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Old Dec 1st 2016, 7:11 am   #1
swinbc 
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Default Thinking of moving back to the UK transferring capital

We are considering selling up and moving back to the uk.
What is the best and least expensive way of moving a large sum of money from the sale of our house and converting it from euros to GBP?
Considering Brexit on the way and assuming that the UK will be leaving the EU are there any current restrictions on the movement of large funds from Spain to countries outside of the EU?
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Old Dec 1st 2016, 2:07 pm   #2
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Default Re: Thinking of moving back to the UK transferring capital

This is a minefield and my advice is to pay for the services of a financial specialist. Many on here will have their own opinions and experiences of transferring funds to the UK, but I would suggest this is definitely one for a professional - one mistake could cost you a considerable sum of money, so well worth any fees just to get the right information.
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Old Dec 1st 2016, 7:49 pm   #3
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Default Re: Thinking of moving back to the UK transferring capital

I wouldn't think there should be any issues in reality just use one of the reputable money transfer companies. They will guide you if you contact them. You will simply be transferring from your Spanish account to your uk account. I think any restrictions that apply are in relation to large amounts of cash not electronic transfers. What happens after Brexit? But that could be some time off the ways it's going.
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Old Dec 3rd 2016, 7:33 am   #4
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Default Re: Thinking of moving back to the UK transferring capital

Quote:
Originally Posted by bobd22 View Post
I wouldn't think there should be any issues in reality just use one of the reputable money transfer companies. They will guide you if you contact them. You will simply be transferring from your Spanish account to your uk account. I think any restrictions that apply are in relation to large amounts of cash not electronic transfers. What happens after Brexit? But that could be some time off the ways it's going.
Also, you should be ok but keep all proof of origin of funds, in your case the sale of your house.

There are a lot more checks in recent years. Yesterday my bank manager asked for a meeting to discuss my wish to move funds from the UK. The sum is nowhere near the amount from a home sale. My problem being that Ive had this for many years, well before all these regulations came into being and as a result of say international moves, I didn't keep good records.

I also had a lot of hassle when I moved money from Luxembourg. Again savings made in a time of less checks and balances. It wasn't even necessary then, so I didn't even think to keep a 'money trail'.

Too early to say post-brexit, but moving money shouldn't be a problem IMO. Again proof of origin is really important.

Hope the move back to Ol Blighty goes well

Jon
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Last edited by Jon-Bxl; Dec 3rd 2016 at 8:56 am.
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