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  #1  
Old 25 Jun 2016
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sterling not being accepted for local currency
There has been some tabloid reports of holiday makers being caught out as sterling has not being accepted for changing to local currency !

Wow! Crazy stuff.

It hopefully won't last many days if it is true.
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  #2  
Old 25 Jun 2016
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Sounds about right until things get settled.
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Old 26 Jun 2016
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Might have something to do with the exchange rate being too dynamic for the manual money changers to take a risk on.
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Old 26 Jun 2016
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Quote:
Originally Posted by g6snl View Post
There has been some tabloid reports of holiday makers being caught out as sterling has not being accepted for changing to local currency !

Wow! Crazy stuff.

It hopefully won't last many days if it is true.

Seems to be happening in Greece. Their reputation regarding money is a bit of a disaster anyway. I imagine it'll blow over soon.
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Old 26 Jun 2016
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They were right not to because they could have lost 10% in a few hours and their margins aren't big enough to cover that much of a fall. The alternative would be to give you a really bad exchange rate and that wouldn't be accepted by the punters either.
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Old 26 Jun 2016
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A few hours after the market opens on Monday and the manual money changers may have figured out a rate that they can accept the risk from and be acceptable to the punters.... Mind you by now some punters will be looking for anything as they may need the cash. Good Luck out there in money change land.
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Old 26 Jun 2016
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Mind you, when people vote to leave the EU they shouldn't really expect to go into an EU country the next day and not have potential currency exchange problems. I suspect it's only the first of many different reality checks to affect the Brexiteers.
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Old 26 Jun 2016
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slightly confused why the people having problems haven't followed the example of most tourists? either change your money before you go or use an ATM
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Old 26 Jun 2016
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The Warden - there were reports of some banks (Australian??) suspending all operations involving Sterling even from ATMs. Didn't last long of course but did cause problems for some tourists who couldn't reload cash cards and such

Quote:
On Friday night, the Commonwealth Bank confirmed on Twitter it had suspended foreign exchange of transactions that didn't include Australian dollars until Monday morning, aggrieving Australian expats and tourists.

"Due to recent results from the British exit referendum we are temporarily suspending all foreign exchange of GBP pounds and transactions that do not include AUD until further notice," the bank tweeted.

Account holders then responded on social media, before the bank reopened its foreign exchange channels at midnight.
From SMH
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Old 27 Jun 2016
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Originally Posted by TheWarden View Post
slightly confused why the people having problems haven't followed the example of most tourists? either change your money before you go or use an ATM
Changing money before you go is about the same as changing money when you arrive.

Anyway .. the ukp has fallen again today ...

For 1 ukp you would get ~;
1aud last week
0.90aud on the weekend
0.80aud today (Monday)

That is about the exchange rate you'd get in an ATM ... a physical money changer has to take the physical money to a bank to change it .. later .. so with the changes happening I'd expect money changes today would give you 0.60aud .... and probably less tomorrow!! They have to cover themselves for changes that occur between them taking the money and putting the money into a bank/Forex and make some profit too. With rapid movements you get a worse rate.

Edit
If I had ukp .. I'd be swapping it for euros/usd/swissfrancs ...
Last edited by Warin; 27 Jun 2016 at 12:18. Reason: buying euro...
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Old 27 Jun 2016
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Just seems weird to me for normal tourists, I've always got local currency before I travel and top up via an atm if required.
.
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Old 27 Jun 2016
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For the last month or so, I've been thinking about flying to the UK and renting a bike for a week. A week ago the pound sterling was $1.90 CAD, this morning it's $1.73...
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Old 28 Jun 2016
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England football fans don't have to worry about exchange rates in France anymore.
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Old 10 Jul 2016
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Taking local currency's fine if you're going for a quick holiday but I'm heading out for months in developing countries.
ATM's can be be expensive and cash cards iffy, especially if you pay in sterling and then the arse drops out of the pound.
I'll carry £ $ and € and plastic then try to keep ahead.
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Old 15 Jul 2016
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Originally Posted by gbags View Post
Taking local currency's fine if you're going for a quick holiday but I'm heading out for months in developing countries.
ATM's can be be expensive and cash cards iffy, especially if you pay in sterling and then the arse drops out of the pound.
I'll carry £ $ and € and plastic then try to keep ahead.
I wonder if dollars would be a more stable bet. Personally though I wouldn't change lots at the moment because the pound will probably recover quite a bit over the next few months
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