Limit to foreign cash being brought in to UK?
#1
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Limit to foreign cash being brought in to UK?
Good Morning,
I am returning to UK from for the Summer holidays after 3 months working in Saudi Arabia. This is the first part of a 2 year contract.
I still don't have a Saudi account so some of my salary has been paid cash in Saudi Riyals.
I want to bring about 10,000 Saudi Riyals cash with me (about £2,000). I am assuming that this is OK.
I have Googled, but can only see information on GOV.UK on taking cash out (10,000 Euro limit)
Can anybody confirm that this is OK (£2000 in SAR)
Thanks
I am returning to UK from for the Summer holidays after 3 months working in Saudi Arabia. This is the first part of a 2 year contract.
I still don't have a Saudi account so some of my salary has been paid cash in Saudi Riyals.
I want to bring about 10,000 Saudi Riyals cash with me (about £2,000). I am assuming that this is OK.
I have Googled, but can only see information on GOV.UK on taking cash out (10,000 Euro limit)
Can anybody confirm that this is OK (£2000 in SAR)
Thanks
#2
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Re: Limit to foreign cash being brought in to UK?
https://www.gov.uk/bringing-cash-into-uk
and read down to this:
Travelling outside the EU
You must declare cash of €10,000 or more (or the equivalent in another currency) if you take it between the UK and any non-EU country.
and read down to this:
Travelling outside the EU
You must declare cash of €10,000 or more (or the equivalent in another currency) if you take it between the UK and any non-EU country.
#3
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Re: Limit to foreign cash being brought in to UK?
Thank You. I went to this page before but saw:
'Travelling outside the EU
You must declare cash of €10,000 or more (or the equivalent in another currency) if you take it between the UK and any non-EU country.'
But felt this indicated money being taken out of UK and not in to UK.
I couldn't see anything (other than the title on the page - 'Take cash in and out of UK') which specifically mentioned money coming in.
Regardless, the amount I am taking is far less than this anyway so should be fine.
'Travelling outside the EU
You must declare cash of €10,000 or more (or the equivalent in another currency) if you take it between the UK and any non-EU country.'
But felt this indicated money being taken out of UK and not in to UK.
I couldn't see anything (other than the title on the page - 'Take cash in and out of UK') which specifically mentioned money coming in.
Regardless, the amount I am taking is far less than this anyway so should be fine.
#4
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Re: Limit to foreign cash being brought in to UK?
the key word (IMHO) is "between"....which I think is government-speak for in or out in this particular case.
#5
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#6
Re: Limit to foreign cash being brought in to UK?
What are you planning on doing with cash in Saudi riyals? It isn't a widely used currency in the UK and you will likely get a better exchange rate converting it in Saudi before you leave.
#7
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Re: Limit to foreign cash being brought in to UK?
I could exchange it in Dubai airport in transit but would have to do a double exchange SAR - AED - GBP
#8
Re: Limit to foreign cash being brought in to UK?
I would definitely wait till I got to the UK and exchange then. Airport exchange is notoriously inflated.
#9
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Re: Limit to foreign cash being brought in to UK?
Not an expert here but have you considered tax status implications?
Concern I would have is on leaving the UK as tax resident as this is more complicated than many would think. Given you need to ensure a full tax year before new tax residency kicks in.
If you were going for more than 2 years no issue but depending on time of tax year leaving and returning?
I make the point because I remember some top 4 accountants getting it wrong when they took a stint in the Hong Kong office and returned with large tax liability.
Concern I would have is on leaving the UK as tax resident as this is more complicated than many would think. Given you need to ensure a full tax year before new tax residency kicks in.
If you were going for more than 2 years no issue but depending on time of tax year leaving and returning?
I make the point because I remember some top 4 accountants getting it wrong when they took a stint in the Hong Kong office and returned with large tax liability.