Exchanging monies and transfer to Spain method

dishdishy

Spanish resident for 18 years with worldwide income declared to spanish tax office. Have maintained a British pounds Barclays bank account in Jersey from 1992 and have found this to be useful when visiting the UK....this account is also declared here in Spain.

61 years of age and have just taken a private lump sum pension payment of some 100,000 british pounds. Having checked the UK Inland Revenue cash movement restrictions entering/leaving the UK

see.....direct.gov.uk/en/TravelAndTransport/Foreigntravel/BringinggoodsorcashintotheUK/DG_173289

it would appear that I am able and would like to take some 50,000 pounds, exchange it into euros and return to Spain with the euro sum. I have always found it more cost effective to exchange locally in the UK rather than transfer electronically monies between banks and suffer the consequential related charges & exhange rate loss.

Can you suggest and give an cost indication of a better method of transferring the cash or experiencies in this field.

Thank you to all here and wish you a great Christmas and hopefully a good 2011.

Thanks. :wave: