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We usually shop in Gib and I'm sure that when we've withdrawn money it's been UK sterling!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?
Gibraltar Currency
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- Andalucia Guru
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Re: Gibraltar Currency
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.
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.
Re: Gibraltar Currency
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.
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- Andalucia Guru
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Re: Gibraltar Currency
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.
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.
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- Andalucia Guru
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Re: Gibraltar Currency
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
However they are foreign banknotes and banks can charge a fee for exchanging them.
Sid
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- Andalucia Guru
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Re: Gibraltar Currency
"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!
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- Andalucia Guru
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Re: Gibraltar Currency
Name me a reputable UK bank.
I wait with bated breath!
Sid
I wait with bated breath!
Sid
Re: Gibraltar Currency
Sid ...... you are a rascal
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- Andalucia Guru
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Re: Gibraltar Currency
Heaven forbid that you should run out of breath so, how about HSBC - in the context of this topic?Name me a reputable UK bank.
I wait with bated breath!
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