Paying cash for a wedding abroad

SueDerbyshire

Hi, my daughter is getting married in Spain and needs to pay the final balance off. We have been told if she pays the balance in cash she won't have to pay tax, on €14000.00 that's alot if difference. The problem is, I can't see how she can get her hands on that much cash (euros), she can only withdraw €900 a day maximising her daily bank accounts withdrawal. Any ideas?

Thank you for any help

Sue

alanq

Sorry, I cannot help with advising where to get cash.

I would be suspicious of any company pushing for payment in cash in advance. If the company goes bankrupt the money is lost. Payment by credit card, if possible, would be more secure. Paying cash may make things a little cheaper or it may make things very expensive if all the money is lost.

Also, if not having to pay tax is because of tax evasion there may be legal consequences. If not tax evasion why would cash be preferable to cheque or bank transfer?

SueDerbyshire

Thank you for your quick response

You are right, I think the fact that we could save €2800 just by paying cash got us excited and didn't think it through.

We was thinking that you withdraw cash abroad and pay for hotel services all the time and what's the difference but obviously you will still pay tax.

Although the payment is to the wedding planner and they have been going for over 15yrs, there is still that risk they go bust.

Thank you for the good pointers.

Sue

PRAISETHESUN

IMO it'd be worth paying a little more to be able use a credit card just for the protection that it affords.

As for how to get that much cash, you'd probably have to use a specialist currency broker and order it in advance - most major banks and foreign exchange bureaus should be able to arrange this for you.

System

You could pay some upfront via card then the remainder via cash / SEPA bank transfer closer to the time.

This is would reduce the risk of non-delivery.