Edinburgh

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Currency Used

The official currency in Edinburgh is the British Pound Sterling (GBP), commonly represented as ยฃ.

Sections

1. Type of Currency

The official currency used in Edinburgh, as in the rest of the United Kingdom, is the British Pound Sterling (GBP), often symbolized as ยฃ. The ISO code for the currency is GBP.

2. Denominations

Coins:

  • 1 penny (1p) and 2 pence (2p): Copper-colored coins.
  • 5 pence (5p), 10 pence (10p), 20 pence (20p), and 50 pence (50p): Silver-colored coins.
  • ยฃ1 and ยฃ2 coins: Gold-colored or bi-metallic coins.

Banknotes:

  • Common denominations are ยฃ5, ยฃ10, ยฃ20, and ยฃ50.
  • In Scotland, banks issue their own banknotes, which are legal tender throughout the UK. Scottish banknotes are issued by:
    • The Royal Bank of Scotland
    • Bank of Scotland
    • Clydesdale Bank
  • Scottish banknotes look different from those issued by the Bank of England but are of equal value. However, outside Scotland, some businesses in other parts of the UK may be unfamiliar with Scottish notes, so itโ€™s worth keeping some Bank of England notes on hand if traveling outside Scotland.

3. Exchange Rates

The exchange rate for GBP varies depending on the currency you are exchanging from and the provider you use. As of October 2023, here are approximate exchange rates:

  • 1 GBP = 1.20 USD
  • 1 GBP = 1.15 EUR

Exchange rates fluctuate daily, so check the current rate before exchanging money. Online currency converters or apps like XE or OANDA can provide real-time rates.

4. Where to Exchange Money

Currency Exchange Locations:

  • Banks: Major banks like Barclays, HSBC, and Lloyds offer currency exchange services. However, they may charge fees or offer less competitive rates.
  • Currency Exchange Bureaus: Found in central Edinburgh, especially around tourist areas like Princes Street, Waverley Station, and the Royal Mile. Examples include Travelex and No1 Currency.
  • Post Offices: Many post offices in Edinburgh offer competitive exchange rates with no commission fees.
  • ATMs: Many ATMs accept foreign cards and allow you to withdraw GBP directly. Be aware of potential foreign transaction fees from your home bank.

Tips for Exchanging Money:

  • Avoid exchanging money at airports, as they often have the worst rates.
  • Compare rates and fees before exchanging.
  • If using an ATM, choose to be charged in GBP rather than your home currency to avoid unfavorable conversion rates.

5. Common Payment Methods

Cash:

  • Cash is widely accepted, especially in smaller shops, markets, and for tipping.
  • However, Edinburgh is increasingly cashless, and many businesses prefer card payments.

Credit and Debit Cards:

  • Cards are widely accepted, including Visa, Mastercard, and American Express (though AmEx may not be accepted everywhere).
  • Contactless Payments: Most businesses accept contactless payments for transactions under ยฃ100. This includes contactless cards, smartphones (Apple Pay, Google Pay), and smartwatches.
  • Chip and PIN: For larger transactions, you may need to enter your cardโ€™s PIN.

Mobile Payments:

  • Mobile payment systems like Apple Pay, Google Pay, and Samsung Pay are widely used and accepted.

6. Tips for Handling Money

Using Cash:

  • Always carry some small denominations of cash for small purchases, tips, or in case a business doesnโ€™t accept cards.
  • Coins are commonly used for small transactions, so keep a mix of coins handy.

Using Cards:

  • Inform your bank before traveling to avoid your card being blocked for suspicious activity.
  • Check if your card provider charges foreign transaction fees.
  • Use ATMs affiliated with major banks to avoid high withdrawal fees.

Tipping:

  • Tipping is not mandatory but is appreciated for good service.
    • Restaurants: 10-15% of the bill if service is not included.
    • Taxis: Round up to the nearest pound or tip 10%.
    • Hotels: Tip porters ยฃ1-2 per bag and housekeeping ยฃ2-5 per day.

Avoiding Scams:

  • Be cautious when using ATMs. Use machines located inside banks or well-lit areas.
  • Avoid street currency exchangers or unofficial money changers.

7. Local and Cultural Considerations

  • Scottish Banknotes: While Scottish banknotes are legal tender across the UK, some businesses in England or Wales may hesitate to accept them. If you plan to travel outside Scotland, consider exchanging Scottish notes for Bank of England notes at a bank.
  • Exact Change: Some smaller businesses or buses may require exact change, so keep coins handy.
  • Cashless Society: Edinburgh is increasingly moving towards a cashless society, especially in urban areas. However, rural areas in Scotland may still rely more on cash.
  • VAT Refunds for Tourists: If youโ€™re visiting from outside the UK, you may be eligible for a VAT refund on certain purchases. Ask retailers for a VAT refund form and keep your receipts.

8. Emergency Tips

  • If you lose your card, contact your bank immediately to block it. Most banks have 24/7 helplines.
  • Keep a backup card or some emergency cash in a separate location in case of loss or theft.
  • Use a money belt or secure wallet to protect your cash and cards from pickpockets, especially in crowded tourist areas.

By following these tips and understanding the currency system, youโ€™ll be well-prepared to handle money confidently during your visit to Edinburgh. Enjoy your trip!