Gibraltar Currency

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LizFox
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Gibraltar Currency

Postby LizFox » Tue Feb 12, 2013 12:11 pm

So has something changed in Gib or have we just been lucky in the past?

We usually shop in Gib and I'm sure that when we've withdrawn money it's been UK sterling!

However, after our Xmas 2012 trip to Gib I was left with 30 quid in Gibraltar notes and I just assumed that they'd change it for me at a UK bank. No, apparently it can only be spent in Gib.

Has this always been the case?

katy
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Re: Gibraltar Currency

Postby katy » Tue Feb 12, 2013 12:29 pm

Yes.

masterob
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Re: Gibraltar Currency

Postby masterob » Tue Feb 12, 2013 11:34 pm

There is no legal requirement for banks in the UK to accept banknotes issued in Gibraltar, however, in my experience they will accept the notes when paid into an account - at least HSBC do!

After all they are no different to notes issued by banks in Scotland, both are of the same monetary value as Bank of England notes issued in England & Wales. For that reason there should be no exchange charges involved.

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costakid
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Re: Gibraltar Currency

Postby costakid » Wed Feb 13, 2013 9:48 am

I was told Gib pounds are worth slightly less than UK pounds sterling. All shops in Gib accept GB sterling but if GB£ are worth more then they have nothing to loose.

masterob
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Re: Gibraltar Currency

Postby masterob » Wed Feb 13, 2013 6:07 pm

As I said, Gib£ are worth exactly the same as Bank of England notes and Scottish Bank notes. Check on-line if you remain doubtful!
The reluctance of some UK Banks to exchange them is not because of their value but because they don't want the hassle of returning them to Gib and all the paper work that entails.

El Cid
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Re: Gibraltar Currency

Postby El Cid » Wed Feb 13, 2013 7:30 pm

GIP notes as they are officially known are at parity with the GBP as they always have been.

However they are foreign banknotes and banks can charge a fee for exchanging them.

Sid

masterob
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Re: Gibraltar Currency

Postby masterob » Wed Feb 13, 2013 7:45 pm

"Foreign banknotes"? I disagree. They, like Scottish banknotes & Jersey notes, are all Sterling area notes. Foreign notes are those issued outside the Sterling area. Yes, banks can try and charge to exchange them but reputable UK banks will allow payment into an account held by them. Just a matter of being determined in getting them to do so!

El Cid
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Re: Gibraltar Currency

Postby El Cid » Wed Feb 13, 2013 8:21 pm

Name me a reputable UK bank.

I wait with bated breath!

Sid

Mike.M
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Re: Gibraltar Currency

Postby Mike.M » Thu Feb 14, 2013 2:16 pm

Sid ...... you are a rascal :thumbup:

masterob
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Re: Gibraltar Currency

Postby masterob » Thu Feb 14, 2013 5:29 pm

Name me a reputable UK bank.

I wait with bated breath!
Heaven forbid that you should run out of breath so, how about HSBC - in the context of this topic?


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