Can you pay a foreign credit card for someone else?

foreverindebted

Hi

Can someone else (my dad) pay money into my credit card? He is in Australia and I am in the UK. And is there a limit on how much he could pay? (Like if you bring cash into the UK you have to declare over £10K, does that apply to paying a foreign card or cards?)

Thanks!

WAYT

https://transferwise.com/

Sparx

Why does he not just send you the money, then you pay it off from your debit card?

foreverindebted

Sparx wrote: »

Why does he not just send you the money, then you pay it off from your debit card?

Because I'm concerned that that will count as a gift or be counted as income, which will affect my self employed earnings or my top up housing benefit. The money isn't a gift, I have to pay it back but without the debilitating interest rates.

Geoff1963

Make sure that all the repayments are traceable.

WAYT

foreverindebted wrote: »

Because I'm concerned that that will count as a gift or be counted as income, which will affect my self employed earnings or my top up housing benefit. The money isn't a gift, I have to pay it back but without the debilitating interest rates.

I can't see family assistance affecting your benefit. Bank of Mum and Dad.
Worst case scenario, you can draw up a simple loan agreement.

A4 sheet with Loan written atop. Amount to be repaid over.....twenty years or whatever.

Job done.

WAYT

Geoff1963 wrote: »

Make sure that all the repayments are traceable.

?

No need. A loan won't be counted as income anyway, as long as it is shown to be a loan. The repayment period can be in the distant future.

System

WAYT wrote: »

https://transferwise.com/

Does Transferwise send domestic UK payments with a reference field?
A direct FP would require this.

An international SWIFT payment would have this info but the receiving card issuer may charge.

eDicky

Heng_Leng wrote: »

Does Transferwise send domestic UK payments with a reference field?

Yes, the sender can include a reference.

As for limits, transfers are not subject to the kind of controls imposed on the carriage of physical cash.

chattychappy

WAYT wrote: »

I can't see family assistance affecting your benefit. Bank of Mum and Dad.
Worst case scenario, you can draw up a simple loan agreement.

A4 sheet with Loan written atop. Amount to be repaid over.....twenty years or whatever.

Job done.

Yep. Gifts from parents are not taxable. Of course if it's some kind of fiddle where they are pretending that the money sent is some kind of business expense they can set against their income, then that's another story.

Certainly keep documentation, copies of emails etc., so that if HMRC sees the money coming in and are concerned, you can demonstrate the nature of the transaction.

If it's a loan, then draw up an agreement as such. There is a rebuttable presumption against family members intending to set up legal relations with each other when agreeing things. So if it's what both sides want, then make it clear in writing that the agreement is intended to be legally binding.