Scotland, Barclays, Lloyds TSB, HSBC
and NatWest.
For the most favourable rates, change money
through banks. Exchange booths will be more
expensive but you can use them also. You
will find Bureaux de Change at airports,
major rail stations, travel agents, some
larger hotels and Tourist Information Offices.
Bureaux de Change often charge a handling
fee and commission.
TOP
CURRENCY
The currency used in Scotland is pounds
sterling. The pound (£) is made up
of 100 pence (p). The most common coins
in circulation are of 1p, 2p, 5p, 10p, 20p,
50p and £1 and £2. Notes are
issued in denominations of £5, £10,
£20 and £50, and £100
in Scotland.
All Scottish banks can print their own notes
and three do: The Bank of Scotland, The
Royal Bank of Scotland and the Clydesdale
Bank. The Royal Bank of Scotland is the
only one to print one pound notes (£1).
All the others print 5, 10, 20, 50, 100
notes.
You can spend Scottish notes in England
and they have the same value as the English
notes but some shopkeepers may not accept
them. Bank of England and Northern Ireland
bank notes are legal tender in Scotland.
For up to date and other exchange rates
try the following links:
TRAVELLERS CHEQUES
Travellers cheques are a good backup if
you lose your credit cards or you can't
use the ATM. They can also be replaced if
they are lost or stolen. Make sure you keep
a record of your travellers cheques in a
safe place (one with you and with someone
else at home). The procedure for using travellers
cheques is to sign them when you purchase
them from a bank or other outlet, and to
countersign them just as you cash them in.
Do not sign them before this. You will also
require identification (eg. passport) to
cash the cheques. The most widely accepted
brands of travellers cheques are American
Express, Thomas Cook and Visa.
TRAVEL INSURANCE
We recommend all travellers take out personal
travel insurance to cover any equipment
losses, damages or health problems that
may occur. If you buy insurance remember
the cost of travel insurance varies widely,
depending on the length of your trip, your
age and health, and the type of trip you're
taking. Check the policy you take out covers
you for all your intended vacation activities
such as skiing or hiking and the locations
you are going.
TRAVEL BUDGET PER DAY
Budget £30 for basic survival including
£10 for accomodation, £10 for
basic food and £10 for transport.
Any sightseeing or special meals will cost
a lot more. Outside of major cities it does
drop but then you may have to factor in
long-distance transport getting there.
