Can you use Rand (South African money) to buy something in UK for example? If not please explain why not ?

Question

I want to try and understand how using foreign currency does and does not work and what is allowed.

what if I wanted to buy a painting in London. worth £500. could I give the gallery R7000 and say 'there you go, can I have my picture please?'

Would it make a difference if I were trying to make the transaction in the UK or in South Africa. e.g. gallery in UK I phone from RSA and offer Rand or vice versa.

I hope you understand what I am trying to ask and that you can shed some light.

Answer 1

It is a different currency that's why not. You could possibly buy online with rands and the company who takes your payment, say paypal would then do converting for you. I quite often buy from usa companies but pay in GB pounds not USA dollars.  

Answer 2

If you've got lots of Rand, does that mean you're randy?

Answer 3

No you cant because it is not our legal currency. Go to a bank and have it changed into pounds sterling and then go shopping.

Answer 4

You can only use sterling and Euro's in Britain, as someone else said some English places won't even accept Scottish notes but that is because of the counterfeit ones that were rife in the South of England a few years ago.

Why not pay with a debit or credit card?

It's automatically worked out from your own countries currencies.

When I am abroad I always pay by a card, it saves so much bother.

Answer 5

Here in England, lots of shops are not happy with the Scottish notes, some actually refuse to have them. Stupid is`nt it. To your question, no way can the Rand be used, Any bank will change your money.I think there will be a small charge though.

Answer 6

you can pay with whatever currency you like but legally a person/company doesn't have to accept a foreign currency.

For example if you agreed with someone that R7000 would be acceptable for £500 and it covered their cost of commission to convert it then its legal to do but both parties need to be in agreement.

If you have a debit/credit card and purchase the £500, if your bank account is south african then the banks do the transfers for you and the seller receives the money in £ and buyer is charged in Rand plus bank fees to do so.

Answer 7

I believe, although I am far from  an expert, that withing the shores of England, Scotland and Wales, the only acceptable legal currency  is the British Pound.  Any other currency offered in a transaction would not be recognised.  If you wish to trade in Rand, then you could use any Bank to exchange your currency for British pounds, however, they will make a charge.  If you order from outside the UK, you could offer your native currency, and leave it to the seller to name their total price, in which case they would have the job of exchanging your currency through their Bank or other source.

Hope that is some help.

Answer 8

In some places, certain foreign currency is accepted in trade.  For instance, you can spend US Dollars in the Bahamas, and many other carribean nations.

However, normally, average merchants will only accept local currency.  They do not want to be bothered with having to keep up with exchange rates.