News & views

5 October 2009

First Rate advises - Don't get caught out by long haul currency restrictions

As the long haul season approaches and UK travellers seek out warmer climes, First Rate Exchange Services is advising UK travellers to check currency restrictions to avoid falling foul of foreign customs laws and regulations.

First Rate Exchange Services has issued its warning as many young people leave on gap year trips off the beaten track and holidaymakers seek out more exotic destinations.

For example Tanzania and Nepal are just two countries where it is illegal to import or export currency and in Nepal it is also illegal to exchange money with unauthorised dealers. Some more traditional winter holiday destinations also have their own stringent restrictions. Both Morocco and Tunisia prevent the import and export of their currencies by visitors. And there are even restrictions relating to the Euro.

Currencies such are Indian Rupees can be obtained from some foreign exchange providers in the UK, despite Indian customs regulations stating they should not be traded in the UK nor taken in or out of India. Even countries which allow foreign currency to be brought in may expect visitors to make a declaration at customs.

First Rate’s Travel Money Online Service, used by foreign exchange retailers such as The Post Office, Abbey, easyJet and P&O Ferries, reminds travellers of the maximum amount of local currency which can be taken into their destination country at the time of purchase to ensure travellers are aware of any currency restrictions.

Gordon Gourlay, Managing Director, First Rate explained: “Travel across the globe has become more and more accessible but it is easy to forget that many countries have their own restrictions in place regarding currency. The last thing anyone would want is for their holiday to start with a search by customs officials, their spending money confiscated, and the risk of further punishment.

 “As experts in foreign exchange services we supply over 11,500 retail outlets with a foreign currency service and offer upwards of access to more than 70 foreign currencies. We ensure that our foreign exchange retailers have the most up-to-date information on the regulations imposed by different countries, however travellers may get caught out if they obtain currency from an outlet which does not have the same expert knowledge.”

First Rate Exchange Services is the UK’s leading provider of foreign exchange services to foreign currency retailers.  It provides a wide range of white labelled foreign exchange services available to businesses large and small across the UK. 

Notes to Editors:

First Rate hints and tips on worldwide currency exchange:

• Check the rules for each country you are visiting before buying currency or leaving the UK.

• Many countries expect visitors to make a declaration of currency they are carrying when entering and leaving the country.

• When exchanging money abroad ensure you do so at a recognised outlet.

• Keep all receipts for currency exchanges – these may be necessary for changing money when leaving the country.

More details of worldwide currency restrictions:

• Bahamas: Visitors can only take 200(around £130) Bahamian Dollars into the country but US Dollars are widely accepted and best to use.
  
• Barbados: There are no restrictions on the Barbadian dollar or any other currency but it must be declared on arrival into the country.
  
• Cape Verde: Cape Verde Escudo is not available in the UK and cannot be converted back into Sterling once exchanged even in the country. Only exchange small amounts at a time as you can only export foreign currency to the value of 20,000 Escudo.
  
• Cuba: You cannot buy Cuban Pesos in the UK and cannot take them out of the country. US Dollars are no longer accepted so travellers should take Sterling and foreign currency can no longer be used as payment.
  
• Egypt: Visitors to Egypt can only import or export 5,000 Egyptian pounds - that's around £630.
  
• European Union: Under EU law if you are entering or leaving a country in the European Union with cash* of 10,000 Euros or the equivalent in another currency you must complete a cash declaration form (C9011). These are available from www.hmrc.gov.uk or by calling 0845 0109 000.
  
• Haiti: Haiti Gourdes are difficult to buy in the UK and the import of an excess of 400,000 Gourdes or its equivalent must be declared. It has been reported that persons making the declaration have been “detained” in the police station overnight, while the authorities conduct certain investigations. US Dollars are accepted everywhere and Euros are also easy to exchange.
  
• India: Rupees are not supposed to be traded in the UK but are available from some FX providers. You can exchange them back on your return, but nothing less than 100 Rupee notes.
  
• Maldives: Maldivian Rufiyaa are difficult to buy in the UK. US Dollars are best and can be exchanged at hotels and resorts.
  
• Morocco: Moroccan Dirhams cannot officially be bought or sold in the UK, but Euros are widely accepted. Any unused Dirhams should be changed back into Sterling at the airport before coming home and receipts must be shown to facilitate reconversion.
  
• Nepal: You cannot buy Nepal Rupee in the UK and it is illegal to import or export the currency. Travellers can only exchange their foreign currency with authorised dealers receipts must kept whilst in the country.  
  
• Seychelles: Currency cannot be bought or sold in the UK. Travellers should take Sterling, Euros or US Dollars. Visitors must settle their hotel and travel expenses with hard currency or rupees with proof of exchange from the bank.
  
• South Africa: There are restriction on taking in or out excess of 5,000 Rand in cash - that's about £450.
  
• Tanzania: Local currency cannot be bought or sold in the UK. Take Sterling, Euros or US Dollars.
  
• Thailand: No restrictions on the amount of money you can take into the Thailand, however you can't depart with more than 50,000 Baht (about £1000) per person without special authorisation. Banks also have restrictions on how many Thai Baht you can convert into foreign currency at once.
  
• Tunisia: Local currency cannot be bought or sold in the UK. Take Sterling, Euros or US Dollars which are widely accepted.

About First Rate Foreign Exchange Services:

First Rate is the UK’s leading provider of foreign currency services supplying over 11,500 retail outlets with a foreign currency service. It is the UK’s biggest foreign currency notes supplier and Europe’s major provider of traveller’s cheques and in the top five globally. First Rate sources currency through its associate business unit Bank of Ireland First Currency Services, one of the world’s leading wholesale currency operations.

First Rate can provide UK retailers and businesses with the following foreign currency services:

• Travel Money Online – a service enabling the ordering of foreign currency notes and traveller’s cheques securely via First Rate’s white label internet application
• Bulk provision of currency for currency retailers
• End-to-end consumer order processing – totally outsourced, white label currency solutions for phone, internet or retail outlet order placement

To find out more visit www.firstrate.co.uk.

For further information, please contact:

Four Countries Communications
Ruth Barker
Tel: 0207 749 9219
Mobile: 07814 571128
Email: ruth@fourcountries.co.uk

Bank of Ireland UK Financial Services
Sandra Grandison
Tel: 0203 201 6509
Mobile: 07912 298013
Email: sandra.grandison@boiuk.com

First Rate Exchange Services Ltd is registered in the UK and Supervised by HM Revenue & Customs for Money Service Business (MSB): License number 12133160. First Rate is a joint venture between The Governor and Company of the Bank of Ireland (Registered in Ireland and passported into the UK for regulatory purposes) and the Post Office^® Ltd. The Bank of Ireland is authorised by the Irish Financial Regulator and the Financial Services Authority for the conduct of business in the UK. Bank of Ireland First Currency Services is a division of The Governor and Company of the Bank of Ireland.