Paying in scottish money into a bank.

s-rly

Hi
Is there any difference between scottish money and english money. E.g. If i paid money into my account in a bank in Wales would say £100 scottish money be the same as putting £100 english money in? what im trying to say is are they the same thing?
thanks.

Baldur

s-rly wrote: »

Hi
Is there any difference between scottish money and english money. E.g. If i paid money into my account in a bank in Wales would say £100 scottish money be the same as putting £100 english money in? what im trying to say is are they the same thing?

Up to a point, yes but Sterling is legal tender in England & Wales, whereas Scottish banknotes technically are not - http://www.bankofengland.co.uk/banknotes/about/faqs.htm#16.

dazza.mk

You may get them refused in English/Welsh shops that aren't familiar with them or, choose not to accept them as they are not confident in spotting forgeries (due to unfamiliarity).

.... but there should be no issue paying them into a bank.

davetrousers

Slightly off topic, but can help people who don't know the difference between legal tender and legal currency.

http://www.moneysavingexpert.com/news/banking/2010/05/true-or-false-scottish-notes-arent-legal-tender

googler

There's no exchange rate - in theory, English and Scottish notes have the same value, but it doesn't seem that way when you try and spend the Scottish ones in the heart of London.....

Rob_192

googler wrote: »

There's no exchange rate - in theory, English and Scottish notes have the same value, but it doesn't seem that way when you try and spend the Scottish ones in the heart of London.....

Conversly, we visit Scotland frequently and you should see the look we sometimes get when we present an English £10 note! You'd think we'd just stepped off a flying saucer.

virgin_moneysaver

the bank will take it off you no probs, the other reason a lot of shops don't take them is that they can't give them out in change to another customer, no reason why they cant but other customers unwilling to accept them, so if shops do accept them they can only then bank them with their takings, which reduces their float that day - the same with called in notes, they are always legal tender, just out of circulation & can only be accepted on a collection basis only

pinkdalek

Your bank should accept them no problems, same if you had Isle Of Man, Northern Ireland or Channel Island notes.

Some banks may require you to pay the monies into your account to show a paper trail, but you can withdraw the funds back.

Hope this helps.

Nukumai

davetrousers wrote: »

Slightly off topic, but can help people who don't know the difference between legal tender and legal currency.

http://www.moneysavingexpert.com/news/banking/2010/05/true-or-false-scottish-notes-arent-legal-tender

The definition of legal tender on that MSE link is not entirely correct (it is too narrow). Here's the Bank of England's explanation, which is more accurate :

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.

This is contained in the link that somebody else provided, above : http://www.bankofengland.co.uk/banknotes/about/faqs.htm#16

Olipro

I think OP just wanted to know whether they have equal value.

All non Bank of England notes are issued as part of legal stature; any banking institution/bailiwick who is issuing its own notes is required to hold the exact amount in Bank of England issued notes - this is why there are Giant (£1M) and Titan (£100M) BoE notes - hence whether a Gibraltar, Scottish or Manx Pound, it is still worth £1 Sterling.

As a related curiousity; the commercial banks that issue their own notes are only required to lodge equivalent funds with the BoE over the weekend; this essentially means that for the rest of the week, anyone carrying the notes is essentially making an interest free loan to the issuer.

pogofish

Rob_192 wrote: »

Conversly, we visit Scotland frequently and you should see the look we sometimes get when we present an English £10 note! You'd think we'd just stepped off a flying saucer.

Try it with a NI note then - Especially in some parts of central Scotland! :eek:

Otherwise, there is no practical difference between Scottish and English notes as far as banks are concerned.

And as indicated/linked above, the issue of legal tender is not quite as clear cut as many folk think.