No matter where you are in the world, understanding the currency and the banking systems is vital for getting around. To help you out we’ve put together this handy guide with some of the most important information you’ll need to consider if you’re thinking of living in Scotland.
Currency
In Scotland, the unit of currency is the pound (£), which is used throughout the entire UK. All major credit cards can also be used across Scotland, with Visa and MasterCard being most widely accepted.
Scotland has its own bank notes that look different to those in the rest of the UK however, their value is the same. Both Scottish and UK-wide notes can be used throughout Scotland.
Banking in Scotland
With more than 300 years of banking experience, your money is in safe hands in Scotland. We are home to a number of different banks and building societies with a range of different types of accounts to suit every need.
With a large variety of banks offering different types of services, we have everything to meet your financial needs. Most banks in Scotland are open Monday to Friday from 9:30am to 5:00pm. In addition, many banks are also open on a Saturday morning.
You’ll find cash machines (ATMs) everywhere in our larger towns and cities, and most rural areas will have at least one place where you can withdraw cash. Our cash machines will accept international bank cards and credit cards, as long as they have a four-digit PIN code.
Opening a bank account
After completing an application to open a bank account, you’ll need to provide current proof of your identity and your Scottish address (moneyhelper.org.uk) to the bank. This can vary depending on the bank.
Banks in Scotland put your financial safety first so will do thorough security checks to safeguard against illegal activity. These checks vary and may take longer depending on what country you are coming from.
Exchanging currency
Foreign currency is rarely accepted, but don’t worry, it’s easy to exchange any foreign currency in Scotland. Banks, hotels and Bureau de Change kiosks can be found at our international airports and also in most of our city centres.
Currency Converter
*Disclaimer: the currency converter is provided by a third party and is for illustration purposes only. It is meant only as an approximate conversion tool based on the latest information available.
Income tax and public services
If you're working while in Scotland, then you may need to pay income tax on your earnings. The amount of tax you pay is determined by how much money you earn in a year. The money collected from income tax goes towards the public services provided by the Scottish Government. In most cases, your tax will be automatically deducted by your employer and paid on your behalf.
Find out more about Income tax (mygov.scot)
Find out about workplace rights and benefits
Cost of living
Compared to the rest of Europe, and cities like London, Zurich, Paris, Dublin, New York and San Francisco, Scotland is a less expensive location to live and work.
Cost of living expenses (excluding accommodation) in Scotland’s cities relative to New York City are 35% less expensive in Aberdeen, 43% less expensive in Dundee, 34% less expensive in Scotland’s largest city, Glasgow, and 30% less expensive in the capital, Edinburgh.
If you compare rents, Aberdeen is 76% less expensive, Dundee is 78% less expensive, Glasgow is 68% less expensive, and Edinburgh is 61% less expensive than New York City.
Source: Cost of Living Index 2024 (numbeo.com)
Dundee source: Cost of Living Index 2023 (numbeo.com) (2024 data unavailable)
Along with highly competitive salaries, Scotland’s cities offer monthly living costs that are typically around 14% lower than other UK cities such as Cambridge and Oxford and as much as 34% lower than London.