Travel money - If scotland go independent will it effect the pound?

dannyp433

Hi all I'm going on holiday on 20th september and need to change some currency. My question is if scotland go independent on 18th would the pound slump and exchange rates take a big hit? Im going to turkey and have read and been told you get a better rate changing it over there so do i wait and get the better rate there or is it a big risk if Scotland go it alone and therefore i should change it now?? Thanks

Voyager2002

The value of the pound fell when the YouGov opinion poll was published. The risk of Scottish independence has already been priced into the exchange rate, so one would expect a slight rise in the pound when the result is announced, whichever way it goes (markets hate uncertainty).

In practice, the impact of Scottish independence would be marginal and vanishingly small, so the better exchange rates offered there would be a far more significant effect.

dannyp433

ok thanks very much so you think its best to wait and change the money there still then. thank you

InsideInsurance

The impact has already been partially felt, it could be slightly more if there is a Yes vote but it isnt going to be earth shattering. At the same time a No vote may give a bit of a bounce back.

Of cause in that time we could go to war on [STRIKE]another country[/STRIKE] terrorists again and that'd have a much bigger impact

I know the vote is on the 18th but when are the formal results due to be given?

dannyp433

InsideInsurance wrote: »

The impact has already been partially felt, it could be slightly more if there is a Yes vote but it isnt going to be earth shattering.

I know the vote is on the 18th but when are the formal results due to be given?

good point im not sure i was assuming it wsa all on the 18th

jumperabv3

That's part of my Uni project, and the answer is definitely yes ... because it would take another 18 months to set new regulations and as such it would cause more uncertainty and uncertainty is bad for the currency.

I do hope Scotland will vote NO and the odds currently are in favor of this result:

http://www.oddschecker.com/politics/british-politics/scottish-independence/referendum-outcome

However nothing is guaranteed in life ... I just don't think in this terrible financial instability, where the Eurozone might breakup (Draghi has no solution whatsoever in the long run) - it's better for the UK to stay in one unit, as UK ... Scotland being part of the EU, whether potentially or not, is not a good step at these hard times ... at least in my opinion, but I know some others would disagree.

travellerboy

Depends if you are exchanging Scottish Punts or British pounds, but would agree that if they vote YES we, in the rest of Britain, will be better off in the long term. God help Scotland as there will definitely no turning back.

pogofish

This is in totally the wrong forum!

It is only the vote on the 18th - any actual independance would be some considerable time after. The current and probably rather optimistic timescale would be sometime in 2016!

So as well as being one for the UK forum, your question is needlessly premature to begin with!

dannyp433

pogofish wrote: »

This is in totally the wrong forum!

It is only the vote on the 18th - any actual independance would be some considerable time after. The current and probably rather optimistic timescale would be sometime in 2016!

So as well as being one for the UK forum, your question is needlessly premature to begin with!

sorry new here and im only interested in whether i should change my travel money now or after the vote so i thought this to be a good area

stephb34

dannyp433 wrote: »

sorry new here and im only interested in whether i should change my travel money now or after the vote so i thought this to be a good area

I would have posted on this forum too if I wanted to ask the question as you are going abroad and want to know about foreign currency and the strength of the pound.

Voyager2002

pogofish wrote: »

This is in totally the wrong forum!

It is only the vote on the 18th - any actual independance would be some considerable time after. The current and probably rather optimistic timescale would be sometime in 2016!

So as well as being one for the UK forum, your question is needlessly premature to begin with!

This is the correct forum for a question about exchanging currency before going on holiday.

People who wish to jump on this and offer opinions on the referendum could take the discussion to the Moneysavers' Arms (except that most of the opinions posted here are so ill-informed that it would be better for all concerned if they remained unshared).