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Sending money to the UK

Sending money to the UK

Old Jul 17th 2018, 9:55 am
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Question 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
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Old Jul 17th 2018, 10:54 am
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Default Re: Sending money to the UK

Originally Posted by Sara_N View Post
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
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
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Old Jul 18th 2018, 7:20 pm
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Default 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.
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Old Jul 19th 2018, 4:06 am
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Default Re: Sending money to the UK

You guys are throwing money away if using HSBC online transfers.

The small fee isn’t where you lose the money. It’ll be the god awful rates they provide.

Go to a proper broker or uae exchange. Might be a bit slower but could be 10pct different in rates.

As for tax... sending money has no correlation to your UK tax liability. Get proper tax advice.
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Old Jul 19th 2018, 11:31 am
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Default 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.
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Old Jul 19th 2018, 12:44 pm
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Default Re: Sending money to the UK

Originally Posted by Taz786 View Post
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.
Good to see you took my advice.
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Old Jul 19th 2018, 1:38 pm
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Thumbs up Re: Sending money to the UK

Originally Posted by Millhouse View Post
As for tax... sending money has no correlation to your UK tax liability. Get proper tax advice.
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Old Aug 7th 2018, 5:31 am
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Default Re: Sending money to the UK

Originally Posted by Sara_N View Post
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
You won't have to worry about tax but you should be cafeful about poor exchange rates and transfer fees - something most banks are not very good with. Depending on the sums you might find some of the 'high street' exchanges are competative.

However I've used, and recommended an FCA regulated FX specialist for over 15 years now and they usually beat both banks and exchanges. I'd be happy to reocmmend them if you want to drop me a PM.

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Old Aug 7th 2018, 12:48 pm
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Default 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.
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Old Aug 10th 2018, 9:11 pm
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Default Re: Sending money to the UK

After much research I found UAE Exchange is best in terms of ease (now online possible) and exchange rates. They charge 45 AED per transaction plus £15 in the U.K. bank (my account is in HSBC).
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Old Aug 11th 2018, 7:02 am
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Default Re: Sending money to the UK

Originally Posted by newbieLondon View Post
After much research I found UAE Exchange is best in terms of ease (now online possible) and exchange rates. They charge 45 AED per transaction plus £15 in the U.K. bank (my account is in HSBC).
There are online exchanges that charge nothing for a transaction.

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Old Aug 11th 2018, 3:19 pm
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Default Re: Sending money to the UK

So you save 45 Dirhams.
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Old Aug 19th 2018, 6:18 pm
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Default Re: Sending money to the UK

Originally Posted by scot47 View Post
So you save 45 Dirhams.
The exchange rate itself is usually where the most savings are made rather than the transfer fee.

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Old Aug 20th 2018, 4:31 am
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Default 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.
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Old Aug 20th 2018, 4:49 am
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Default Re: Sending money to the UK

Originally Posted by Standanista View Post
Don't use the banks as their rates are rip off. I withdraw my dirhams in cash then go with UAE Exchange.
they will take a cheque and still give you the same rate.
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