Currency Allowance

[MARM 7]

Maybe I am not looking hard enough...

What is the maximum limit of undeclared currency (in £/per person) that one can take outside of the UK?

What about the maximum limit of undeclared currency being brought into the US (in $/ per person)?

Thanks!

-MARM

[Big Papa Zone 93]

Maybe I am not looking hard enough...

What is the maximum limit of undeclared currency (in £/per person) that one can take outside of the UK?

Dunno

What about the maximum limit of undeclared currency being brought into the US (in $/ per person)?

This I do know: $10,000 (or the equivalent thereof).

[Nich-Nick 3,354]

It doesn't matter how much you bring into the US, you just have to tell them if it's more than $10,000. They aren't going to charge you anything like taxes or a customs duty. They just want a record of it for a paper trail. It's part of the money laundering bit in the Patriot Act I believe. The same thing happens when you deposit anything over 10k in a bank or buy securities. The bank/broker is required by federal law to report your transactions for a paper trail. It's all about tracking large sums of money that might be involved in funding drugs, terrorism, etc activities. (I had to take a little test on this because I work for a stock broker sometimes, but I've forgotten the specifics.)

[MARM 7]

Thanks for the info both of you...

still lost on the amount that is allowed outside of the UK...

[Big Papa Zone 93]

It doesn't matter how much you bring into the US, you just have to tell them if it's more than $10,000.

That's what I meant!!!!

[Nich-Nick 3,354]

How about this info

Declaring cash when entering or leaving the UK

[JeremyR 8]

Honestly, I wouldn't carry that much cash around an airport with me in a million years. Much safer to wire transfer it to the US... I don't know what the transfer limits of companies like Western Union are but any British bank should be more than willing to help with a transfer of that kind of size to the USA. There will be a fee, of course but it's probably worth it from a security point of view. I know I wouldn't feel comfortable with a huge wedge of cash in my carry on baggage.

[MARM 7]

How about this info

Declaring cash when entering or leaving the UK

The website states 10,000 Euros is the limit...so about £8,600 or something like that. Not planning on taking the risk of course, but just like to know for a personal "FYI".

Edited June 3, 2009 by MARM

[mawilson 2,133]

Honestly, I wouldn't carry that much cash around an airport with me in a million years.

You would if you're a drug dealer, a bank robber or a terrorist

[Gary_UK 17]

I went to my bank yesterday and asked the question on the matter of wire transfers.

As far as the UK bank is concerned ( LloydsTSB ) the sky is the limit on wire transfers. If it is under £5000 then there is a £20 charge and if its over £5000 the charge goes up to £35.

There is no other hidden charges. And all you need to do is just accept the crappy exchange rate you will get on the day when you request the wire transfer. The transfer itself will take 3-4 working days and there you go.

It might also be worth checking with the recipient US bank as to what their charges are for accepting the wire, but again it's not a large sum of money. Our joint account charges are around $15 for processing.

If your going to do transfers more often than say the odd "one off transfer" it might be worth talking to your bank about an international account which in the long run may save you some costs.. but thats for you to decide.

I would certainly NOT carry anywhere near 10,000 of anything around in an airport. no way - no how !

Hope this helps.