Pontius You misunderstood me. What I was advocating was maintaining a (legal) foreign currency account with one of the "Big 4" offshore branches. Then when currency exchange rates are favourable transfer a sum from your sterling account to the foreign currency account. That way one can convert sterling to your local currency at the most favourable rate and transfer to your 'in country' account at a time of your choosing when the exchange rate might not be so favourable. All legit and declarable - but advantageous.