Foreign Currency Exchange
Oct 15th 2012, 7:13 pm
#16
Just Joined
Joined: Jan 2012
Location: Diplomatic Quarter
Posts: 13
Re: Foreign Currency Exchange
Di not worry about them not being accepted here --I had some in the UK recently and I had a very difficult job getting rid of them !!!
Oct 16th 2012, 10:25 am
#17
BE Forum Addict
Joined: Sep 2009
Location: Kuala Lumpur
Posts: 1,160
Re: Foreign Currency Exchange
I've always had it in mind that the main reason the discounted exchange rate is that they physically have to ship the notes back to the UK in order to realise their underlying value.
There is likely a two way trade in BoE notes, in that there will be people here on holiday that want to sell GBP for AED and the will be other people here who are going home / on vacation or whatever, who want to sell AED and buy GBP.
If say you are going back to the UK and were handed Scottish notes you probably wouldn't be best pleased, unless you were going to Scotland.
Thus the exchange houses only see a one way trade in Scottish notes and so the only way to realise their value is to ship them back to the UK, and of course that costs money whether they do it themselves or do it through some sort of agency.
There is likely a two way trade in BoE notes, in that there will be people here on holiday that want to sell GBP for AED and the will be other people here who are going home / on vacation or whatever, who want to sell AED and buy GBP.
If say you are going back to the UK and were handed Scottish notes you probably wouldn't be best pleased, unless you were going to Scotland.
Thus the exchange houses only see a one way trade in Scottish notes and so the only way to realise their value is to ship them back to the UK, and of course that costs money whether they do it themselves or do it through some sort of agency.
