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Bartholomew10 | 09:46 Sat 22nd Jun 2013 | Business & Finance
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hello,

I was wondering if you could help.

What is the best way to transfer money abroad. I would like to pay someone PLN100K. The banks offer a very low exchange rate that I am not willing to accept.. The Polish banks offer a much better one. Ideally, I would not like to use any banks/agencies as the exchange rates are low. I was thinking about withdrawing £20K, and then carrying it in my suitcase, and then exchanging it in a Polish bank whilst in Poland. Are there any alternatives?

Thanks!
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I have always found post office international transfers efficient, cost effective and reliable
You need to be aware that legally transporting across borders currency and/or fiduciary notes is limited by total value (I think around €10,000 per person) and if you were caught with more than what is permitted the consequences might be very severe. Even if found to be carrying an amount within the limits you might be extensively questioned as to the source, etc., etc. I have no knowledge as to how Polish banks might react if presented with large amounts of foreign cash for exchange or which rules and regulations exist there - there may be some form of currency restrictions in force. You can google a large choice of non-mainstream-retail-bank options (within UK) for exchanging and transferring which you may find offer a more attractive rate than you have been looking at. In my opinion, taking large amounts of cash with you is a poor option and I certainly would not advise contemplating putting into checked baggage. I do, however, sympathise if the (UK?) banks are giving themselves fat margins on the transaction you are looking for.
There is no law against transporting large sums of money - what the law says is that sums over 10000€ must be declared.

Still doesn't make it advisable both on safety grounds and on the grounds you might have to prove it's yours and how you came by it

You should also be aware that exchange rates for cash (banknotes) are invariably far worse than those used for bank transfers - don't rely on that Polish bank giving a good rate.

And are you sure you haven't got buying and selling rates reversed for that Polish bank? Easily done and makes a lot of difference.

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