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 ! doh

Wow! Crazy stuff.

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

Sounds about right until things get settled.

Might have something to do with the exchange rate being too dynamic for the manual money changers to take a risk on. :funmeterno:

Seems to be happening in Greece. Their reputation regarding money is a bit of a disaster anyway. I imagine it'll blow over soon.

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.

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. doh Good Luck out there in money change land.

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.

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

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

From SMH

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 ...

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.
.

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...

England football fans don't have to worry about exchange rates in France anymore.

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