how much cash can i take abroad?

[bubbles4920]

i am travelling to tenerife and want to take a deposit for a property i am buying to put in my bank account there, how much cash can i take abroad?

[STAH]

I would strongly advise you against taking substantial sums of money out of the country. I would like to advise you as a bank employee on the best ways o get around this:

i) Take a draft out with you. However, if you do not know the exact amount you need to take out then this may not be possible.

ii) Send the money out to the Canaries electronically. You will need your IBAN for your Spanish account to do this (International Bank Account Number). The UK bank will be able to exchange the money into euros this end so you do not miss out on any exchange rate differences. You may need your account number and swift code (like our sort code) and the name and address of your bank to do this.

Please do not gton a plane with hundereds and thousands of euros! Cusoms and Excise both in the UK and the Canaries would have a field day.

Pop another answer on should you need clarification on this matter - would be pleased to help in any way.

Enjoy your property!

[dzug]

A bit out of date but may help:

http://www.marbella-lawyers.com/index/articles/showArticle/export-cheques

[dzug]

Just to support STAH - electronically is the way to go. Even if you pay a fee, you'll recoup it in the better exchange rate for a bank transaction rather than a tourist, cash, one, once the transaction is large enough.

[bubbles4920]

thanks for your replies.

i am thinking of taking �5000 sterling out to change at a bureau de change, i know a good one, then pay it into my spanish bank account. i want to avoid any charges. so, can i take this amount out, and was thinking about splitting it with my husband so we had less each. surely �2,500 each isnt alot to carry???!!

[Trotbot]

Customs have the power to seize outbound cash that they believe (note, not what they can prove at that moment) may be used to finance smuggling operations. Therefore follow the advice on electronic transfers or have lots of evidence of what you are doing (or don't get stopped going out)

[dzug]

You WILL pay charges, whether they are open and up front in a bank electronic transfer or bankers draft or hidden in the exchange rate at a BdeC. There is no getting away from it. You are performing an operation that costs money and one way or another you pay.

AFAIK there are no prohibitions as such on exporting currency from the UK; importing to Spain I am less certain of. The old link I posted suggested there at least used to be regulations.

[theo_wyvern]

if you insisit that you want to take cash then at least substitute this for travellers cheques

[bubbles4920]

thanks for all your advice and concerns. i will now be taking travellers cheques. better safe than sorry as you say.