working abroard,need banking advice!

bengun

hi all,

im moving to cyprus next week as i have a job to go to.i asume i will be paid in cash in cypriot pounds,my question is ,how do i go about paying my wages into my uk bank account?
i want to do this to pay standing orders etc,do i have to set up a local bank account and then somehow change the currency to uk pounds and transfer it to my uk bank account or what?
im with barclays and i see they have a branch or 2 in cyprus but dont deal in cypriot pounds??
i asked their telephone banking the same question but the girl on the end of the line had no more knowledge on the subject than me,and much less interest.



any help much appreciated

micheleen

You may get better advice from the contact details on Barclays International

kenshaz

I would look further than Barclays,you need to get a competitive exchange rate,UK companies like Currencies Direct deal in all currencies ,set up an account with them,sure they will advise,I send money to Spain each month,I realise that it is in reverse,they are the experts in money transfer ,banks will give you their rate.

innovate

I would agree, looking further than Barclays appears sensible. Nationwide and Citibank would be on my list of candidates (Nationwide also because of the advantages of their debit and credit cards when abroad)

You might also find some help in the large international money transfer thread - even though most of the discussion is about transferring money from the UK to elsewhere, a lot should be pertinent the other way round, too.

bengun

changing banks isnt an option as i have a hefty overdraft with barclays at the moment,although i have no problem opening another account with a local bank to cyprus.is this the way to go? could i then transfer funds from the local bank to my barclays account in uk or is there a problem with currency?

sorry im a complete idiot when it comes to financial matters,probably why i have a huge overdraft...

kenshaz

keep your Barclays account in the uk,their are many companies that do foreign exchange they will set up a direct debit between your accounts,but you must speak to them for the logistics,keep away from high street banks and exchange rates

kenshaz

the above thread is good advice ,but it might all seem a little over-whelming,all the different currencies and procedures ,yours is a little different and you need individual advice,do a search on currency exchange companies ,sure that their a list on this site

spudulike6741

I'm currently registered as self employed back in the UK and have just come out to Dubai to work (tax free) how will this impact on my tax payments and deductions.....any advise will be greatly recieved

tishme

Get a local bank account in Cyprus to pay into, try and get one with a local debit card as I am assuming you will have local expenses, then transfer to your UK account every so often by a international bank transfer or use a broken, if smaller amounts a slightly lower exchange rate doesn't make much of a difference.

Tishme