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Poor Pound Creates Currency Conundrum
ICE highlights the dos and don'ts of buying foreign currency

Britons in search of some warmth after the harshest winter in 13 years will want to make sure they get value for their hard earned Sterling. Leading international currency expert, ICE (International Currency Exchange), is warning that travellers could find themselves out of pocket if they don't do some homework first. ICE recommends that knowing what cash you can bring back is as important is buying for the outward journey.

Popular spring destinations typically include Egypt, Turkey and Croatia as well as long haul destinations such as South Africa, Thailand, Malaysia, Kenya, Australia and New Zealand as holidaymakers seek to avoid expensive Euro destinations

"Many holidaymakers get caught out by coming home with currencies that their high street bank won't buy back, leaving them with drawers full of essentially worthless notes" confirmed Andrew Hamilton, Head of Marketing, ICE. "There are a number of currencies that could trip up travellers, so it's really worth doing some research before exchanging money."

For example, in Egypt, the importation and exportation of local currency is limited to 5000 Egyptian Pounds for non-residents - that's around £665. And in Croatia, which has recently seen restrictions lifted on foreign property investment, limits also apply on movements of foreign currency.

In Thailand, there's no limit to the amount of money you can bring in to the country, but you can't leave with more than 50,000 Baht (around £1010) per person unless you have special authorisation. There are also restrictions at banks on how many Thai Baht you can convert into foreign currency at one time.

In South Africa, you can't take in or bring out more that 5000 Rand in cash - that's about £390.

Euros are widely accepted in Morocco, but Moroccan Dirhams cannot officially be bought or sold in the UK. Visitors should exchange any unused Moroccan Dirhams back into Sterling at the Moroccan airport, before they leave.

The Bahamas is a popular holiday destination, but has currency restrictions that holidaymakers may not be aware of. Visitors are only allowed to take B$200 (Bahamian Dollars) into the country, which is around £145. The US Dollar is widely accepted across the Bahamas, so it is best to use these where possible and spend the local currency before you leave.

"Travellers need to be aware that not all currencies are readily available and the amount they can exchange may also be restricted" continued Andrew Hamilton. "We advise people to change small amounts of cash if they're not sure and spend or exchange the local currency before they come back. It's also sensible to buy foreign currency before leaving home to ensure the best rates and avoid additional charges incurred by getting money from ATMs and using credit cards abroad."

Simply log on to www.iceplc.com, select the currency and then enjoy a hassle-free home delivery which now includes Saturday mornings - no queues, no fuss. From traveller's cheques to foreign currency, ICE delivers the ultimate online exchange service at minimum cost and maximum convenience. In addition the new ICE Travellers cashcard Prepaid MasterCard allows holidaymakers to put their spending money on a pre-paid, PIN protected card, offering protection from theft and fraud.


ICE ADVICE
Currency restrictions around the world

ICE has created a hitlist of destinations that could leave travellers out of pocket:

  • Cape Verde: Cape Verde Escudo cannot be bought or sold in the UK. You can buy Escudo when you get there, but cannot convert it back into Sterling before returning to the UK so only exchange small amounts.
  • Costa Rica: Costa Rican Colon cannot be bought or sold in the UK. Take US Dollars and traveller's cheques, which can be changed once there. Sterling is difficult to change there and Colones cannot be bought back.
  • Croatia: Limits apply on movements of foreign currency
  • Cuba: You cannot buy Cuban Pesos in the UK and cannot take them out of the country. Take Sterling as US Dollars are no longer accepted.
  • Egypt: the importation and exportation of local currency is limited to 5000 Egyptian pounds for non-residents - that's around £665.
  • Gambia: Travellers can buy Gambian Dalasi in the UK, but they will probably get a better rate in the Gambia and some traveller's cheques incur a charge.
  • Haiti: There are no restrictions on taking Haiti Gourdes in and out of the country, but they are hard to buy in the UK. US Dollars are accepted everywhere - Euros and Canadian Dollars are also easily exchanged.
  • India: Rupees are not supposed to be traded in the UK but are widely available. You can exchange them back on your return, but nothing less than 100 Rupee notes.
  • Maldives: Maldivian Rufiyaa have no restrictions, but are hard to buy in the UK. There are no cash machines in the Maldives so take US Dollars, which can be exchanged at hotels and resorts.
  • Morocco: Moroccan Dirhams cannot officially be bought or sold in the UK, Euros are widely accepted. Exchange unused Dirhams back into Sterling at the airport before coming home.
  • Nepal: You cannot buy Nepal Rupee in the UK and it is illegal to import or export the currency. Visitors are required to pay bills in foreign currency (Sterling, Hong Kong Dollars, Singapore Dollars and US Dollars). Tourists can only exchange their foreign currency with authorised dealers and must keep the receipts until they leave. Visitors must exchange a minimum of US$20 a day into local currency during their stay. Up to 15% of the amount exchanged during their stay may be reconverted.
  • Poland: Euros are not officially accepted, but Polish zloty can be obtained at cash machines or before travelling. Money can be easily changed in Poland with independent cambio offices downtown usually giving good rates.
  • Romania: Money may be exchanged at banks, international airports, hotels or authorised exchange offices. ATMs are available and traveller's cheques are accepted, preferably in Euros or US Dollars. Travel with some Euros in cash in case of difficulty using credit cards.
  • Seychelles: Local currency cannot be bought or sold in the UK. Take Sterling, Euros or US Dollars
  • South Africa: In South Africa, you can't take in or bring out more that 5000 rand in cash - that's about £390.
  • Sri Lanka: Visitors can only take about £29 worth of Sri Lankan Rupee in and out of the country. Only change foreign currency at authorised exchanges, banks and hotels. They must be endorsed on the visitors Exchange Control D form. The rate of exchange is better for traveller's cheques than for cash so take travellers cheques in US Dollars or Sterling.
  • Tanzania: Local currency cannot be bought or sold in the UK. Take Sterling, Euros or US Dollars.
  • Thailand: There's no limit to the amount of money you can bring in to the country, but you can't leave with more than 50,000 Baht per person unless you have special authorisation. There are also restrictions at banks on how many Thai Baht you can convert into foreign currency at one time.
  • Tunisia: Local currency cannot be bought or sold in the UK. Take Sterling, Euros or US Dollars
  • Venezuela: The import and export of the Venezuela Bolivar is permitted in small amounts, but US Dollars and Euros are widely accepted, so take cash and traveller's cheques. Only use regulated bureau de change to buy currency.
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