CHAPTER 4.  CURRENCY, CONVERSION AND CREDIT CARDS

British currency – have some in hand before leaving home.  Many banks and travel agents will able to exchange local currency in advance, but the rates are typically poor.  With the British Pound enjoying a very robust strength at present, visitors need to maximize their funds.  A good rule of thumb is to have enough British currency available to make it to your first destination (souvenirs, a meal or two and a snack); airport exchange rates are very unfavorable.  Glasgow, Edinburgh, Inverness and – yes - Fort William have a variety of banks awaiting your arrival, with much better exchange rates.  There are various banks to choose from along High Street in Fort William, including the Royal Bank of Scotland.  However, you must arrive at a reasonable time to find a bank open for business.  Late and/or Sunday arrivals necessitate a wee bit of extra cash, as to tide one over until the bank’s opening the next day.  One may also exchange funds at the Fort William Post Office, in High Street.  Trip planning is essential, to estimate the amount of money you will need to exchange.  There is nothing worse than exchanging your native currency once and then exchanging it back again at the end of vacation – that “double hit” can be painful to endure.

One way in which conversion problems and “hassles” may be avoided is to use credit cards.  However, many do not realize that not all cards are made alike and there are fees involved.  Travelers may fall into a “trap” of sorts, namely the belief that the conversion fee from their bank debit or credit card is the only extra they will incur.  However, the bank that overseas merchants use to process their payments will probably also have a conversion fee (commission).  All together, the charge on both ends to convert the funds might run as high as 10% of the purchase price.  A random selection of banks and credit card companies was taken, with Chase Bank, Citibank and Bank of America charging a 3% conversion fee; American Express (not widely accepted) and Barclays coming in at 2%; Washington Mutual at 1%; Discover (rarely, if ever, accepted) and Capital One leading the pack, at 0%.  What sets Capital One aside from all other cards is that in addition to not adding a fee, they also “eat” the typical 1% fee that Visa and Master Card also apply.  It is highly recommended, at the very least for your visit to Scotland.  However, it must be remembered that even when using a no-fee credit card that charges will be incurred by the merchant’s processing bank.  When in doubt, inquire with the issuing bank as to the rate your card will charge.  Visa and Mastercard are accepted most everywhere, while American Express is taken as payment in a much lesser extent.  Diners Club and Discover acceptance is very limited.  Regardless of what card you use, only opt to have payment charged to that card in British Pounds, not your local currency.  Those businesses charging in foreign dollars have control over the exchange rate.

Gathering Guests might also wish to consider using that debit card at an ATM, to readily obtain cash.  There are two major worldwide networks, Cirrus and PLUS.  Usually one or the other is referenced on the back of a debit/ATM card.  Banks recommend checking with them if there is any doubt about worldwide access.  It is also advisable to let them know you will be out of the country.  This also applies to credit cards and prevents having a card “cut off,” for possible fraud protection.  Additionally, one should know their daily withdraw limit.   

There is also another form of “plastic,” the gift card.  These cards are typically difficult to use (tracking the balance available is the leading challenge) and carry the same fees from merchants.  A wise suggestion would be to reserve such cards for one’s local airport use or for a nice meal upon returning home.  If they are accepted in Scotland, it will come with a cost. 

Thrown into the mix are traditional traveler’s checks.  Think of them as emergency backup cash, NOT your primary source of funds.  Most banks issue these, in addition to Visa, Master Card and American Express.  While these may be accepted in some locations, other establishments, such as many bed-and-breakfasts will not take “dollar checks.”  All three of the aforementioned companies also issue traveler’s checks in British Pounds, minimizing the math and speculation when in Scotland.  Regretfully, there are fees incurred when cashing them and many exchange locations (banks, exchange booths, hotels…) give simply dreadful rates, coupled with a laborious process (photocopy passport, countersign, date all checks…).  Regardless of what type of traveler’s check you might opt to use, remember to record the numbers of the checks and store that information in a separate place in your luggage; this is essential in instances where they are lost or stolen.  One good tip is to obtain sterling traveler’s checks from either Thomas Cook or Barclays Bank (“Commission Free Notes”) – they may be cashed at their UK locations for no additional fee.  

It is not difficult to spend money in Scotland.  However, equipped with a wee bit of foreknowledge, Gathering Guests should be able to stretch their funds further.  Those savings might add up to that one, unique keepsake from your trip to Lochaber, so be “canny” with your money lads and lassies and bring home something better than unexpected expenses.