Transfering money back to UK

[Mark Haddon]

Can anyone tell me if there is a limit as to how much money you can transfer back to the UK each month please?
Could do with knowing asap.

[Maz25]

There is no limit but I believe that over a certain amount, you will need to bring ID. Your bank can however arrange to set up a standing order for you! You also need to enquire with your bank in the UK on the charges for receiving money (I can hear the bank manager laughing and greasing his palms already!!!). Most banks will charge a flat fee regardless of the amount transferred. I know that HSBC charged £13 a few years ago - most banks will be charging something similar!

If you are transferring to an offshore account and it is a large amount, just be aware that you will need to declare where you got the money from!

[Mark Haddon]

Many thanks for that, it helps me out!!

Originally Posted by Maz25

There is no limit but I believe that over a certain amount, you will need to bring ID. Your bank can however arrange to set up a standing order for you! You also need to enquire with your bank in the UK on the charges for receiving money (I can hear the bank manager laughing and greasing his palms already!!!). Most banks will charge a flat fee regardless of the amount transferred. I know that HSBC charged £13 a few years ago - most banks will be charging something similar!

If you are transferring to an offshore account and it is a large amount, just be aware that you will need to declare where you got the money from!

[Pasanada]

Be prepared for questions from your bank if transferring large amounts!

[Elphaba]

If transferring large amounts (GBP 10K + or equivalent in other currencies) you can obtain much better exchange rates than those offered by your bank. Retail banks tend to skim up to 2% off the exchange rate for their profit as well as charging a fee.

I offer a service to my clients (I'm an IFA) where wholesale rates are available, rather than retail so better value is available. PM me if you'd like info.


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[Mark Haddon]

What are classed as large amounts please??
Can you quote any figures?

Originally Posted by Pasanada

Be prepared for questions from your bank if transferring large amounts!

[Pasanada]

Not being rich enough to send large amounts overseas, I couldn't give an exact figure, Mark. But I do recall sending GBP into my Spanish account and being asked at both ends why I was sending the money and where had it come from....and this was for 5K! However, when my salary (when I was working in Dubai) was being sent from my ex company's American account into my Spanish account, there were no questions as I'd warned off my bank manager in Spain that I'd be working in Dubai.

HTH

[JunFan]

If you bank with HSBC and have a status account you can transfer money home once a month FOC provided that you have a savings account with them and save over AED5k per month.