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Limit to foreign cash being brought in to UK?

Limit to foreign cash being brought in to UK?

Old Jul 1st 2016, 8:56 am
  #1  
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Default 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
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Old Jul 1st 2016, 9:26 am
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Default 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.
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Old Jul 1st 2016, 9:54 am
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Default 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.

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Old Jul 1st 2016, 9:57 am
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Default 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.
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Old Jul 1st 2016, 2:42 pm
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Default Re: Limit to foreign cash being brought in to UK?

Originally Posted by Vadio View Post
the key word (IMHO) is "between"....which I think is government-speak for in or out in this particular case.
yes I think you are correct
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Old Jul 1st 2016, 2:46 pm
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Default 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.
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Old Jul 1st 2016, 3:09 pm
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Default Re: Limit to foreign cash being brought in to UK?

Originally Posted by Pulaski View Post
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.
I plan to change it to ££ at Riyadh airport, but if this is not possible, will have to exchange it in UK at the bank.

I could exchange it in Dubai airport in transit but would have to do a double exchange SAR - AED - GBP
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Old Jul 1st 2016, 4:48 pm
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Default Re: Limit to foreign cash being brought in to UK?

Originally Posted by Victor Meldrew View Post
I plan to change it to ££ at Riyadh airport, but if this is not possible, will have to exchange it in UK at the bank.

I could exchange it in Dubai airport in transit but would have to do a double exchange SAR - AED - GBP
I would definitely wait till I got to the UK and exchange then. Airport exchange is notoriously inflated.
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Old Jul 3rd 2016, 10:40 am
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Default 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.
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