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Tim, I am looking forward to my summer holidays around Europe and I was unsure as to whether I have to declare my cash that I am taking with me. To avoid any potential embarrassment or possible seizure, could you clarify this for me?

To find out the "Ask Tim" answer, read on for more details.

Saeed, like many holiday makers looking to travel to other parts of the world, it is important to know how much cash you can carry. It is worth being mindful of all the allowances and restrictions before travelling to any country and go online, speak to your travel agent or airline if you need further guidance. Generally, countries which have a sophisticated taxation regimes are very keen to know where/why/when and for who currency is destined even for visiting folk too. Clearly, cash as a modus of transaction has other less legal applications nowadays too so any governmental authority is keen to ensure large sums are not transgressing their border for the wrong reasons.

With regards to carrying cash, I would avoid this if possible anyway for the obvious theft threat. Criminals know that inward bound travelers are going to be carrying some form of cash so don’t take the risk. Conversely, I appreciate many like to have a buffer should the charge/credit card not function which can happen when first arriving overseas. A quick call to your card issuer with a confirmation that you are no longer at home, should resolve the problem. All said and done, be wary of over extending the limits of cash which can be brought into a country.

Before the 15th June 2007, there was no requirement to declare any monies whether entering or leaving the EU. This is has now changed and you should be aware that you have to declare any amounts over Euro 10,000 (or currency equivalent) which includes items like Travelers Cheques, Cheques and Bank Drafts. There will be a form to complete at the port of arrival and be aware that any government official can quiz you on the amounts of cash you carry irrespective of the amount. If they are not satisfied with the answers and they have reasonable doubt on the authenticity/use or how it was derived, then a Government official can confiscate the said sum. Clearly there are legal ways on how to retrieve these sums if you have been wrongly accused.

Once you are in Europe, there is no need to make this declaration every time you venture to another country within the EU. Regardless, I would challenge the need to take any sizeable sum when the number of exchange houses and facilities with your bank should be sufficient. If you are going for an extended period and you need to make a sizeable transfer, then seek the services of a wholesale currency trader to move your money for you. They do not charge fees and will beat your bank hands down on the exchange rate. It is a very swift and simple process so contact us if you need some more guidance on this matter. Bon Voyage!