Sending money to the UK
 

Hi
We are moving to Abu dhabi and want to know if it is possible to send money to the UK monthly to cover some costs without taxes etc. Whats the best way of doing this, which companies etc
help would be much appreciated

Re: Sending money to the UK
 

I do mine via my bank the (HSBC) all done online for a small fee ( banks charge different amounts though) Unless you plan on going into and staying the UK for more than 90 days within a tax year then you shouldn't be taxed on this

Re: Sending money to the UK
 

As per above, HSBC are excellent with on line banking when done via International Transfers. They charge 150 AED per transaction and convert to GBP easily as an "on the spot transaction". From experience, if you get your transaction complete by 10am UAE time it hits the UK bank in GBP in the afternoon (Mon-Thurs). Only draw back is that for this to happen the receiving bank must be listed in the HSBC UAE database which you set up beforehand as the receiving bank. Failing this UAE Exchange provide a service but they are a separate entity to HSBC.

Re: Sending money to the UK
 

Re: Sending money to the UK
 

I use UAE exchange just for the fact their rate is better than banks and transfer fee is AED 50.

Depending on the amount you're willing to transfer, you can even negotiate a better rate than displayed by speaking to the branch manager.

Re: Sending money to the UK
 

Good to see you took my advice.

Re: Sending money to the UK
 

MoneyCorp (who I have used for years), MoneyMover (who I have not yet used, but recently created an account with). Both have a few set-up hurdles (identity, addresses etc) but after that are dead easy, can do from your computer, and usually comfortably beat the banks on rates.

Re: Sending money to the UK
 

Re: Sending money to the UK
 

So you save 45 Dirhams.

Re: Sending money to the UK
 

The exchange rate itself is usually where the most savings are made rather than the transfer fee.

N.

Re: Sending money to the UK
 

Don't use the banks as their rates are rip off. I withdraw my dirhams in cash then go with UAE Exchange.

Re: Sending money to the UK
 

Re: Sending money to the UK
 

Tou can be caught with a tax liability if you are only out of the Uk foir a short period. Get advice.

Re: Sending money to the UK
 

Guys, what is your experience with HSBC Global View Transfers?
(only available to Premier and Advance customers)

They advertise them as instant and with 0 fees.

How are HSBC exchange rates for Premier custormers with Global View (for transfer between their HSBC Premier accounts in two countries: UK & UAE)?

Re: Sending money to the UK
 

Re: Sending money to the UK
 

Ahoy buddy, I was mainly asking about the exchange rates of HSBC Global View compared to exchange shops.

Are the global view FX rates worse (as I expect) than the exchange shops and if so, is any difference significant (%)?

Re: Sending money to the UK
 

You can check their rates online surely - of course they will be worse than the market rate.

Re: Sending money to the UK
 

HSBC rates are terrible. I understand they are also negotiable, especially for large sums, but it's probably better to go to somebody who offers you a sensible rate in the first place rather than going through that. i.e. the exchange houses in the malls or specialist currency exchange firms.

Re: Sending money to the UK
 

Revolut has a mail list for early access to UAE services. They haven't opened it up yet.

Re: Sending money to the UK
 

I've been using UAE exchange till now but informed on Currency Fair app recently. Need to make my next transfer around 31st Oct so may move to Currency Fair.

Bank rates have generally been terrible for me and avoided it.

Re: Sending money to the UK
 

HSBC yesterday were 0.0102dhs difference to the spot rate.
The panic people have over transferring money cracks me up.

Re: Sending money to the UK
 

Thanks for sharing, that's the kind of information I was looking for. This figure would represent a 0.22% margin which is excellent in forex terms. Was that through Global View / Global Transfers?

Re: Sending money to the UK
 

Yep.

Re: Sending money to the UK
 

Re: Sending money to the UK
 

I vote UAE exchange. I have used other services, hell I even tried Revolut and the rates are similar to UAE exchange (so much for their disruptive fintech malarkey?!)

MoneyCorp etc are all a waste of time. Get your cheque book out and get down to UAE exchange. Done.

Re: Sending money to the UK
 

May I clarify, if we remit our salaries back to the uk, we wont be taxed again in the uk correct? Thank you!!

Re: Sending money to the UK
 

Always best to seek tax advice, but assuming you are treated as non-resident by HMRC and the country of your residence has a double taxation treaty with the UK, then in general you are subject to the tax laws of the country of residence. So, if in Saudi/Qatar etc it means NIL as that is their current tax law on residents. Your bank should provide you with a customer relationship officer who needs to give you a form to complete declaring you as a resident overseas and the country you reside in. You will also need to provide proof of the residence such as Employer letter, Utility Bills etc. This is safeguarding you and the bank. Quite easy really.

Re: Sending money to the UK
 

Re: Sending money to the UK
 

https://www.gov.uk/government/public...-test-srt-rdr3

Happy reading. You need to pass the SRT, mainly have3 some work or business abroad and not visit UK for more than 90 days a year. There are a myriad of complications possible beyond that, most explained in guidance notes.

You may consider filling this (non statutory required) form, which may help you tell HMRC in advance that you live abroad. A lengthy form with complex guidance, links below.

https://www.gov.uk/government/public...-tax-right-p85

https://www.gov.uk/government/public...g-in-this-form

And finally this:
https://www.gov.uk/hmrc-internal-man...asis/rdrm11100

All the best!