Moving money from abroad to santander account.

Spark

My parents have opened an account at my name abroad (europe), where they live, this suppose to be part of my inheritance. I could have taken the money back here after 3 years but have left it there as I didn't want to be tempted to use the money. Now I need to move my money from there as they are looking at dormant accounts.
Someone has told me that if I go to my bank they could contact the other bank themselves and organise the transfer.
So I have been to Santander and they were adamant that they could not do it and the transfer should be done from the country where the other account is.
I gave procuration to my uncle to be able for him to go on my account and send me some money, in case I would need it. So, logically, he could do the transfer but it will be a low 5 figure sum and I doubt very much that santander would somewhat let the transfer happen without blocking the account.
How should we proceed?
What's the maximum amount at a time you could transfer without my bank account being blocked?

dzug1

There isn't one - and if there was you wouldn't be allowed to know it.


(misleading para deleted).

colsten

dzug1 wrote: »

Sums over €10000 have to be declared

To whom, by whom, how, and why?

Spark

Declared to whom?
I called Santander and they told me I can make the transfer (or my uncle more exactly), and I don't need to tell them about it before the money is in my account. However, they have a security system, they would probably call me after the transfer. But she couldn't tell me whether they would be likely to block my account, which is no good to me as I don't want to end up not being able to pay my rent or bills.
Would it be possible to open a saving account in another bank and transfer the money there instead? At least, if they block that account I would still have my santander bank account to work as usual.

maas

Of course they cant tell you if they will block your account, as that will just educate people who will then try to work around it.

They have complex algorithms which read transactions against the recipients profile. So for example out-of-character sized deposits from Bank of Yemen will almost certainly freeze the account. It may even be as little as a few grand.

Archi_Bald

I am not aware of any need to "declare" payments above €10,000, but all payments, domestic or foreign, above a certain threshold will be examined by the receiving bank.

It wouldn't occur to me that my receiving account would get blocked because of an inheritance payment I am getting from abroad. If I were asked about the origins, I would be able to provide the paperwork that proves my ownership and the origins.

Thrugelmir

Archi_Bald wrote: »

I am not aware of any need to "declare" payments above €10,000, but all payments, domestic or foreign, above a certain threshold will be examined by the receiving bank.

More than likely that the bank will declare sizable "cash" transfers from abroad to the HMRC.

Voyager2002

Transfers within the EU are not generally seen as suspicious. However, Santander do have a tendency to make life difficult for customers whenever possible, so your plan to open another UK bank account to receive the money is a good one. Perhaps you should go to First Direct to get that free 125 pounds as a bonus.

Do be aware of transfer fees and that you may not be offered the best possible exchange rate. You might care to investigate Currency Brokers, who would probably give you more pounds for a fixed sum in Euro than would a bank.

Archi_Bald

Voyager2002 wrote: »

Transfers within the EU are not generally seen as suspicious. However, Santander do have a tendency to make life difficult for customers whenever possible, so your plan to open another UK bank account to receive the money is a good one. Perhaps you should go to First Direct to get that free 125 pounds as a bonus.

You only get the £125 if you switch. A switch involves closure of the old account.

I wouldn't go anywhere near an HSBC-owned bank (such as First Direct) with large sums of money as we have seen plenty of reports that HSBC won't let their customers deposit, let alone withdraw, their own money.

Spark

HRMC knows already that I have some money on an account abroad, since 4 or 5 years ago the bank is obliged to send a report of the interests earned on the amount of money I have on my account with them, to the HMRC. This is a EU directive that they are forced to implement. Not that I have that much interests, a pittance really.

I really do not trust Santander for anything, I am staying with them at the moment because I kept my old account that I opened with Abbey National a long time ago, and I am used to their online system, furthermore I wouldn't know which bank really to go for.
Today I wanted to go to the Santander branch near where I live, which opened a little over a year ago, to find out that it had already closed down, so I have gone to town to the nearest santander branch, to find out that it looked like a war zone, some ceiling tiles were missing and the pipes were showing, there was no flooring, just concrete, and it was horrendously hot in there. Obviously refurbishing the branch?
There I met someone who knew a woman who was working in the closed branch near where I live, all the ones working there were made redundant, that woman was working for abbey/santander for 20 years and was told her job there was assured. Well, obviously not.
At the moment, I just want to open a saving account where I can transfer into it, if it's possible, then I'll see where I can move my bank account.
First direct looks good, but as I understand you are penalised if you don't bring £1000 into it every months, and/or you leave less than £1000 in your account. Very good while you have a full time job but any changes and you pay a hefty £10/month. So once again the poorest are getting screwed.
So far I had no problems with my santander bank account, but my red alarm is flashing like mad at the thought of moving my money there, telling me it would create big big problems.
.
Which bank and saving account should I consider?

Archi_Bald

Spark wrote: »

First direct looks good, but as I understand you are penalised if you don't bring £1000 into it every months, and/or you leave less than £1000 in your account. Very good while you have a full time job but any changes and you pay a hefty £10/month. So once again the poorest are getting screwed.

You are very misinformed I am afraid. It is well documented on the First Direct website, as well as on the main MSE site, and often discussed here on the MSE forum how to avoid the £10 monthly charge without paying in £1,000 a month or leaving £1,000 a month in there. So nobody is getting "screwed", as you put it.

Your misgivings about Santander seem to be equally emotional rather than factual.

Spark wrote: »

Which bank and saving account should I consider?

Have you not found anything suitable on the main MSE site? http://www.moneysavingexpert.com/banking/?_ga=1.150633012.323594110.1406235364 Which of your requirements are not covered by the accounts described there?