Traveling to Europe/UK w. PM's

[ikeonet1]

I'm considering a trip over to Europe/UK and thinking about currency conversion. I'm wondering if it would be beneficial to do trades or currency conversion with members or just do it at the airport or is it better to take a few coins to the LCS? 

Since you guys are mainly based across the pond. Is it more efficient to bring PM's over and convert into local currency or is it a waste of time? Is it better to just use a travelers credit card without foreign fees? Other than posting packages which won't work out and lack of convenience what do you think?

ikeo

 

[HelpingHands]

My concern would be whether dealers would want to pay you by bank transfer anyway.  I doubt theyd pay cash for anything sizeable.

Others here may have thoughts on that.

[ChrisSilver]

Be aware that any silver you would import into the EU that you declare you will have to pay import VAT. Gold is VAT free.

If I understood you question correctly, you are looking for the best currency conversion? I can't help you with the US, (but I am sure you can google to see what is the cheapest) but I know for sure the airport will probably be the worst place to exchange currency.

In the UK: This website will show you the best place in UK/London to exchange currency. http://travelmoney.moneysavingexpert.com generally this company is in the top list: https://www.bestforeignexchange.com (you need to preorder to get the best rate, and then use the code they send to your email. But you can just preorder on the day. It is better rate than just going into the branch)

You might also have some banks in the US that offer mastercard or visa cards with no foreign exchange fees, and they just charge you the master card or visa exchange rates, which are the best rates you can get. If you can find a mastercard that has no foreign transactions fees, or no fees on cash withdrawals abroad then the exchange rate will be better than exchanging in a currency exchange shop, even some cards with lower fees might work out better. You would need to work it out.

In general I think you will not get as good of a conversion if you are converting USD into gold and then selling gold for GBP or EUR an will be more hassle.

I would recommend checking on google to see the lowest exchange rate in your area and then also checking on the moneysaving expert website to compare the exchange rates in the UK, should give you a good idea of what is better. Be aware though that there is probably a limit of the amount of cash you can bring into the EU (around 10,000 USD if I am not mistaken) and you probably don't want the security risk of this, so that's why cards are generally the better option (although it is always good to have some cash, and back up cards, as I can speak from extensive travel that not all cards work everywhere sometimes)

[TheWhiteStuff]

I know some people from the UK bring back small amounts when they go on holiday and run a small risk of paying VAT when they bring it back.

It could be different for none UK/European though.

What are you planning to say to them when they ask why you've got a bag full of silver?

If they think you've come to sell it they might think that constitutes working.

Worse than having to pay VAT would be them returning you home for trying to work on a holiday visa.

Airport security is high, Pound and Euro are low. 

Not worth ruining your holiday over.

[ikeonet1]

I was just considering my options to see if it would be worth it. I could bring over some britannias, those from my understanding are not VAT taxed. 

From what it sounds like its not worth it. A good traveler card is better and easier. 

Backstory, I had an australian guy come over and bring over some nuggets. He used these to covert AUD to USD and I gave him a ride to his destination. 

[ChrisSilver]

12 hours ago, ikeonet1 said:

I could bring over some britannias, those from my understanding are not VAT

There is no capital gains tax when you sell Britannias. But there is still import VAT.

[Pete]

Anything priced in USD is going to hurt us Brits. Even Marmite and Pot-Noodle is off the shelves on our biggest supermarket's website today. Temporary, I hope, currency crisis but when you land in the UK you should be buying our stuff to take back as it is approaching 20% cheaper AND you can reclaim the 20% tax you will have paid - BARGAIN for overseas visitors - spend spend spend as we need your cash !! As for PM's wait another time.