Visas and other money information?

As of 12/20/2013 I finally got my Tier 5 Visa!!! :) and yes for those whom are wondering what the difference between a Tier 5 and Tier 4 visa is etc. Tier 5 = for voluntary/government workers/ temporary workers BUT the problem is you CAN'T get paid even minimum wage if you have a Tier 5 visa. To qualify for a Tier 5 Visa you need to have a maintenance of 1,500 pounds. What? Ok so you essentially need 3000 US dollars in a bank statement that needs to either be mailed to your company you're interning at so that they can verify it (like BUNAC) or the UK Visa Border Agency.

 Minimum wage for those in Edinburgh or outside of London is around 6.31 pounds; however, it maybe slightly lower if you are doing an apprenticeship. You can generally work up from 10-20 hours a week part time if you're in school and on vacation Full-time. Rules do apply and I don't know them on the top of my head but yeah there's that.

Scottish notes differ from English notes not only in design but also by who issued it.
E.g. This note is issued by Bank of Scotland, and yes Scottish notes are VERY pretty. 

Advice on money.
Withdraw money from the ATM. If you have a BOA debit card (Bank of America Account) its partner is Barclays Bank, which charges bank selling exchange rate + 3% of whatever you withdraw. Generally rates are like £1=$1.68? Additionally, if you can get a BOA Travel credit card or a Chase Sapphire Credit Card those are equally good too. (you're not charged for other foreign transaction fees). You're just charged for the exchange rate of whatever item you pay for.

Romanes & Paterson on Princes Street tends to have one of the best rates though it's only cheaper by 1 cent. If you're cheap though it maybe worth checking out?

Other means of currency:
Currency exchange in the UK is a bitch. If you can EXCHANGE it in the US first (in January I believe rates were like £1 = $1.71. In UK it was £1=1.78. As of 24/4/14 the current rate is £1=1.86 to exchange it in the UK. I found that the post offices tend to have the best rates; however, you have to exchange more than $950 to get the preferred rate otherwise the rate is about the same as exchanging it in places such as Marks and Spencers,  Currency Cheque etc. If you're in Edinburgh New Town Princes Street.....there's a shop next to Marks and Spencers that has the best rate but it's only better by 1-2 cents or if you go to Debenhaumers to exchange currency. They give you a 10% off discount coupon so you can use it next time you're there and you decide to exchange currency :).

When you open a Barclay's debit account  you get this card.
Random observation: most credit cards around the world except for US have microchips in them.

Bank Accounts: One of the biggest headaches ever. To open a bank account you essentially need a passport, drivers license or another ID, and an address (Proof of Address includes things like your name on the electricity/ gas bills etc) OR the easiest way to get your name on a bill: Council tax. Unfortunately, I do not qualify as a student of Uni. of Edinburgh so sadly I do have to pay council tax :[ poo, but yes that is proof of residence.  I know BUNAC is suppose to send you a letter thing to open a bank account with Royal Bank of Scotland but they really don't do much unless you quite literally call them. No they do not check their emails so do not actually bother emailing them.*

Basically it's whatever you're charged no extra transaction fees. It's just the conversion :) 

If you have a BOA account I would still open a bank account with Barclays because European cards have a tiny microchip and sometimes credit cards don't always work without them/ it takes longer + it makes paying for things like rent easier if other people have the same bank account. + when you deposit money into a Barclays debit account you can use other atms without fees to withdraw cash in pounds. (dont get your money transferred into your Barclays account though because the transaction fees are high...just withdraw from your debit card with a Barclays ATM.)

If there are any banking questions etc. Feel free to leave a comment and I'll get back as soon as I can?

Cheers,

Tina