CaptainDave

When I have sold my property and liqidated all my other assets into my Bank Account what is the procedure for transferring the entire amount to UK i.e. Are there any Government rules I have to observe.
I would be using TravelEX/OzForEx

Many thanks for any advice.
CaptainDave

SUPERCAD

yer its a good question. I have spoken to OzForex and they can do it and as far as i know there is no government fees from Australia but maybe somebody knows different.

Mummy in the foothills

We already had a UK bank so did the transfer directly from bank to bank. I use Xe.com for small amounts, you have to get special permission from them to arrange an amount larger than $10,000 I think it is. Forex is similar.

Bermudashorts

As per your other thread, just move the money, it is your to move.

CaptainDave

Thanks Bermudashorts and Mummy in the foothills Looks like I had better speak with OzForex to clarify regulations

BTW Mummy in North Wales, when I was working in the UK I was Commander of a Fast Patrol Boat with the Maritime Squadron of the British Army. My boat and one other was based in a tiny port called Pembroke Dock more or less opposite the big oil refinery at Milford Haven. Our job was to patrol the danger zones of the coastal gunnery range East of Milford Sound.
Thanks again

Bermudashorts

When I left Bermuda, I moved back a couple of hundred $ks and did not inform anybody or apply for special permission or anything else. There are no regulations, forex might have its own money laundering procedures, but that is not a regulation..

Pulaski

Anti-money laundering most certainly does have rigorous regulations in almost all countries now. Those regulations cover international wire transfers.

On that basis it would be wise to let the bank you are going to send the money to, know that it is coming, and send them documentation that shows it is from the sale of a house, liquidation of long term investments, etc. Otherwise you might have problems when you try to use the money for down payment on a house (I lost two sales on my house in London because the would-be buyers couldn't adequately document the source of their down payments, which were from outside the UK, and their mortgage banks wouldn't approve the mortgages), or for investing (investment managers have almost identical anti-money laundering regulations which prevent them receiving money if the source is not adequately documented.

BristolUK

My account is available for use. I won't disappear....honest.

Bermudashorts

Ok badly put, there are no regulations that OP wil have any trouble with and he probably won't even notice them. I think people are making this out to be far more difficult than it actually is. I still regularly send money back in the tens of 000s rather than hundreds now, via a broker and have never once been asked about it.

I also bought a house whilst I lived overseas, using the Bermuda transferred funds, again no bother at all. You must have had some seriously dodgy buyers lined up.

Pulaski

Obviously that was the case, but both stumbled on the same issue of demonstrating where/how funds from outside the UK were obtained.

While the risk might (or might not) be small, sending to your bank in the UK a copy of the sale documentation of your house, copies of bank/broker statements showing accumulation of value, etc, is easy, quick, and cheap, and will see off any potential problems. In other words, I see no downside to sending that information.

michali

We had had our bank account in the UK for several years before we moved back but I called to make sure the amount we were transferring (several thousands of dollars) would not cause a problem. I was assured it would not and indeed the money was transferred easily from our bank abroad to our bank here.

moggi1964

I have maintained a bank account in the UK since we moved 11 years ago. When we move back would I likely get a better rate for the funds from the sale of the house through XE (who I just registered with) or a bank like Chase. My UK account is Barclays.

Estimating under 100k USD being moved.

Uncertainty is an acceptable response

bigglesworth

Moggi, all you can really do is ask each of them for a rate.
But as a rule of thumb, the bigger the bank the worse the rate. Transferring money overseas isnt mainstream business for the big guys. Although they may do billions in the Forex markets that is not the same thing at all.
Even the security people believe they provide is not be real, as the Government guarantees apply to specific businesses in the group - those that hold the majority of customer deposits.
The specialist foreign exchange brokers will always provide a better rate. Where they suffer slightly, is that if there should be a problem you do not have the reassurance (if that is the word) of dealing with a High Street name.
When I had to do a few hundred thousand a few years ago I simply did it 5, 10 and 20K at a time. It took a few weeks, but so what? When I worked out the amount I saved on the High Street rates I was on one heck of an hourly rate!

Pulaski

Exactly! There's an important and highly significant distinction to be made - the bank deposit insurance (US and UK) is exactly that, it covers "deposits" i.e. money in an account, and money in transit is not a "deposit".

moggi1964

Thanks guys! Hoping the pound plummets and the local real estate market soars next Spring

Is that too much to ask? lol