money from abroad

sccottam

If Isell a property abroad, what is the proceedure on getting the settlement back to my UK bank

jonesMUFCforever

How did you get the money out there in the first place to buy the place - the answer is the reverse of this.

oli_ro

sccottam wrote: »

If Isell a property abroad, what is the proceedure on getting the settlement back to my UK bank

I assume it will not in GBP. One way of transferring the money is using inter-bank transfer:
- You can transfer the money directly from the buyer into your current account, but as you will be converting the money at your bank's rate this might not be a very good idea.
- You can use a specialist FX provider(hiFX, etc) which offers better rates and depending on the sum you might be saving thousands. This requires to have the seller transfer the money into the FX providers bank account which then will convert it and send it to your account.

Do a bit of research and see what is the differential between your bank's exchange rate and a specialist FX providers. Some banks are better than other from this point of view.

bradleyt

Whatever you did to take the money form your UK account to use it to purchase overseas is the same method to get it back into your UK account. You may serve yourself better to hold onto the cash in a hose country bank until the UK exchange increases and you make all that much more.

Crystallady

If you know more or less when you intend bringing the money back to this country you can book an option contract with your bank to bring it back at a favourable exchange rate.
Basically what happens is that you have the facility to bring back the money at an agreed rate of exchange over a period of time - say 3 months, so if there are any delays you are covered. The downside is that if the sale did not go ahead you would have to take up the option at the end of the period and would be liable for any losses on the exchange rates.

sccottam

jonesMUFCforever wrote: »

How did you get the money out there in the first place to buy the place - the answer is the reverse of this.

I simply swift transfered the money from a uk account. What I'm concerned about is will I be liable for tax if deposit say 80k into my personel account?

jonesMUFCforever

It will depend on the tax laws in the country where the sale takes place.