‘How much cash can I travel with from the UK?’ is a single question that has many answers. There are circumstances (for example, paying builders working on an overseas property you own) when it is tempting to carry cash. But that invites the risk of your money being lost or stolen, and there are also laws dictating how much cash you can carry legally from the UK.
This article explains not only how much money you can travel with but also what alternatives exist, such as transferring your money online, and which is the best option.
How much cash can you travel with?
Often you will need to declare cash you are carrying abroad at around £10,000, but there are lots of exceptions. In fact, when it comes to working out how much cash you can travel with, there are a number of rules to bear in mind:
- You must declare cash of £10,000 or more to HM Revenue & Customs if you are travelling to or from Britain (England, Scotland and Wales) and any country outside the UK.
- If you are travelling from Britain to Northern Ireland you must declare cash of €10,000 or more (note the currency) to customs. However, you do not need to declare any sum of money when travelling from Northern Ireland to Britain.
- If you are travelling to or from Northern Ireland and any non-EU country, you must declare cash of €10,000 or more.
- In any of the above, if you are travelling as a group with more than £10,000 between you in cash, you must declare it to customs (€10,000 if travelling to or from Northern Ireland).
- Remember to look at the rules about travelling with cash in the country you are travelling from. Many will have the €10,000 limit but exceptions exist in EU and non-EU countries.
- The types of cash you must declare are notes and coins, bearer bonds, traveller’s cheques and cheques (including traveller’s cheques) that are signed but not made out to a person or organisation. If you are travelling to Northern Ireland the types of cash you must declare also includes money orders, gold coins, bullion or nuggets and prepaid cards.
- You can declare money that you are taking out of the UK online at the gov.uk website or by completing a form at your departure airport or port.
- Failure to comply with the above means the cash you are carrying can be seized by a Border Force officer and you may have to pay a penalty of up to £5,000 to get it back. Cash can also be seized if customs authorities have reasonable grounds to suspect a crime.
- There are no legal limits on how much cash you can travel with but, if you are flying, airport security can take action on amounts up to £10,000 if they deem it suspicious.
What are the risks of travelling with cash?
Carrying a large amount of cash leaves you vulnerable to theft and, if your money is stolen, it is more challenging to trace. If you want to send a large sum of money overseas, using a foreign exchange specialist is usually a much more secure and cost-effective option.
Can I withdraw cash abroad?
You can withdraw cash abroad, but your bank or credit card provider and the bank or the ATM network you withdraw cash from could all charge you additional fees, which means this may not be the most cost-effective option.
Additional Costs
Another hidden cost to look out for overseas is Dynamic Currency Conversion (DCC), which is also known as Cardholder Preferred Currency (CPC). This is provided by a merchant at the point of sale and lets you see the price you are paying in your own currency.
Although this makes it easier to understand how much you are paying, what you don’t see are the fees for this kind of conversion that can be as much as 10 per cent higher than the actual exchange rate. It’s always better to withdraw money and pay in the local currency.
Bear in mind too the exchange rate margin your card issuer is likely to impose. Some newer digital banks may offer transactions close to the actual or interbank* rate, but traditional banks typically add a relatively high fixed percentage to the prevailing exchange rate.
*The interbank rate is the exchange rate used by banks and large financial institutions when trading large volumes with each other. It is not usually passed on to consumers, with most foreign exchange providers adding a margin on top of that.
What are the alternatives to carrying cash?
The right alternative depends on what you need the money for. The demands of paying for a holiday abroad will differ from those for planning to relocate or buy a property overseas.
Debit or credit card
Although using your credit or debit card when travelling abroad is one of the most convenient ways to pay, particularly for short trips, always make sure you’ve looked at the associated fees.
Some banks and credit-card providers offer competitive fees and rates, but others charge foreign transaction and cash withdrawal fees of up to 2.99 per cent. This means that for every £100 or equivalent you spend on your card, you will pay nearly £3 in fees and, if you want to withdraw cash, you could end up paying almost £6.
International money transfer
If you need to send money to an overseas account, either your own or someone else’s, using an international money transfer service can be the most cost-effective way of moving money overseas. Services such as the one provided by Telegraph Media Group’s International Money Transfer partner, Moneycorp, can offer you the most competitive exchange rates from its 16 liquidity providers and guidance regarding the available foreign exchange tools to help you make the most of your money.
International money transfer services are particularly beneficial for transferring large amounts of money as small fluctuations in exchange rates can make a much bigger real-term difference. The experienced currency specialists at Moneycorp can help you protect yourself against risk of market volatility and potentially take advantage of favourable movements in the market.
Prepaid travelcards
Prepaid currency cards are like debit cards that you can load with money before you travel. You can top them up with the currency of your destination before you go – thereby locking in the exchange rate – or keep your funds in pounds, which will be exchanged at the current exchange rate when you spend. These cards can be useful for holidays or travelling but are not as suitable for regular or large transactions.
Traveller’s cheques
While not nearly as popular as they once were, traveller’s cheques still represent a choice option among holidaymakers because of the security they offer. Provided you have noted the serial number of each cheque, you can easily get replacements if they are lost or stolen.
They can be issued in pounds or foreign currencies and exchanged for cash or used in some hotels, restaurants and shops. Some countries offer more convenience than others when using travellers’ cheques – for example, in the United States, you’ll find it relatively easy to spend them. However, in other countries, you might need to use a bank or a bureau de change to exchange them, which could incur charges.
How to send cash abroad
If you need to send cash abroad – to pay for a property or a bill, for example, rather than just going on holiday – you might be tempted to simply use your bank. However, much like when spending on your debit or credit card abroad, your bank’s fees and exchange rate margins can often make them less competitive than other options.
It’s always worth exploring your options. As discussed previously, a specialist international money transfer service such as the one Moneycorp offers can represent a cost-effective and seamless alternative, especially for large sums of money.
Send money abroad today
You can skip the airport queues and transfer money abroad today, hassle-free and with no transfer fees, with the Telegraph Media Group International Money Transfer service provided by Moneycorp. You will also be able to enjoy competitive exchange rates in up to 120 different currencies, as well as expert guidance from their team.
- Open an account today to find competitive exchange rates, plus no transfer fees via Telegraph Media Group International Money Transfers
Read more:
Be aware of currency risk.
None of the information contained in this article constitutes, nor should be construed as financial advice. TTT Moneycorp Limited (company number 738837) is registered in England. Its registered office is at Floor 5, Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ. Moneycorp is a trading name of TTT Moneycorp Limited which is authorised and regulated by the Financial Conduct Authority for the provision of payment services (firm reference number 308919). Date of approval 19/10/2023
The above article was created for Telegraph Financial Solutions, a member of The Telegraph Media Group. For more information on Telegraph Financial Solutions click here
Information correct at date of publication.
