Could someone explain what this means?
Posted on Jan 29, 2010 under Foreign Currency Conversion | 3 Commentsin laymens terms please?
and thankyou
Foreign exchange control
Currency exchange control has been suspended. In the United Kingdom, free conversion of currencies is carried out as well as the right to transfer profits and capital.
This part especially:
Free Conversions of Currency
When did the uk have these restrictions last,i never heard of it,it must of been during the 2nd world war and just after?
[The site i got the above statement from
is making it look like it was a recent change / suspension
You are able to do transactions in foreign currencies without restrictions.
Some countries limit the amount of foreign country money that you can bring in to the county, or how much of your own local currency that you can send out of the country.
Some countries also limit the ability of a company to transfer profits to or from other countries. They do this for political reasons (they don’t like the other country) or for financial control (they don’t want too much of the currency to leave the country).
The UK does not have these controls, so you can freely move money in or out of the country.
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