There's a big difference between what people do and the regulation.
There are a two basic issues:-
1. How much money am I allowed to take out of UK
2. How much money am I allowed to take into my destination country
The HMRC website states:-
You only need to declare cash if you are carrying 10,000 euros or more (or the equivalent value in other currencies) and you are:
•entering the UK from a country outside the EU
•leaving the UK to travel directly to a country outside the EU
The term 'cash' covers:
•notes and coins in any currency
•bankers' drafts
•cheques of any kind, including travellers' cheques
If you do declare the cash you need to complete a form.
There is no mention of what happens when you do declare.
Anybody know this??
When you enter the Philippines you need to observe the following :-
"It is illegal for any incoming or outgoing passenger to bring in or out Philippine Pesos
in excess of P10,000.00 without prior authority from the Bangko Sentral ng Pilipinas.
Any violation of this rule may lead to its seizure and civil penalties and / or
criminal prosecution. (BSP Circular 98-1995)
The transportation of foreign currency or monetary instruments is legal.
However, the carrying of foreign currency in excess of US$10,000.00 or its equivalent
in other foreign currencies must be declared to a Customs Officer or the Bangko Sentral ng Pilipinas.
Violation of this rule may lead to seizure and sanctions, fines and / or penalties."
So in principle P10,000
There is no mention of what happens when you declare higher amounts of cash.
Anybody know this?
Unless you know the consequences of declaration in both case, it's
better to stay within known parameters.
Would be interesting to learn though, what happens after declaration.
