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Is A Private Exchange Of Foreign Money ( Euros Vs Pounds ) Legal In UK ?

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I am uneasy on doing some transaction on money in not normal conditions. That is why I want to know what is legal and what is illegal.

 

I bought 1000 Euros from my bank for my holidays but then I had to cancel them. But I do not want to sell the money back to my bank because I will lose about 11% of its value.

 

Instead, I am thinking to put a small ad in the near mall offering to sell my money to some private person.

 

I would like to know if such private money transaction is legal.

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It's legal, provided there are no laws against it (if that makes sense).

 

You might try reading the FSA website.

 

I would guess, however (and this is not advice, I should add), that the money involved is so small as to make it inconsequential.

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In addition to that, foreign exchange markets are not regulated, your actions would not be in the course of a business, and provided you are not breaking any other laws (money laundering, tax evasion etc.) then there's probably nothing wrong with what you intend to do.

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