There are certain regulations to monitor the amount of money you can take to Europe. These are placed to put a stop to the menace of money laundering. In the present age, money laundering has become a prime source for the funding of various malicious activities. Hence, the main issue right now is identifying and confiscating the money. So it becomes essential for the travellers to make a declaration of the amount of money they are taking so later they do not have to face any unnecessary hassle of dealing with law enforcement officers of the country.
EU Cash Declaration is a document issued by a traveller while entering or leaving the EU territory. The idea here is to reveal the details of the money, i.e. in the cash form that you are carrying in and out of the country. Moreover, when something is being shipped to Europe, even then also, a cash declaration has to be made.
You can exchange your native currency with euros from The Currency Club without much hassle in a very short span of time. Currency Club offers easy selling of euros to travellers. You can also buy euros at a low cost. You can try buying and selling Turkish lira as well. The goal here is to reduce the overall cost of foreign exchange while offering you a one-stop solution.
Regulation (EU) No 2018/1672, which came into effect on 3rd June 2021, currently looks after the rules regarding cash entry in the union. It requires the travellers to report to the competent authorities of the member states through which they have entered or left the union. This regulation has the following salient features -
1. The term 'cash' now expands to banknotes and coins; Bearer-negotiable instruments like cheques, promissory notes or money orders; commodities of high liquidity like a gold coin (with a gold content of 90%), gold nuggets or bars (with a gold content of no 99.5%).
3. Every natural person is obliged to abide by the rule of declaration while entering or leaving the union. This rule applies to a cash value of €10,000 or above. Now, anyone entering or leaving the EU by land, air, sea or train is considered a 'natural person'.
4. The customs authority can check the cash declaration even if the cash is entering through a post, freight or courier.
5. If an employer transports money on behalf of his/her company, then the declaration should contain the name of the said company.
6. When a group of people visit Europe together, each individual is subjected to the same cap of €10,000.
If the customs authority doubts the information provided, the money can be held in custody. The subsequent investigation will proceed to check whether there is any serious chance of sponsoring acts of terrorism, or other malicious activities.
On failure to submit the declaration on time, the customs can charge high penalties. They can also conduct individual checks on the luggage. Hence, it is imperative to submit the cash declaration on time.
Making and filling out cash declarations is entirely free of cost. If a person fails to make a correct and complete disclosure of the cash accompanied, they will be charged under Section 42 of the Customs Act, 2015 and be penalised for €5,000. Hopefully, this brief yet comprehensive guide about how much one should carry while travelling to Europe in 2023 has given you some insight on the matter. So, plan and submit the declaration without fail to avoid any hassle during a customs check.
We have made every effort to ensure that the information published here is correct and accurate, however you should check and confirm the latest exchange rates with The Currency Club directly prior to making a decision. The information published is general and does not consider your personal objectives, financial situation or particular needs. Full disclaimer available
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