New currency rules

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New law limits currency allowance

Travel Insurance News - 19/06/2007

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It is now an offence to move more than 10,000 euros in or out of Europe. The 10,000 euro limit applies to the equivalent in any currency and covers any kind of cheques and bankers drafts as well as cash. The law has been critised by some for its low key impact as a straw poll by The Daily Mail found that many people in the finance industry were not aware that the law existed. The law is said to pose problems for overseas home owners and pensioners who take extended trips abroad each year. The sum equals £6,760. The last attempt at controlling currency in and out of the country was said to have been a failure, during Harold Wilson's time, he bought in a rule that meant at todays prices, £700 was the most you could take out of the UK. This was said to have stifled foreign investors who saw no point in investing if they were unable to release their profits.

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