What are exchange controls? When governments limit moving money abroad
By SendPay Business · · 2 min read
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Exchange controls are rules a government sets to limit how much of its currency people can swap for foreign money, or how much money can leave the country. The UK scrapped its own controls in 1979, but many countries still use them in some form.
Why governments use them
- To stop money rushing out of the country during a crisis.
- To protect the value of the local currency.
- To hold on to scarce foreign currency for imports such as food and fuel.
Common forms
Controls can include yearly limits on how much foreign currency a person can buy, rules that exporters must convert their earnings into local currency, approval needed for large transfers abroad, or an official exchange rate that differs from the rate people actually trade at.
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What it means for sending money
If you send money to or from a country with exchange controls, transfers can take longer, need extra paperwork or be capped. Check the current rules for that country with your provider before you send, as they can change quickly.
Where SendPay fits
SendPay platforms let your customers hold GBP, EUR and USD and send transfers under your own brand, powered by licensed partners. What customers can send depends on the rules in the countries involved.
How it works
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SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.
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Spotted a mistake or something out of date? and we'll fix it. How our guides are made
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.