There are new limits on cash (including Travellers Cheques) of 10,000 EUR (or equivalent) which came into effect on 15th June for ALL travellers going in or out of the EU.
This could impact on people carrying large sums for marriage, house purchase or for campanologists just a few good nights bell ringing
The EU Council of Ministers on 12 July 2005 adopted a Regulation which aims to introduce an EU-wide approach to controlling cash movements into and out of the EU. The European Parliament had approved on 8 June 2005 three amendments which had been accepted by the Commission and the Council under the co-decision procedure (see press release IP/05/702). The Regulation was signed by the European Parliament and Council on 26 October 2005 and entered into force on 15 December 2005. It will be applicable in all Member States as of 15 June 2007 (see Regulation (EC) No 1889/2005, Official Journal L 309, p. 9).
The Regulation, which is based on a Commission proposal of June 2002 (see IP/02/955) will provide for a Community-wide approach to controlling cash movements into or out of the Community.
• It will oblige travellers entering or leaving the Community and carrying any sum equal or more than €10,000 (or its equivalent in other currencies or easily convertible assets such as cheques drawn on a third party) to make a declaration to the customs authorities. The €10,000 threshold is high enough to save the majority of travellers and traders from disproportionate administrative formalities.
• Customs authorities will be empowered under the Regulation to undertake controls on natural persons, their baggage and their means of transport and detain cash that has not been declared.
• Member States will be required to initiate proceedings against persons who fail to declare cash of a value of €10,000 or more. Member States will have to ensure that the penalties resulting from such proceedings are proportionate to the offence, so as to have a deterrent effect.
• Information obtained through declaration or through control shall be recorded and shall be made available to the authorities competent for combating money laundering and terrorist financing.
• Where there is evidence that cash is being carried for the purpose of money laundering or terrorist financing, Member States may exchange information with each other. If it appears that the sum of cash involves fraud or other illegal activity affecting adversely the financial interest of the Community, they will also have to notify the Commission. Furthermore, the Regulation allows information to be supplied to the competent authorities of non-EU countries, within the framework of an existing mutual assistance agreement and subject to Member States' internal provisions concerning the transfer of personal data to non-EU countries.
• When the customs authorities are dealing with travellers carrying large amounts of cash, they must apply Community data protection measures appropriately.
• The Commission must present an evaluation report to the European Parliament and the Council four years after the entry into force of the regulation.
don’t think its that much different from what operates now really.
I’ve been building a house in Malaysia and been sending a good few large amounts from offshore bank to local bank account to pay for it on a stage build scheme and every time I’ve sent anything above 10,000 GBP its gets held up and I’ve got to go through the same process every time by getting a lawyers letter from Malaysia stating the transfers are for the build of the house here in Malaysia and also the first time it happened it had to get a letter from the bank that was loaning me the remainder of the mortgage for the house build that they were infact receiving the money from offshore for me to build a house. Not that much of hassle in fairness to them
I don’t understand why anyone would want to hand carry a heap of cash when its takes about 48 hours MAX to electronically transfer anyplace in the world unless they were infact doing something illegal.
The way I saw it reported on BBC World Service a few days ago was that it could affect migrant workers who commonly didn't have bank accounts and would send cash back to their home countries with relatives or trusted friends.
As said originally, the idea's to stop cash transfers and fight terrorism and money laundering. As usual, others get caught up in the great scheme of things as well.
Mack111 wrote:............ I don’t understand why anyone would want to hand carry a heap of cash when its takes about 48 hours MAX to electronically transfer anyplace in the world unless they were infact doing something illegal.
