Could someone explain what this means?
Posted on Jan 29, 2010 under Foreign Currency Conversion |in 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.
Mail this post
August 13th, 2007 at 2:11 am
"Currency exchange control has been suspended."
This means no currency exchange is being traded until further notice.
"In the United Kingdom, free conversion of currencies is carried out as well as the right to transfer profits and capital."
This means you can convert your currencies to another currency/ies and transfer profits and capital for free.
References :
August 13th, 2007 at 2:12 am
It means that people can convert their currency into foreign currencies or convert foreign currencies into domestic currencies without restrictions.
the right to transfer profits and capital means that capital can be moved to and from foreign countries and profits earned abroad can be transferred into the home country.
In other words, the government no longer restricts the movement of currencies across borders.
References :
August 13th, 2007 at 2:15 am
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.
References :