Algeria: Travelers must declare any amount beyond 1,000 Euros

The Bank of Algeria has capped the declaration threshold of convertible foreign currency to national customs at the entry or exit of the national territory for residents and non-residents at 1,000 Euros.

In fact, the Bank of Algeria, in its latest regulation dated April 21st 2016, fixed the declaration threshold for import and export of bank notes in convertible foreign currencies by residents and non-residents from or to abroad.

The latter are required to report to the office of the Algerian Customs at the entry and exit of the country, the bank notes in freely convertible foreign currency, imported or exported and whose amount is equal to or exceeds the equivalent of 1,000 Euros.

Non-resident travelers are allowed to export their unused banknotes thanks to the presentation to the customs office of the import declaration-form duly stamped by a bank desk.

However, resident and non-resident travelers leaving Algeria are authorized to export for each travel a maximum amount equivalent to 7,500 Euros to be deducted from their currency accounts opened in Algeria.

The move comes at a time when the Bank of Algeria is conducting stringent controls on all financial transactions and currency transfers, particularly those made in hard currency.