1. Not everyone has bank accounts in both countries to be able to make electronic transfers.
2. Not all bank transfers get through trouble free (I've had one held).
3. Some folk may not be confident that the Thai bank won't try and withhold 30%.
4. Some people actually like to carry "a heap of cash" (not me, I'd be paranoid about losing it or having it stolen).
5. "a heap of cash" is a relative term, for some folk what I regard as a heap they may regard as merely petty cash.
open an HSBC account in Thailand, its takes about 20 mins to open, if your transferring a heap of cash to buy a house, surely you would want a bank account in that country..
some people like to carry a heap of cash, why? apart from all the common sense reasons not to do it like muggings etc transferring money gives an audit trail and unless its illegal then that good and makes sense
Bank transfers get held up to stop people money laundering, that’s the why its like that, if you have nothing to hide you can clear the money with a few days
I don't see any problems with this if you are taking the money for a legitimate reason.
The legislation asks you to DECLARE it.
If you have a perfectly reasonable excuse and the paperwork to back it up, there will be no problem.
If you've got it hidden down your underpants and then get caught, no amount of explanation about getting mugged, buying a house etc will help you get it back. They will see it as dirty money and confiscate it.
If you read the OP, it is information about a NEW regulation controlling the carrying of currency (e.g. cash) or easily convertible assets (e.g. TC’s) equal to or more than 10,000 Euro - it is nothing to do with bank accounts.
The merits of bank accounts and bank transfers etc have been covered extensively in other threads.
As 2dandan says, the regulation only states that you have to make a declaration to customs if you are carrying more than 10,000 Euro, so presumably if it is legitimate there should be no problem.
The US has had this on USD 10,000 or above for decades. As mentioned, it is not illegal to carry the above or more, they just ask you to declare it. If asked, simply say "I live in the country I'm going to..." You're hardly ever asked further than that. If you are, a long term or retirement visa or a Thai drivers license will do from my experience. Pete
Same here in Aus.
As someone mentioned earlier it is to control Terrorism funds, money laundering and some naughty people who have cash businesses.
If you dont declare it and Customs find it , your gone.
Coming "full circle" again, I can remember that there were restrictions in the UK a good while ago as well. I can't remember the exact amount as I was too young, but it was in the days of supertax. All the rock stars, big time city executives and villans trying to avoid 90% odd tax in the 1970's.
It was predominantly for tax reasons then, rather than terrorism.
Does that ring a bell recently with supposed suitcases of money leaving Thailand sometime last year?
If anyone is thinking of moving large sums of cash around, be aware that some airports now have dogs trained to sniff out large quantities of paper money; apparently it has a distinctive odour that dogs can detect.
STEVE G wrote:If anyone is thinking of moving large sums of cash around, be aware that some airports now have dogs trained to sniff out large quantities of paper money; apparently it has a distinctive odour that dogs can detect.
Is that the crisp new bills Steve, or the old ones previously used as cocaine straws? Pete
Apparently they can train dogs to sniff out fresh minted banknotes; I don’t know what they smell that is different, maybe the ink. I remember reading somewhere that a very high percentage of banknotes in circulation have traces of drugs on them which is why that approach was abandoned.
I was hassled by the currency squad at Manchester last year. I was carrying a mixture of notes from various countries but which totalled not much more than £100 worth. The dog gave me a sniff, it's handler asked me if I was carrying currency, I answered honestly and on I went.
Later in the departure lounge, some suited humourless Doris sat beside me and said she wanted to ask me about the currency that I WAS carrying (obviously decided I was guilty) and would I like to go somewhere private. Told her no (as not guilty). Answered intimidating questions, offered to allow search of bag - which was declined. Boarded flight which was delayed whilst Himmler's finest found some other victims to interrogate.
So - they got it wrong, dog got it wrong, they intimidate innocent travellers and they were useless (I could have been a good liar carrying a wad although I wasn't).
Result - I ended up thinking less of Bliar's mess of a country than I did before (difficult, I know)
People are losing freedom bit by bit.
Top tip - avoid Manchester - it's miserable (crew security is also dreadful - hassling the guy who gets given control of the aircraft - clever!)
Top tip 2 - avoid irritating athlete's foot by superglueing your toes together.
Pete 
