Large Currency Exchange - HELP

berlard

Hello All,

We have a wedding abroad in a month and I need to pay the vendors in cash! I need to exchanged £20k into Euros (you can only take £10k through customs so we will split that), Does anyone know where I can exchange a large amount of GBP into (physical cash) Euros??

Thanks!!!!

eDicky

As long as you can identify yourself and verify source of funds you can exchange it wherever you find the best rate.

Assuming you are traveling within the EU, the amount of cash you can carry is not limited. You may be asked it's purpose, for which you have the answer.

That only cash is accepted is a little curious...

berlard

Which organisations let you transfer £20k though? as I've been turned away from many online companies and UK banks!

Alan_Bowen

Your problem is the size of the transaction, at that point banks and Bureaux de Change are going to be asking questions on money laundering and indeed I think such a large transaction may have to be reported. Cut it into smaller pieces and you shouldn't have the same issues but as noted above, rather concerned that the supplier wants paying in cash in the first place

eDicky

berlard wrote: »

Which organisations let you transfer £20k though? as I've been turned away from many online companies and UK banks!

What do you mean, 'turned away'? Are you trying to send a transfer now, or exchange cash?

Which country? Greece? Usually you can also exchange cash pounds locally somewhere...

Voyager2002

You are allowed to carry as much cash as you like, but must declare amounts over ten thousand Euro. Almost certainly you cannot insure this, and personally I would be reluctant to carry such a large sum.


In your situation I think I would go back to the merchant and explain that I need to pay by bank transfer rather than case and ask for a revised price "to cover their banking costs" (obviously this means they will need to pay tax on it). Paying them a bit more is likely to be cheaper than the amount it will cost you to exchange cash.

Kentish_Dave

23,000 Euros in cash for a wedding?

Anyway, open an EUR account, get Revolut or the like, transfer GBP in, change to EUR, transfer it to your EUR account, and then withdraw.

The most likely reason to be asked to pay in cash is tax evasion, make sure you get a proper receipt, as anyone that dodgy is unlikely to be particularly reliable.

I do hope you are earning well into six figures, as that’s a ludicrous spend on a party otherwise.

Voyager2002

Kentish_Dave wrote: »

The most likely reason to be asked to pay in cash is tax evasion, make sure you get a proper receipt, as anyone that dodgy is unlikely to be particularly reliable.

Sadly, tax evasion in Greece is so widespread that this would be considered normal there.

berlard

Hello all, I've found a solution, TravelFX don't have a maximum amount to exchange and have a 5 star trustpilot. You're right it's probably a tax loophole but I'll be getting receipts and doing everything from my side.

Preedyboi

Thomas Exchange cater for those amounts and you would usually get an enhanced rate too (obviously you would need to register etc..).