Holidaymakers heading to the European Union have been told over the dangers of carrying too much money on their summer holidays.
UK tourists in EU told they must carry €115 in cash on them
UK tourists in Europe have been warned to carry only small amounts of Europe. British holidaymakers heading to the European Union have been told over the dangers of carrying too much money on their summer holidays.
Martin Newman, author and financial expert, warned: “Cash is far less essential for travellers today. Most destinations accept cards and digital payments”
Martin advises that you “carry a small amount of local currency – about £100 to £150 – to cover essentials like taxis, tips, or markets.” James McCaffrey, finance expert at TotallyMoney explained: “If you don’t declare the money, it could be seized, and you might have to pay £5,000 to get it back.”
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£100 would be 115 Euros. The Foreign Office says you must declare cash of £10,000 or more to UK customs if you’re carrying it between Great Britain (England, Scotland and Wales) and a country outside the UK.
If you’re travelling as a family or group with more than £10,000 in total (even if individuals are carrying less than that) you still need to make a declaration.
If you’re travelling to Northern Ireland and carrying more than €10,000 (or equivalent) you must follow the rules for taking cash into Northern Ireland.
The earliest you can make a declaration is 72 hours before you plan to travel.
James said: “Carrying large amounts also puts you at risk of theft. Instead, topping up a current account with no foreign transaction fees might be safer for holiday spending.”
On Reddit, a Redditor advised: “Just pay by card where you can, and take a few hundred Euros in cash just in case. You can always use those debit cards to take cash out – their rates are better than the exchange you’ll get in the UK.”
“This is it. If your bank doesn’t offer some form of global money account that you can link to it, or just an account that doesn’t charge for foreign currency transactions, move banks. It saves a lot of hassle in the long run,” a second said.