Advice re sending money to UK from abroad

Uk_to_Mex

Hi,

I'm a UK citizen living in Mexico. I'd really like to send some money to the UK in case of a rainy day. I was wondering if anyone could tell me how much I can send over without causing problems, indeed I imagine that I probably need to tell an authority where the money comes from. However I have no idea who or how. I have two little girls so I was thinking about setting up an account for both of them and myself. If anyone could provide any advice I would greatly appreciate it.
Thank you in advance!

kingrulzuk

3 years back when i was moving to australia for 6 months i had to send some spending money for the start. i used this website:
http://www.hifx.co.uk/

It was free and i got a good rate. i have used it many times.
today rate i can see on the website for MXN to GBP is 0.04. i dont know if this is a good rate or no.

dryhat

The fatsest, cheapest and most secure way to do this is with Bitcoin.

Uk_to_Mex

Hi! Thank you so much for your swift replies. I will definitely look at both sites re the transfer. Do you have any suggestions about what would be the best thing to do with the money to avoid problems? For example if it would be worthwhile dividing the money I send over between bank accounts for myself and my two children? Also does anyone know about any possible tax issues or if I need to send over proof of where the money came from?

Uk_to_Mex

Or indeed if there is a threshold for the amount of money I can send over?

bryanb

I asked my bank about this when I sold a yacht outside UK. They said no problem and any money laundering checks would have been done at the sending bank.

Uk_to_Mex

Thank you, that's great. Thank you all again for the advice and swift replies.

jamesd

Are you a UK tax payer yet?

If not you'll need to consider the impact of having a bank account in the UK for yourself or your children on your domicile and potential UK tax liabilities. A bank account would be regarded as a connection to the UK and hence evidence of UK domicile. Same for things like sending children to UK schools or owning a property in the UK. Best to ask more about this in the tax section if you haven't considered it.

Jonbvn

jamesd wrote: »

Are you a UK tax payer yet?

If not you'll need to consider the impact of having a bank account in the UK for yourself or your children on your domicile and potential UK tax liabilities. A bank account would be regarded as a connection to the UK and hence evidence of UK domicile. Same for things like sending children to UK schools or owning a property in the UK. Best to ask more about this in the tax section if you haven't considered it.

OP,

You can check your tax residency via the HMRC statuatory residence test. Google HMRC rdr3 for details.