Tourist / Business rate of exchange? (£/€)

[allgram]

Hello, Does anyone know if U.K. banks still have the two tier exchange rates as my daughter is about to transfer £9k to my Spanish bank and I can remember having to ask Barclays when transferring money to Spain before we lived here for the Business rate or they would have just given me the tourist rate.( Lloyds have an online transfer for £17.50 over £5k and this sounds very reasonable to us.)
Thank you in advance.
allgram.

[probe]

There is a huge amount of variation in the exchange rate and the way banks and financial institutions manage this with some offering a good rate but high commission and others low rate and no charge. It is very important for larger sums to shop around as some of the companies specialising in foreign transfers may offer a better rate e.g. Travelex, World First etc. It doesn't mean that they will necessarily be cheaper than your bank but sometimes it can make a very significant difference. The other thing to do with a relatively large amount, if you have time, is to try and time the transaction according to the exchange rate. For large amounts some companies will allow you to set parameters e.g. when the rate reaches x make the purchase.

[Martin Page]

It would also be a good idea to send it in two halves - that way .. the Transaction wont be automatically flagged to the tax authorities...

Tell em Nowt !

[Mowser]

It's always a hard decision. Today the rate is €1.155. A few days ago it was €1.12.

[olive]

So is 5000 euros/pounds the breakpoint for flagging to the tax authorities?

I always thought it was 10k or over.

[Chunky Monky]

I always thought it was 10k or over.

So did I

[annfoto]

My bank told me it was €3K
€10K is the maximum you are aloud to carry on an International flight without documentry evidence as to where it came from.

[Mowser]

I am holding a "portador" cheque for €8,000 for a friend. I can't pay it into the bank without going through hoops.

[katy]

Anything over 6000 euro and you have to fill in a form for the Bank of Spain. Don't know if they liaise with the tax authorities, think it's more to deter money launderers. I didn't think there was a problem with cheques only cash

[katy]

It's always a hard decision. Today the rate is €1.155. A few days ago it was €1.12.

Hmm. Almost 1.16 now. Need some currency for Italy in a couple of weeks, don't know if I should wait for it to go higher. May wait until monday, seems to be on a roll

[El Cid]

Wait til it levels off. I don't see it suddenly reversing and shooting back up. There's more bad news and trouble to come in Euroland.

I thought is was €3k max before they have to inform the Bank of Spain.

Sid

[gus]

And now 1.1622

[Mowser]

Now €1.1625

[gus]

1.1629

[malagaman2005]

It's just a shame you won't get anywhere near these rates when you actually change your money

[wendyakemp]

The best way of moving money to Spain is through a money broker.
They give the best business rate and it costs nothing to send or be accepted into a Spanish bank account.
I work for a bank and would not entertain the rates they charge even with staff benefits.
I have sent over 20k in one go and it was not "flagged" as it came from my U.K. bank account.
The banks can check on any amount of transfer if they think fit.
I once took over 50k in cash from a U.K. bank account and nobody filled in a form or sent a message to the revenue, I know as I work at that bank and checked it.

[gus-lopez]

The limit for notification is 3k . 2,999€ = ok . Everything over is notified from wherever & by whatever means it arrives. All banks have 20+ A4 sheets of codes for what the money is for. Just because no one asks you , or you don't tell them , it just means that someone in the bank is putting down what they fancy !

My bank told me it was €3K
€10K is the maximum you are aloud to carry on an International flight without documentry evidence as to where it came from.

Quite correct , but when you arrive in the UK it is a detainable offence to be carrying £ 1000 without proof of where the money comes from. It's not the law but an arbitary amount that the police have deemed 'normal' people wouldn't be carrying !
You can carry 100K €'s in Spain without documentary evidence.

[katy]

You can carry 100K €'s in Spain without documentary evidence.

Not correct. I have posted on here before about this. About 5 years ago I sold a car for cash. Because of the then wealth tax I took the cash (think it was about 10,000) to put in a euro account in Gibraltar. Gib bank looked at it as if I was carrying a bomb and refused to accept it, try 3 other banks, no luck. Brought it back to Spain and presented it to my bank (then solbank). He said that I would have to fill in the bank of Spain form as it was over 6000, not only that but he said it is illegal to carry over 6000 without documentary evidence. The Manager advised me to pay it in in two amounts on different weeks.

When we left Spain I cleared a bank account (about 25,000). I had to fill in the form then. One of the questions is "For what purpose do you want this amount". I did enquire about the UK side and it's 10,000 when entering from any other EU country but if any illegal dealings are suspected they can withold the money for further enquires. I carried the withdrawal slip with me.

[gus-lopez]

You can carry 100K €'s in Spain without documentary evidence.

He said that I would have to fill in the bank of Spain form as it was over 6000, not only that but he said it is illegal to carry over 6000 without documentary evidence. The Manager advised me to pay it in in two amounts on different weeks.

.

He's correct if you are a non-resident. Spanish nationals & foreign residents can carry up to 100k without documentary evidence. Not that i would. I even checked with my bank manager after reading it & he confirmed that was the amount.You've only got to stand in my bank in the mornings & see the amounts being paid in to know that there's no limits.

[katy]

I was resident at the time, although I suppose it could have been assumed I wasn't as they didn't even go as far as accessing my account when they saw the dosh. However when we left Spain they did to close it.

Yes you do see people paying large sums in but they are usually people known to the bank and having business accounts. Friends of ours had a very successful business in banus, weekends their turnover would be around 9 million pesetas which was paid in on Monday. They also withdrew large sums monthly for staff wages. I would imagine the bulk of the cash can be backed up by receipts. What I was writing about was cash en efectivo without documentation.