It’s quite common for bullion investors to live international lifestyles, constantly travelling for both work and leisure. Therefore, you may find a time when you’re wondering “can I travel with gold coins?”. Here, we’re going to take a look at travelling with gold bullion, where you take gold coins, and how you can do so safely.
Can I Travel with Gold Coins?
The short answer is yes, generally speaking, you can take your gold coins with you when you travel internationally. However, how you do so may differ depending on your destination and their current regulations and laws. For instance, some countries may require you to fill out declaration forms before travelling. Similarly, you may need to pay customs or import fees to bring your gold bullion to other countries.
To make sure you’re up-to-date with current requirements, we suggest doing some research specific to your destination country. This will help you avoid unnecessary delays in security or potentially having your coins confiscated.
Travelling to the UK
Can I travel into the UK with gold? Absolutely! According to current regulations, you will need to declare items that fit into the following categories:
Restricted or banned items
Items in excess of duty-free allowance
Items destined for resale
So, if your gold coins are your personal belongings or you intend on gifting them to a loved one, you do not necessarily need to declare them. However, if you are planning on selling your gold coins in the UK, you will need to declare them. In this case, customs agents will determine whether or not you’re obliged to pay duties charges. You can find out more information about declaring items when travelling to the UK here.
Travelling to the US
According to official US customs, you do not need to pay duty on gold bullion when travelling into the country. This applies to both bars and coins. However, it is important to note that you must still declare the items to Customs and Border Protection (CBP) Officers. If you are travelling with more than $10,000 worth of gold coins (or silver coins), you will need to fill in a FinCEN 105 declaration form.
Transparency is of the utmost importance here. We suggest being as forthcoming with information as possible to avoid unnecessary delays. For instance, if you fail to declare your gold coins, customs officers may get the impression that you are attempting to conceal the coins. They may think you are attempting to avoid paying customs fees, or you are not the legal owner of the coins. For this reason, in particular, we always recommend taking proof of purchase (invoice or receipt of payment) with you when you travel with gold coins.
In addition, it is worth noting that you are prohibited from importing certain coins into the United States. According to current legislation, you cannot import any gold that has been produced in Iran, Sudan, or Cuba. You can only bring LBMA-approved gold into the US.
So, can I travel with gold coins to the US? Of course you can. However, we suggest getting in touch with the customs department at least 24 hours before you intend to travel. This way, you have the opportunity to let them know that you will be travelling with gold coins. Then, they can let you know if there is a particular procedure for transporting bullion. Letting customs officers know in advance could potentially save you a lot of time when going through security checkpoints.
Travelling to India with Gold Bullion
Although many countries, like the US, do not impose customs fees or duties on gold bullion, many countries do. For instance, India currently holds a 12.5% import tax on gold coins and bars. Therefore, we recommend doing more in-depth research before you travel to make sure you’re up-to-date with current regulations.
When travelling to India, there are also some restrictions when it comes to the amount of gold that you can bring into the country. How much gold can you travel with? At the moment, there is a 1kg weight limit for gold. If you choose to carry more than 1kg of gold bullion, you will have to pay additional duty charges on the amount of gold in excess of the 1kg limit. In this instance, you will also have to pay the 12.5% import tax.
Of course, India is a very large country. Therefore, while there are federal rules for imports, state laws and regulations may differ depending on the region. We recommend consulting regional authorities or the foreign office for more detailed information before you travel with gold coins.
GoldCore Tips for Travelling with Gold
With so many regulations and requirements, you may be wondering, “can I travel with gold coins with ease?” Yes, travelling with gold bullion can be easy if you’re well-prepared. Here are some of our top tips to make your journey as comfortable as possible.
Do Your Research
As mentioned above, each region and country will have different rules and expectations when it comes to importing bullion. We recommend getting in touch with foreign offices and customs departments to make sure that you’re up-to-date with regulations. This way, you can ensure you have the correct documents, and you are aware of any customs fees that may apply.
This will help you avoid unnecessary delays at security checkpoints. However, don’t be surprised if a security agent decides to inspect your bag when they see the coins on the x-ray monitor. They may need to take a closer look to make sure the coins are as you have specified. In this instance, we recommend requesting a private room for this process. This way, agents can inspect your gold coins in privacy, and other passengers won’t be made aware of your precious cargo.
Know the Worth of Your Coins
As we know, the value of gold bullion is based on its gold content. For instance, 10 gold Britannia coins are worth approximately £1,400 per coin (or £14,000 in total) due to their gold content. However, the face value that the Royal Mint places on each coin is approximately £100 per coin. When it comes to calculating the custom’s fees, you may be tempted to use this legal tender face value to calculate import fees, as this is a much more affordable amount. However, this is not how customs officers calculate fees.
When you are travelling with gold coins, you should note that the customs charges are calculated based on the true value of the coin, not the legal tender face value. This is because these coins are not circulated currency, they are gold bullion. Customs will dismiss the smaller valuation immediately, and your customs charges will be based on the bullion value of the coins.
Always Keep Your Bag In Sight
Although other passengers are unaware of your precious cargo, you can never be too careful when transporting gold bullion. Other travellers may be distracted or in a hurry to catch a flight. It isn’t unusual for someone to pick up the wrong bag from the luggage carousel. Therefore, we recommend keeping your luggage in sight at all times.
We suggest you travel with gold coins in your hand luggage. Leaving your bag to be processed by airport staff and stored in the cargo hold of the plane offers ample opportunity for someone to take the gold from your luggage. In addition, there is also a (small) risk that you may be separated from your luggage. Whilst this is rare, sometimes bags are transported on separate flights, and you may need to wait to be reunited with your bag. Again, this provides ample opportunity for your gold to be stolen.
When taking your gold bullion in your hand luggage, you can make sure that it is safely stored in the overhead locker, or under your seat. You can ensure that your gold is safe at all times. However, you should note that most airlines have weight restrictions in place for hand luggage. Therefore, we suggest getting in touch with your airline before you travel. They can advise you on weight restrictions and the appropriate procedure for carrying gold bullion onboard.
Can I Travel with Gold Coins: Summing Things Up
Generally speaking, you are free to travel internationally with your gold coins. However, we recommend conducting in-depth research before doing so. Each region and country will have different regulations and requirements when it comes to declaration documents and import taxes. You should get in touch with foreign offices or local customs authorities to make sure that you’re up to date with current requirements and procedures. This will make travelling with your gold bullion much easier and worry-free.
In addition, we recommend contacting the airline that you’re flying with before you travel. This way, they can advise you on the weight restrictions for hand luggage. Being prepared not only makes travelling easier, but it can help you avoid unnecessary questioning and delays at security checkpoints. In addition, it will help you avoid unnecessary customs fees and potentially having your bullion confiscated.
Want to know more about investing in gold bullion coins? Here at GoldCore, we stock an extensive range of world-renowned coins at competitive prices. To get started, you can set up your personal trading account entirely from your own home. Need some assistance? Our friendly, experienced team are always on hand to help. Simply schedule a free strategy consultation, call here or call our office on Ireland +(01) 653 3426, UK +44203 0869200, US +1 888 381 8130.