Notify UK Bank of incoming 'large' deposit from US?
#1
Notify UK Bank of incoming 'large' deposit from US?
Hi All,
Although an infrequent poster, I have found this site to be an invaluable resource over the last few years, especially help in understanding the US citizenship process. As my family and I are now moving back to the UK (I have been in the US since 2002), I wanted to see what the general consensus is regarding letting my UK bank know that I will shortly be sending one or two transfers of USD to GBP into my UK bank account?
I have previously sent approx. £1-2,000 in transfers via XE but will ask them for a limit increase as we will be sending over part of the proceeds of our house sale (these were the funds we used for our spouse visa too) to the UK ASAP. I guess my question is should I call HSBC UK and let them know what will be coming into the account (I guess somewhere around £80k) or is this not an issue for them?
Any help/info you can provide to help this transfer go as smoothly as possible would be great!
Although an infrequent poster, I have found this site to be an invaluable resource over the last few years, especially help in understanding the US citizenship process. As my family and I are now moving back to the UK (I have been in the US since 2002), I wanted to see what the general consensus is regarding letting my UK bank know that I will shortly be sending one or two transfers of USD to GBP into my UK bank account?
I have previously sent approx. £1-2,000 in transfers via XE but will ask them for a limit increase as we will be sending over part of the proceeds of our house sale (these were the funds we used for our spouse visa too) to the UK ASAP. I guess my question is should I call HSBC UK and let them know what will be coming into the account (I guess somewhere around £80k) or is this not an issue for them?
Any help/info you can provide to help this transfer go as smoothly as possible would be great!
#2
Forum Regular
Joined: Jan 2015
Location: Dundee
Posts: 72
Re: Notify UK Bank of incoming 'large' deposit from US?
We have just done the same thing. We moved 120K from US to our UK savings account. We use the bank wire transfer as this worked out to be the best way to move such a large sum. We did not let the UK bank know it was coming. We got a letter yesterday in the mail confirming reciept of the funds into our UK Account. It took 2 days from when the bank here in US did the wire for the funds to arrive in the UK account.
#3
Re: Notify UK Bank of incoming 'large' deposit from US?
We transferred more last year and I called our bank here to 'forewarn' them and asked if they needed a letter from us. It was not needed and the money transferred quickly.
#4
Re: Notify UK Bank of incoming 'large' deposit from US?
I doubt your bank cares either way, ..... but it is definitely in your best interests to notify your bank. And make sure, so far as you can, that they note your explanation in your file/ records.
#5
Re: Notify UK Bank of incoming 'large' deposit from US?
Hi All,
Although an infrequent poster, I have found this site to be an invaluable resource over the last few years, especially help in understanding the US citizenship process. As my family and I are now moving back to the UK (I have been in the US since 2002), I wanted to see what the general consensus is regarding letting my UK bank know that I will shortly be sending one or two transfers of USD to GBP into my UK bank account?
I have previously sent approx. £1-2,000 in transfers via XE but will ask them for a limit increase as we will be sending over part of the proceeds of our house sale (these were the funds we used for our spouse visa too) to the UK ASAP. I guess my question is should I call HSBC UK and let them know what will be coming into the account (I guess somewhere around £80k) or is this not an issue for them?
Any help/info you can provide to help this transfer go as smoothly as possible would be great!
Although an infrequent poster, I have found this site to be an invaluable resource over the last few years, especially help in understanding the US citizenship process. As my family and I are now moving back to the UK (I have been in the US since 2002), I wanted to see what the general consensus is regarding letting my UK bank know that I will shortly be sending one or two transfers of USD to GBP into my UK bank account?
I have previously sent approx. £1-2,000 in transfers via XE but will ask them for a limit increase as we will be sending over part of the proceeds of our house sale (these were the funds we used for our spouse visa too) to the UK ASAP. I guess my question is should I call HSBC UK and let them know what will be coming into the account (I guess somewhere around £80k) or is this not an issue for them?
Any help/info you can provide to help this transfer go as smoothly as possible would be great!
They need to record larger transactions for anti-money laundering controls but the UK is usually happy to accept your word for the source of the funds.
France however wanted absolute proof of the funds when I banked about $8k in cash.
