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Transferring funds back to the UK

Transferring funds back to the UK

Old Dec 6th 2011, 4:59 pm
  #1  
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Default Transferring funds back to the UK

Just a question which Im hoping someone can help me with.

I'm struggling at the moment to sell my property in the UK before I move over to barbados in the new year. Consequently Im going to have to leave funds behind to cover the gap between my mortgage and the rent I am looking at etc.

Are there any barriers to transfering money off the island - not talking a fortune, maybe up to £500 at a time.


regards

Andy
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Old Dec 6th 2011, 7:35 pm
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Default Re: Transferring funds back to the UK

When you say off the Island do you mean Barbados?? Do you have a bank account in Barbados if so I think your best asking your Bajan bank manager this as it will depend on how the original funds were cleared into Barbados ie through Central Bank procedures..cant remember the name of the clearance certificate.. also you will need to ask them the time scales for clearance into UK bank and of course the transfer costs.. another option might be Western Union to a family member who pays the amounts in to UK Bank
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Old Dec 6th 2011, 8:53 pm
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Default Re: Transferring funds back to the UK

Yes I mean if I was to transfer part of my salary in Barbados back to my uk bank account would this cause any issues?

Ive not moved to bb yet so haven't open a local bank account.
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Old Dec 7th 2011, 5:31 pm
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Default Re: Transferring funds back to the UK

You would need to have a Barbados bank account set up and then go to central bank requesting to send a certain amount home each month. It shouldn't be a problem as you will be an expat but you will be limited to how much you can send back so request more than you will aim to send incase one month you want to send more. There are fees involved, your Barbados bank, central bank and UK bank will all charge.
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Old Dec 7th 2011, 9:42 pm
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Default Re: Transferring funds back to the UK

Not sure how it works with an expat, but as a Bajan you can send $10,000 BDS a year direct from your bank, anything over that you need to go to Central Bank to get permission.
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