CAREFUL!
Submitted by Gala Placidia on Sat, 06/27/2009 - 12:19
In reply to A newbie all over again! by Annec
Careful! Apart from all the obvious risks, there are also restrictions regarding the amount of cash you can carry in and out of an EU country: ec.europa.eu/taxation_customs/customs/customs_controls/cash_controls/index_en.htm
In reply to CAREFUL! by Gala Placidia
The limit Gala mentions only applies if you carry cash into or out of the EU - not between EU countries. There is no limit on the amount of cash you can carry into or out of the UK - see;- http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageTravel_ShowContent&id=HMCE_PROD1_026096&propertyType=document However, you need to check if Italy has any 'local' restrictions
ITALY THINKS DIFFERENTLY
Submitted by Gala Placidia on Sat, 06/27/2009 - 14:21
In reply to A newbie all over again! by Annec
Sorry, but if you look at all the links, you find that there are restriction taking cash out from Italy to another EU country when this amount is higher than 12,500 euros. See:http://www.agenziadogane.it/wps/wcm/connect/resources/file/eb8c4c033e4bf1b/carta_doganale_uk.pdf?MOD=AJPERESPage 25, European Union, CurrencyYou have to complete a declaration prior to taking the money out of the country and the fines are very high.The text is in English
Obvious risks?
Submitted by tsugi on Sat, 06/27/2009 - 14:43
In reply to ITALY THINKS DIFFERENTLY by Gala Placidia
Hello and thanks to you both for the info. Gala, you mentioned "apart from the obvious risks" - I'm intrigued as to what they are. Please tell. An electronic transfer isn't subject to the same regulations - I am regularly paid in similar or larger amounts by EU clients, and it's a matter for HMRC over here, as it's bank to bank. The Italian restrictions (and you're right - they are there above €12,500) apply to carrying currency, not to transfers, which the banks declare as a matter of course. All that said - do you (does anyone) know if the Italian Post Office is capable of making an electronic transfer? Cheers,
"THE OBVIOUS RISKS"
Submitted by Gala Placidia on Sat, 06/27/2009 - 15:05
In reply to A newbie all over again! by Annec
Tsugi, I was referring to your comment about the possibility of your mother taking the cash on the plane with her. There is no problem whatsoever if you are transferring funds via a bank. I have never dealt with the Post Office, with the exception of paying bills there, but I think that, as they handle accounts in the same line as a savings bank, they should be able to organise an electronic transfer to a bank account in the UK. Also, it may be an idea to check how the notary is going to handle the operation. I do not think that cash will be an option, I would say that the money from the sale is going to be either transferred to your mother's account or she will be given a bank cheque which she will have to deposit.
Gala, Thanks. Yes - I've
Submitted by tsugi on Sat, 06/27/2009 - 16:05
In reply to "THE OBVIOUS RISKS" by Gala Placidia
Gala, Thanks. Yes - I've been talking her out of the plane journey scenario, as it is too close to a St. Trinian's plot. I had thought the Post Office might, but my mum has lived in the sticks all her life and is convinced such things are not possible. Thanks again to all. I'll let you know the outcome! t
transfers via post office
Submitted by adriatica on Sat, 06/27/2009 - 16:14
In reply to A newbie all over again! by Annec
gala is pretty well right as we have clients that have used post office bank accounts here to transfer money...they just need an iban number for the receiving bank....the other point Gala makes is also valid re the payment at the act...it is pretty well the norm to have a certified cheque made out to the seller...in this case your mother which to my mind at least and you could check with her UK bank could be deposited direct by her.... and they would then handle the exchangethis type of cheque is non negotiable ... is guaranteed as to the amount and basically unless she looses it i would suggest that it would not carry any of the risks associated with carrying large amounts of cash.... which as Gala rightly points out would be illegal in any case due to money laundering regulations here in Italy ...the post office also issues certified cheques... almost like i guess travellers cheques of old... so she could pick up a pile of them... however once again there is a risk of loosing them.... apart from the worry of carrying it all around in any casemy favoured choice in regards security of it all arriving safely in a bank would be the money transfer.... without a doubt...
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