500 euro notes into UK pounds

antrobus

eDicky wrote: »

It's only their production and issue that will end, those notes in circulation will always retain their value. ....

In the UK, €500 notes have a zero value.

eDicky wrote: »

...If the cash is really from a property sale and that is well documented, its deposit in a euro account on the continent should not be much problem. Transfer to a UK account using a service such as TransferWise would then minimise loss....

Possibly.

But why do you think someone has received a wodge of cash for selling a property? What would you think if somebody came forward and said, 'I've just sold a house in Wolverhampton and I've got a large amount of cash in £50 notes, and can I pay this into a bank?'

I tell you what I'd think. I'd think that someone had sold a house for £130k, told the solicitors it was £120k, and taken £10k as a backhander in cash to evade stamp duty land tax.

Most jurisdictions have an equivalent tax.






.

Ballard

antrobus wrote: »

In the UK, €500 notes have a zero value.



Possibly.

But why do you think someone has received a wodge of cash for selling a property? What would you think if somebody came forward and said, 'I've just sold a house in Wolverhampton and I've got a large amount of cash in £50 notes, and can I pay this into a bank?'

I tell you what I'd think. I'd think that someone had sold a house for £130k, told the solicitors it was £120k, and taken £10k as a backhander in cash to evade stamp duty land tax.

Most jurisdictions have an equivalent tax.






.

That's precisely what banks are instructed to think. There's no logical reason to make the purchase in cash so it has to be questioned. If the conclusion is that it's tax evasion then no legitimate bank is likely to touch it.

Ben8282

HappyMJ wrote: »

The money is still in the EU. We (the UK) haven't got out of that yet. There is no need to declare what you're moving between EU countries. To count as an export the money has to leave the EU.

Not so sure you are right here.

Spider1234

All legal and paperwork translated into English and stamped by a solicitor.

Spider1234

Houses back in Europe don't cost as much as the ones in the UK. All legal, paperwork translated and stamped by a solicitor.

Spider1234

The cost of houses back home isn't as ear as in the UK. All done legally and paperwork translated and signed by a solicitor.

eDicky

Spider1234 wrote: »

The cost of houses back home isn't as ear as in the UK. All done legally and paperwork translated and signed by a solicitor.

So if you want to bank your big notes you will need to start with an account in the eurozone. If you don't already have one and now have only a UK address the options are limited, you can search this board for 'euro account'.

Don't worry about those extrapolating your situation to a UK outlook and making judgments and insinuations And just because your notes are not normally negotiable in the UK, this in no way affects their value.

Also there is no restriction on your transporting them as long as any required declaration is made. Be careful when sleeping if you take them long-haul, there are gangs robbing passengers - a Dubai watch dealer was robbed of $200k on a flight to Hong Kong recently.

Preedyboi

Blimey!! It's unbelievable all the judgemental comments on here!! Just because you have €500 notes,doesn't make you a money launderer!

You can exchange €500s at Thomas exchange UK or bestforeignexchange (see Martin Lewis' Travelmoneymax). But the rate will be different to their published rate and you will probably need evidence about where the funds are from.

silverwhistle

Italy certainly has strict regulations on the use and transport of cash over borders. In seven years living there I never saw one, and even €100 (and 200) notes were a pain to use for any normal transaction.

Thsis particular transaction may be above board but I'd still look askance at anyone using cash when it is so easy to do bank transfers these day. The security implications alone would make me nervous, and crossing borders with that amount is never a good idea and often illegal.

I remember being stopped by French dogane at a motorway barrier when travelling from Italy. When they asked if I had more than €10000 on me my laugh was so genuine and spontaneous they had to believe me!

Ballard

Preedyboi wrote: »

Blimey!! It's unbelievable all the judgemental comments on here!! Just because you have €500 notes,doesn't make you a money launderer!

You can exchange €500s at Thomas exchange UK or bestforeignexchange (see Martin Lewis' Travelmoneymax). But the rate will be different to their published rate and you will probably need evidence about where the funds are from.

If you have one or two €500 notes there's nothing suspicious. If you have tens of thousands of Euro worth of €500 then questions will be asked. Quite a few questions, in fact.

I still think that this thread is the work of a fantasist though.