Bringing money from abroad

croto

Hi all,

I have about R$180K in a bank account in Brazil and the exchange rates are going CRAZY this last days. Lost about £3000 in less than a month...
I would like to bring this money to the UK and currently I have a bank account in HSBC here in the UK. My idea is to bring this money here and invest it as a deposit in a property and stop paying rent.
Do you guys know which is the best way to bring this amount of money?
Did anybody has done a transfer like that before?
Do you guys know if I will have to pay any tax once the money hits my bank account?

Thank you!

worried_jim

Some good tips here-

http://www.telegraph.co.uk/financialservices/money-transfer-and-expat/foreign-ex-and-money-transfer/

croto

Thank you, I had a look but all those links lead to only one option, which is the Moneycorp.

colsten

croto wrote: »

Thank you, I had a look but all those links lead to only one option, which is the Moneycorp.

That might be because they offer the best value for money? Have you tried googling for currency transfer services?

croto

Yes, I did but it is hard to find one that transfers from BRL to GBP

grumbler

croto wrote: »

Yes, I did but it is hard to find one that transfers from BRL to GBP

What do you mean? I am pretty sure Moneycorp do transfer from Brazil (BRL) to UK (£). In the worst case you make the transfer to their BRL account in UK.

There seem to be just 1-2 currency brokers working wiht BRL:
https://www.fxcompared.com/money-transfer/Brazil-UK?amount=180000&bType=1&aDir=0&ref=filter

croto

When I said that it is hard to find companies that do BRL to GBP transfers I was referring to @colsten's suggestion to Google about it. I thought might be more options than Moneycorp, but apparently there are not many options and Moneycorp truly seems to be the best one to go.

eDicky

Have you checked XE.com?

Archi_Bald

eDicky wrote: »

Have you checked XE.com?

Have you? xe.com seem to be one of those horrible sites that won't even give you a quote before you have opened an account with them.

croto

XE has a little bit better rates, but the reviews online are much worst... Would not risk that amount money in the wrong hands.

Does anyone knows if taxes incur on money from abroad? I am currently a Tier 2 Visa holder and as far as I know taxes won't incur if you are "domiciled", but I am not sure what domiciled means...

colsten

https://www.gov.uk/bringing-cash-into-uk