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Sending money to the UK

Sending money to the UK

Old Sep 19th 2019, 5:17 pm
  #16  
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Default Re: Sending money to the UK

Originally Posted by ariskar View Post
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)?
Ain’t no higher fee than a zero fee deal.
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Old Sep 19th 2019, 5:21 pm
  #17  
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Default Re: Sending money to the UK

Originally Posted by Millhouse View Post


Ain’t no higher fee than a zero fee deal.
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 (%)?
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Old Sep 20th 2019, 6:16 am
  #18  
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Default Re: Sending money to the UK

Originally Posted by ariskar View Post
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 (%)?
You can check their rates online surely - of course they will be worse than the market rate.
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Old Sep 24th 2019, 7:02 pm
  #19  
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Default 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.
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Old Sep 27th 2019, 2:33 pm
  #20  
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Default Re: Sending money to the UK

Originally Posted by LouisKiddy View Post
I use Revlout App but not sure if it works in UAE.
Revolut has a mail list for early access to UAE services. They haven't opened it up yet.
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Old Sep 29th 2019, 7:12 am
  #21  
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Default 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.
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Old Oct 2nd 2019, 8:13 am
  #22  
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Default Re: Sending money to the UK

Originally Posted by GolfGardener View Post
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.
HSBC yesterday were 0.0102dhs difference to the spot rate.
The panic people have over transferring money cracks me up.
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Old Oct 2nd 2019, 9:18 am
  #23  
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Default Re: Sending money to the UK

Originally Posted by Scamp View Post
HSBC yesterday were 0.0102dhs difference to the spot rate.
The panic people have over transferring money cracks me up.
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?
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Old Oct 2nd 2019, 10:41 am
  #24  
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Default Re: Sending money to the UK

Originally Posted by ariskar View Post
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?
Yep.

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Old Oct 2nd 2019, 2:47 pm
  #25  
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Default Re: Sending money to the UK

UAE Exchange offer the best rates. If you transfer large amounts, you can also ask them to give you better rates.
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Old Oct 8th 2019, 1:37 pm
  #26  
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Default 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.
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Old Nov 1st 2019, 11:00 am
  #27  
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Default 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!!
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Old Nov 1st 2019, 1:31 pm
  #28  
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Default 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.
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Old Nov 1st 2019, 2:44 pm
  #29  
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Default Re: Sending money to the UK

thank you for the reply. I am non UK residence and lives in Singapore. I did check with a tax expert and he is clearly ducking the question which made me think there is more to it...hence decided to do the reading myself...


Originally Posted by Don63 View Post
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.
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Old Nov 1st 2019, 3:30 pm
  #30  
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Default 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!

Originally Posted by Softbear View Post
thank you for the reply. I am non UK residence and lives in Singapore. I did check with a tax expert and he is clearly ducking the question which made me think there is more to it...hence decided to do the reading myself...



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