BRINGING MONEY OVER FROM uk

[patricia]

Who is the best company to use to bring money over from the UK. So many to chose from that I cant tell which one is the best! Also how much are you allowed to bring over in one go before alerting the emm err tax authorities

[quebin]

Is this illegal money,if it has to be hidden from the taxman?

[patricia]

No it is not illigal. But I thought there was a maximum amount!

[swerve]

Got this from HMRC


Declaring cash when entering or leaving the UK

If you are arriving in the UK from a country outside the European Union (EU), or you're leaving the UK to travel directly to a country outside the EU, you must declare any cash of 10,000 euros or more (or its equivalent in other currencies) to customs officers.
On this page:
When you need to declare cash
How to declare cash
Your rights if your cash is seized
Getting more help and advice
More useful links
When you need to declare cash
You only need to declare cash if you are carrying 10,000 euros or more (or the equivalent value in other currencies) and you are:
entering the UK from a country outside the EU
leaving the UK to travel directly to a country outside the EU
If you are entering or leaving the EU through an EU country other than the UK, the declaration is made in that country.
Definition of EU
When declaring cash the EU is:
Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain (including the Canary Islands), Sweden and the United Kingdom (not including the Isle of Man and the Channel Islands).
Definition of cash
The term 'cash' covers:
notes and coins in any currency
bankers' drafts
cheques of any kind, including travellers' cheques
Top

How to declare cash
You must declare cash on duplicate form C9011, and post the completed top copy - 'Copy 1' - in the drop-box at the port or airport.
You can obtain and complete this form at the port or airport, or you can download and print it by following the link below.
Customs officers from the UK Border Agency (UKBA) may ask to see evidence that you have declared the cash. It's therefore important to keep a copy of the completed form. If you get the form at the port or airport, it automatically makes a carbon copy as you complete it. This is 'Copy 2'. If you download and print the form, you will need to make a photocopy of Copy 1. (You do not need to complete Copy 2 of the printed form.)
You may be fined if you fail to declare the money or if you give incomplete or false information.
Go to form C9011 'Cash declaration'
Find out more about going through customs
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Your rights if your cash is seized
Customs officers will only seize declared cash if they have reasonable grounds to suspect it is the proceeds of, or is intended for use in, illegal activities.
Seized cash cannot be kept for more than 48 hours (not including public holidays and weekends) without a court order.
A court may order seized cash to be:
held while investigations are carried out
confiscated if the investigation shows it is associated with criminal activity
If your cash is seized, customs officers will explain how you can appeal against the decision.
What to do if your goods are seized by customs
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Getting more help and advice
If you need more information about declaring cash when entering or leaving the UK, you can contact the Customs, International Trade and Excise Helpline by following the link below.
Contact details for the Customs, International Trade and Excise Helpline

[Martin Page]

The notifcation 'allowance' by the banks to the tax man is 3000E (or double for an joint account) . It is unlikely that the tax man will do anything if you bring more in at a time . But it will be on record.

As for who to use to bring it over ... thats an open choice.

We just use our bank and use the electronic transfer because we only bring over small ammounts.

[patricia]

Thanks for those replies. Well I have looked at Moneycorp which offer a good rate. Normally I would have used my building society but they are not offering such a great rate! I wondered if anyone knew any others!!But thanks for your replies!!

[olive]

We just used worldfirst . Got a good rate - thanks to the Greeks

[rafiki]

I've found XE.com fast and reliable with good rates.

[annfoto]

The thing is do you trust them? Often those giving the best deal are doing so to try and stay afloat.
Does no one remember the Icelandic banks with unpronounceable names or Crown Currency?
In most cases you will get no compensation if the company you use goes bust whilst your transaction is underway.
Unless you can visit their office it will probably take you about 2 weeks to open an account with a reputable company. If you are transferring a 5 figure sum exchange rates given on their websites will not apply as the deal will be placed in real time on the exchange market, they will deduct about 1.25% for dealing costs and commision.
We have used Currencies Direct for 7 years with no problems but would also be happy to use HiFX or Monecorp but that is not a recommendation as we live in troubled times anything could happen.

[Enrique]

Hi Patricia,
I would use HIFX for 3000+ as there is no fee, just use bank to bank if less as there is no fee.
You can setup HIFX account on line. The rate they give is sensible so they should be around tomorrow.

[ian.wilson]

Hi Patricia,

I work for a real estate company and nearly all of clients are happy with the service and rate you get at Moneycorp.

Regards
Ian

[annfoto]

You can setup HIFX account on line

So how do they get round money laundering checks? They are quite a large company so I can't believe they don't bother
I have opened several financial accounts online but you still have to post certified copies of passport, utility bills etc. and you can't use the accounts until they are satisfied with the documents

[Enrique]

Hi,
"You can setup HIFX account on line"

Ok just checked with my Manager................and you could well be right Ann.

Initially set up an account in 2004 and had to send bits in. As we didn't use it for some time it lapsed and recently set it up on-line so maybe they had us on record.
Suggest you try an on-line setup and see where it gets you.

[patricia]

Well those are all very good replies. Yes it did occur to me what would happen if the money got lost in transit and I dont understand how they make their money!! I have been asked to give two utility bills and my passport (copy off) But what has been stated above. Can you trust them!! taxes 48 hours apparently to transfer money.

[gus-lopez]

swerve You should point this out to the HMRC ;

"In common language cash refers to money in the physical form of currency, such as banknotes and coins."

"Legal tender is variously defined in different jurisdictions. Formally, it is anything which when offered in payment extinguishes the debt. Thus, personal cheques, credit cards, debit cards and similar non-cash methods of payment are not usually legal tender. ( Note the "non.cash " )
The law does not relieve the obligation until payment is accepted. Coins and notes are usually defined as legal tender."

[annfoto]

Patricia,
Unless you need a lump sum brought over for something specific then I would be inclined to leave it in the UK right now and only bring over what you need for your immediate needs even if it it sitting in a current account earning no interest - at least it is safe.
The £ gets you €1.17 today, expect it to buy a whole lot more euros soon.
I have a friend in Italy and she has been moving most of her money to Luxemburg, Switzerland and the UK over the last few weeks. Italy is too big to bail out so a disorderly exit from the euro is probably the only solution. In that event all euros in her Italian account would be devalued by about 50%
Italy just crossed the point of no return this morning, Spain whilst in much better shape is expected to follow.

[Enrique]

Hi,
Looking to transfer now with HIFX 1.1395euro to the GBP..........the real world.

[rafiki]

xe.com 1.1543 just now

[patricia]

It is for something specific Annfoto but thanks for the advice. But hopefully in any case the exchange rate will be more favorable in the future. Fingers crossed! And thanks for the other replies as well. I shall look into them all