Money Matters

[Alagomeji]

Hello all,
Is there a maximum amount of cash one can hold when entering the UK? I will be moving over in early june, and I will personally prefer holding most of my savings (about 5K pounds) in cash. However, I hear that there might be some rules about the maximum currency that can be moved, to avoid money laundering

[iyanu]

Alagomeji,

u mean UK or what are u talking about?

Of course u know that from Nigeria u may not be able to take above 10KGBP with u at a time in cash.

Also cannot transfer above 2.5KGBP per transaction.

just think there is no problem as long as u can defend its ur money.

[Alagomeji]

Hello Iyanu,
I am okay with the Nigerian end I guess. What I am more worried about is the UK side of things. A friend of mine who recently visited the UK said he was searched, and told to declare how much cash he was holding.

At the same time, i really am not ready to entrust my finances to any bank to transfer for me.

[Chess]

Hello Iyanu,
I am okay with the Nigerian end I guess. What I am more worried about is the UK side of things. A friend of mine who recently visited the UK said he was searched, and told to declare how much cash he was holding.

At the same time, i really am not ready to entrust my finances to any bank to transfer for me.

You can walk in with however much cash you have got! unless it raises so many concerns!

[iyanu]

I dont think there is any problem with that.

When I travelled last year (August) to London. I got over 8K USD (4K + GBP) on me and nobody checked or asked me of anything.

I guess you may wish to get travelex cheque in pounds sterling and keep the rest in cool cash. you do that 50-50 or 40-60 which ever way pleases u.

Got it no fear man. All the best.

[Boom05]

It is better you buy travellers cheque if your concern for cash persist. Alternatively, Backlays Bank has a representative office in Ikoyi Lagos, you can get them to open an account for you. That might even solve part of the problem you might encounter opening an account in the Uk before you start working. I am not personally disposed to carrying cash especially when its not that you will spend it at once.

[Chess]

It is better you buy travellers cheque if your concern for cash persist. Alternatively, Backlays Bank has a representative office in Ikoyi Lagos, you can get them to open an account for you. That might even solve part of the problem you might encounter opening an account in the Uk before you start working. I am not personally disposed to carrying cash especially when its not that you will spend it at once.

Dont forget - you are also allowed to bring Nairas into the UK if you want

[Alagomeji]

Boom, does Barclays allow individuals to open accounts? If so, what is the minimum balance? i just can't afford to have my money trapped back here. Chess, I sincerely doubt that i will be able to convert Nairas in the UK.[/i]

[Boom05]

The initial opening balance is GBP2,000. You will be required to pay that into the account, after the account must have been opened. Of course you have 5k. They will also issue you debit cards etc, normal way bank accounts work in the UK

[lightpace]

i still favour the use of travelers cheques since they are safe, once u sign off on the cheques and keep your receipt safely! u can easily turn it into cash once u get to London and ensure u exchange at the post office or Thomas Cooke (in case of Travelex) to avoid annoying charges.
i learnt opening an account at Barclays in Lagos earns u an annoying service charge monthly whether u transact or not.
since there is a limit of travelers cheques u can get from any Nigerian bank, best keep the rest in cash (with the risk of some exchange rate loss, ie CBN/black market).

[bani]

I also suggest using travellers cheques for security reasons. But as far as getting through immigration/customs, they do not ask how much cash you are taking with you.