Quote from: bottledwater on December 09, 2013, 07:24:53 PM

Quote from: otsaku on December 09, 2013, 07:20:51 PM

Quote from: leoirssi on December 09, 2013, 07:04:32 PM

So if I get it right there is no need to pay tax if I transfer small amounts of money from exchange to my bank account? I'm guessing if that country in EU for example, sends a report about the transfer to receiving country...TAX SUX Grin

absolutely wrong!

the amount doesn't matter - it is the amount of profit you have earned.

Best tip cash out in person if you can and not in the country you reside in, remembering to keep the amount under what you can legally carry into the country.

BUT this year I got stopped in both directions in the UK carrying £4500. Money I had already paid tax on. This happened at the bureau de change who helpfully involved customs - even though the amount was below what I can legally transfer on my person between the UK and Denmark!

I had to firstly demonstrate it was my money and secondly where the money originated from, had to declare my intention for the money. Almost missed my plane on the way out.

What a hassle, I dont know if I could cross borders with cash the thought of it makes me nervous as hell, I would spill spaghetti when asked about the who what where of it all.

I had not foreseen any problems as I was below the £10,000 declare limit - next time I'm taking the fee and exchanging the currency in my bank.