Bringing money from EU to UK euro rates

zoeg-10

Approx 18k eur to transfer to the UK. As the EUR to GBP rate has not been very good of late, is there somewhere simple to see the euro rate prediction?

Does anyone think that it would be wise to take advantage of today's slightly better rates, or to hold out for the Euro to get better?

Also, will this amount of money need to be declared?

Thank you kindly!

Archi_Bald

As the UK is in the EU and money can flow freely inside the EU, you do not have to declare it.

Whether the exchange rate will get better for you, or whether the Euro will continue to decline against the GBP is anyone's guess.

If you use one of the specialist currency transfer services, you are likely to get the best rate available on any one day. https://www.fxcompared.com/

zerog

Archi_Bald wrote: »

As the UK is in the EU and money can flow freely inside the EU, you do not have to declare it.

The OP did not specify his country. Not all euro users are in the EU and the euro is used as a secondary currency in many other countries.

A bank transfer is a declaration in itself.

The OP didn't specify that the money was in cash, but certain EU countries have rules about declaring cash over and above the EU rules. For example, Italy requires you to declare 10k EUR cash travelling through its borders regardless of your origin or destination.

Snoop Dogg was recently caught by this legislation when he landed in Italy carrying his earnings from his European tour, which his accounting team had for some reason converted all into USD cash. They claimed that they "did not know" about the rules specific to Italy and as a penalty, half of the cash was seized and forfeited (about $200k). Apparently, the police have also said that if the cash has been brought into the EU and declared at entry, and the amount hasn't changed, re-declaration on entering Italy is not necessary.

Archi_Bald

zerog wrote: »

The OP did not specify his country. Not all euro users are in the EU and the euro is used as a secondary currency in many other countries.

The thread title is "Bringing money from EU to UK euro rates". A bit of a give-away.

I was unaware that there are restrictions for moving money about inside the EU, and I find it hard to believe as one of the fundamentals of the EU is free flow of capital.
http://ec.europa.eu/finance/capital/index_en.htm

GingerBob_3

Archi_Bald wrote: »

The thread title is "Bringing money from EU to UK euro rates". A bit of a give-away.

I was unaware that there are restrictions for moving money about inside the EU, and I find it hard to believe as one of the fundamentals of the EU is free flow of capital.
http://ec.europa.eu/finance/capital/index_en.htm

I have seen signs at airports stating that any cash over 10k EUR must be declared to Customs. I assume the reason for this is that if you're carrying more than that amount you are definitely a criminal.


I've noticed that the fundamentals of the EU, or indeed of any polity, are quietly forgotten when they are perceived as inconvenient. Why, for example, are there ANY custom checks whatsoever when we return to the UK from another EU country?

Archi_Bald

GingerBob wrote: »

I have seen signs at airports stating that any cash over 10k EUR must be declared to Customs. I assume the reason for this is that if you're carrying more than that amount you are definitely a criminal.

this does not apply to EU. https://www.gov.uk/bringing-cash-into-uk

GingerBob wrote: »

I've noticed that the fundamentals of the EU, or indeed of any polity, are quietly forgotten when they are perceived as inconvenient. Why, for example, are there ANY custom checks whatsoever when we return to the UK from another EU country?

There's an explanation here: https://www.gov.uk/duty-free-goods/arrivals-from-eu-countries

Although I agree with you that it's hard to understand.

zoeg-10

Thank you for your help everybody! It is all so confusing to me... They are savings made while living in an EU country... Will have a think & check out the links! Want to do it properly & with the best rates obvs!

Jonni_2

Hi - You may find that registering free with a established foreign exchange broker will then give you access to free services that include daily currency updates for euro, UK pound etc... Which maybe handy for you. Regarding declaration, they maybe able to offer some tips with this as well, all depends on which country you are transferring from. Hope this helps! J