transfering money form abroad to a UK account

stan7632

Not sure if this is in the right place but here goes.
I have a substantial amount of money (following a house sale) in a bank in Spain. I need to get it back to my UK bank account.
Does anyone know the best and most cost effective way of doing this.
The Spanish bank has quoted my 70 Euro per 20000 which would work out to be very expensive on the amount of money I have to transfer.
Cheers
Stan

stan7632

Thanks for the replies. The Oz pay option sounds like what I am looking for. Someone from another source has mentioned Hifx. They seem to do the same. I send them a Cheque from by Euro bank account and they pay it into a Euro account they set up. Then it is up to me to wait for a favourable exchange rate to complete the transaction.
I will have a look at Oz pay to compare.
Cheers

Stan:beer:

helliecopter_2

I've posted this already in the sending money overseas thread, but was advised to create a new thread - so apologises if you've already read this.

We're moving to Germany in Jan and my hubby will be paid in Euros into an account over there. At some point we will need to send money from our German account to our UK account. The move won't be time critical, just moving money back into UK savings.

- What's the cheapest way to transfer money from Germany to UK?
- How do you do it?
- Can it be done in reverse?
- Could I use my pay-pal account and fund it from my German account?
- What are the pit-falls to look out for?

Any advice would be greatfully received. Thanks Helliecopter

helliecopter_2

bumpty, bump - can anyone help please?

BabyBoots

I'm probably not the best qualified to answer this, but when I lived in Germany seven years ago, I just used to make a regular international bank transfer - it used to cost me about DM10 on DM3500. I just walked into the bank where my a/c was and asked to make the transfer to my UK a/c.

I've not done this in reverse, but I expect it's the same. I guess you just have to try and get the best exchange rate you can. I believe you can get a better exchange rate by saying you're moving house, but I moved to Germany with pocket change and started with an empty bank a/c.

Sorry, no idea about pay pal.

kathleen_allen

Hello to all and anyone who may be able to help.

I would like to transfer a large amount of money from France to England but I am concerned that if the money is exchanged at the usual tourist rate I will lose out big time. I know that when transfering money abroad from England you can get a commercial rate if the amount being transfered is over £20,000. This is obviously better. Does anyone know If and how I can do the same bringing my money back into England.
I have tried talking to the bank here in England and in France but I have not been getting a clear response. Seems the person on the other end of the line does not know very well and tell me that I would have to use whatever rate is available on the day.
Does anyone out there know any better and can you tell me how I can go about getting the best rate of exchange for myself.
Thanks in anticipation
Kathleen

Alltheusernamesaretaken

I have $40,000 AUD aussie dollars (18.5K sterling)in a bank in OZ which I would like to bring into the UK. My girlfreind has around $24,000AUD (11K sterling). If we bring this money in is it liable for british taxation even though it was earned overseas and taxed overseas? Or can you just plonk it in a British account.

Also I was going to use xe.com for the transfer for a better exchange rate, any other suggestions for a good relaible xchange rate. Many thanks too all who reply.

digerati

Alltheusernamesaretaken wrote: »

I have $40,000 AUD aussie dollars (18.5K sterling)in a bank in OZ which I would like to bring into the UK. My girlfreind has around $24,000AUD (11K sterling). If we bring this money in is it liable for british taxation even though it was earned overseas and taxed overseas? Or can you just plonk it in a British account.

It won't be taxed in the UK if you weren't resident in the UK when it was earned. If HM Treasury poke in their snouts you can always show it was taxed in Aussie... basically you need to be out of the UK for 365 days to become "non-resident for tax purposes", but you should always check to confirm you were no longer obliged to pay UK tax. In any event, keep copies of your Aussie tax returns and plane tickets in a safe place. At the very least any Aussie tax can be offset against UK tax payable (worst case scenario).

Alltheusernamesaretaken wrote: »

Also I was going to use xe.com for the transfer for a better exchange rate, any other suggestions for a good relaible xchange rate. Many thanks too all who reply.

Check this thread on Large International Money Transfers Discussion area for details on large international transfers. Also it might be cheaper to send both sums together to lower costs. Simply have the money transfered within Aussie to the other account before sending. I'd also ask both Aussie banks about fees and choose the cheaper.

Hope this helps!

Alltheusernamesaretaken

Thanks digerati, I will check out the other link for exchanging large sums.

Appreciate your comments