Sending money to the UK
Sep 20th 2019, 5:16 am
#17
Knee deep and rising
Joined: Sep 2011
Posts: 3,007
Re: Sending money to the UK
You can check their rates online surely - of course they will be worse than the market rate.
Sep 24th 2019, 6:02 pm
#18
Forum Regular
Joined: Apr 2010
Posts: 79
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.
Sep 29th 2019, 6:12 am
#20
Forum Regular
Joined: Apr 2015
Posts: 156
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.
Bank rates have generally been terrible for me and avoided it.
Oct 2nd 2019, 7:13 am
#21
Account Closed
Joined: Feb 2011
Posts: 0
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.
The panic people have over transferring money cracks me up.
Oct 2nd 2019, 8:18 am
#22
Just Joined
Joined: Sep 2019
Posts: 29
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?
Oct 2nd 2019, 1:47 pm
#24
Forum Regular
Joined: Jan 2017
Posts: 43
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.
Oct 8th 2019, 12:37 pm
#25
Forum Regular
Joined: Oct 2017
Posts: 37
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.
MoneyCorp etc are all a waste of time. Get your cheque book out and get down to UAE exchange. Done.
Nov 1st 2019, 10:00 am
#26
Just Joined
Joined: Nov 2019
Posts: 3
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!!
Nov 1st 2019, 12:31 pm
#27
Forum Regular
Joined: Jan 2010
Location: Egypt
Posts: 30
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.
Nov 1st 2019, 1:44 pm
#28
Just Joined
Joined: Nov 2019
Posts: 3
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...
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.
Nov 1st 2019, 2:30 pm
#29
Just Joined
Joined: Sep 2019
Posts: 29
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!
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!
