Will bitcoins benefits me as a student to London

[Ukymos]

Hi guys
I am going to London this September for my higher education. Since the bank conversion charges are high. Will bitcoin help me to save on conversion rates and bank charges ? 
I am planning to buy btc and convert it to pounds as soon I arrive in London and deposit in my London bank account. And I have no plans of holding it in btc.

Pls provide your valuable suggestion.

[BitCoinDream]

Hi guys
I am going to London this September for my higher education. Since the bank conversion charges are high. Will bitcoin help me to save on conversion rates and bank charges ? 
I am planning to buy btc and convert it to pounds as soon I arrive in London and deposit in my London bank account. And I have no plans of holding it in btc.

Pls provide your valuable suggestion.

The idea is good. Taking coins from India and holding it there is fine. But, converting all to pound may raise concern to London authorities and u may be subjected to AML for not declaring your currency at customs.

[Ukymos]

If I am correct I can take upto 10000 £ without declaring to uk customs. And I am maintaining  30 Lakhs   in my bank account for my visa. . The only reason I am planning to chage to btc is that I want to reduce the cross currency charges and other bank charges.

[discodancer]

If I am correct I can take upto 10000 £ without declaring to uk customs. And I am maintaining  30 Lakhs   in my bank account for my visa. . The only reason I am planning to chage to btc is that I want to reduce the cross currency charges and other bank charges.

But then remember there is an exchange risk too. If you think BTC/GBP will be more valuable than GBP/INR then yeah its a good idea.

[Ukymos]

But then remember there is an exchange risk too. If you think BTC/GBP will be more valuable than GBP/INR then yeah its a good idea.

That's the reason I am planning not to hold any btc. But convert them to GDP as soon as I concert my inr to btc.
I would be nice if some one provide me some trusted websites or contacts in London to convert my btc to GDP will minimum comming.
And pls suggest if you know any other methods in which I can benifits from these bank charges.

[polynesia]

What sort of transaction charges (or bid-ask spread) will you incur when you convert INR into bitcoins. From what I have seen at exchanges, this could be pretty high. It might even be more than bank charges for converting INR into GBP.

[foobarjohndoe]

Wait isn't this illlegal?

Why would a British exchange allow this for an Indian citizen?

They would ask for some identification right?

Please enlighten me on this matter.

[Benson Samuel]

But then remember there is an exchange risk too. If you think BTC/GBP will be more valuable than GBP/INR then yeah its a good idea.

That's the reason I am planning not to hold any btc. But convert them to GDP as soon as I concert my inr to btc.
I would be nice if some one provide me some trusted websites or contacts in London to convert my btc to GDP will minimum comming.
And pls suggest if you know any other methods in which I can benifits from these bank charges.

Try a Bitcurex card. Its a VISA that you can load up with BTC and swipe all over Europe.
My cuz just left for Oxford, sent a card with him Not sure if he has got to use it as yet though.

[indiangrad]

It could save you some forex conversion charges as well if you can find the right deals. In fact, it could give you an arbitrage sometimes.