If the source of your funds is legal then you will have no problem.
#6
BE Enthusiast
Joined: Oct 2013
Location: Cheshire East
Posts: 588
Re: Notify UK Bank of incoming 'large' deposit from US?
Bank-to-bank transfers have far less scrutiny IMHO. I've never notified our UK bank, and never had any issues. Can't hurt, but not absolutely necessary.
I did a wire transfer a couple of years back, and it was in my UK account on the same day.
I did a wire transfer a couple of years back, and it was in my UK account on the same day.
#7
BE Forum Addict
Joined: Dec 2013
Location: Consolacion,Cebu
Posts: 1,927
Re: Notify UK Bank of incoming 'large' deposit from US?
Technically a UK bank can refuse a fund transfer where the source of the funds is not clear. In practice , especially if you already have a "live' account , they do not bother. However, they are required to notify HMRC of all large deposits - over £10,000 I believe - under the money laundering laws. i'd just let them know in writing so at least it's logged. you know how picky HMRC can get! Before we moved here, I transferred most of our house sale proceeds from one UK bank to another.The first Bank were OK as funds came from a solicitors account. Told the second bank and they asked for a copy of the solicitors account to show the source of the funds.It's up to each individual bank to obtain proof of origination of large deposits as they become liable if it proves to be "suspect".
#8
Re: Notify UK Bank of incoming 'large' deposit from US?
Technically a UK bank can refuse a fund transfer where the source of the funds is not clear. In practice , especially if you already have a "live' account , they do not bother. However, they are required to notify HMRC of all large deposits - over £10,000 I believe - under the money laundering laws. i'd just let them know in writing so at least it's logged. you know how picky HMRC can get! Before we moved here, I transferred most of our house sale proceeds from one UK bank to another.The first Bank were OK as funds came from a solicitors account. Told the second bank and they asked for a copy of the solicitors account to show the source of the funds.It's up to each individual bank to obtain proof of origination of large deposits as they become liable if it proves to be "suspect".
The EU issued new guidelines to all EU bank in 2014 regarding the level of scrutiny required to prevent money laundering.
Each bank has its' own internal rules which may be stricter than the guidelines.
There is normally more scrutiny for someone who is a new customer as distinct from a long established customer.
I am frequently asked for the source of funds when I move larger amounts between UK institutions - a simple answer e.g. "from savings" is all that is required.
In these cases it is simply a "box ticking" exercise for the bank.
As I said above, if the source is legit and you can prove it then you have nothing to worry about.
#9
Re: Notify UK Bank of incoming 'large' deposit from US?
If the bank doesn't "have a good feeling" (yes, it is that vague) about the transaction(s) they file a report with the national law enforcement agency. You would never know if such a report has been filed, the reports are beyond the reach of subpoenas, and you cannot force bank employees to testify about them either.
That is not really correct. All accounts are monitored through automated computer processes. When the computer reports are reviewed you might get the benefit of the doubt if you are an established customer, but you can't be sure of that.
Last edited by Pulaski; Feb 19th 2015 at 12:18 pm.
#10
Re: Notify UK Bank of incoming 'large' deposit from US?
My advice is to check the exchange rate you'll get on a bank to bank transfer. It might be different in the US/UK, but in Australia you get a far better foreign exchange rate if you go through an FX broker.
We've transferred relatively large sums to the UK - the bank rate was abysmal, so we used an FX broker (Oz Forex in our case) - no fees and a rate that was only a fraction under the official one.
We've transferred relatively large sums to the UK - the bank rate was abysmal, so we used an FX broker (Oz Forex in our case) - no fees and a rate that was only a fraction under the official one.
#11
Re: Notify UK Bank of incoming 'large' deposit from US?
If you have HSBC here and UK, it so simplifies money transfer.
#12
BE Forum Addict
Joined: May 2012
Location: South Bucks
Posts: 1,654
Re: Notify UK Bank of incoming 'large' deposit from US?
True, we simply transfer funds around the world with no questions asked. Or so it seems to us! However, we did advise our personal banker where the funds came from (house sale)and unbeknown to us we were flagged but he sorted it out for us so we did not even know this at the time.