Go Back  British Expats > Living & Moving Abroad > Moving back or to the UK
Reload this Page >

Notify UK Bank of incoming 'large' deposit from US?

Notify UK Bank of incoming 'large' deposit from US?

Old Feb 18th 2015, 3:52 am
  #1  
Just Joined
Thread Starter
 
1863's Avatar
 
Joined: Feb 2006
Location: Scottsdale, AZ
Posts: 17
1863 is a name known to all1863 is a name known to all1863 is a name known to all1863 is a name known to all1863 is a name known to all1863 is a name known to all1863 is a name known to all1863 is a name known to all1863 is a name known to all1863 is a name known to all1863 is a name known to all
Question 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!
1863 is offline  
Old Feb 18th 2015, 1:44 pm
  #2  
Forum Regular
 
Joined: Jan 2015
Location: Dundee
Posts: 72
Dundee15 is a name known to allDundee15 is a name known to allDundee15 is a name known to allDundee15 is a name known to allDundee15 is a name known to allDundee15 is a name known to allDundee15 is a name known to allDundee15 is a name known to allDundee15 is a name known to allDundee15 is a name known to allDundee15 is a name known to all
Default 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.
Dundee15 is offline  
Old Feb 18th 2015, 3:18 pm
  #3  
BE Forum Addict
 
michali's Avatar
 
Joined: Jul 2012
Posts: 1,221
michali has a reputation beyond reputemichali has a reputation beyond reputemichali has a reputation beyond reputemichali has a reputation beyond reputemichali has a reputation beyond reputemichali has a reputation beyond reputemichali has a reputation beyond reputemichali has a reputation beyond reputemichali has a reputation beyond reputemichali has a reputation beyond reputemichali has a reputation beyond repute
Default 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.
michali is offline  
Old Feb 18th 2015, 7:38 pm
  #4  
 
Pulaski's Avatar
 
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,374
Pulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond repute
Default Re: Notify UK Bank of incoming 'large' deposit from US?

Originally Posted by 1863
...... 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!
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.
Pulaski is online now  
Old Feb 18th 2015, 8:04 pm
  #5  
BE Forum Addict
 
cyrian's Avatar
 
Joined: Apr 2009
Location: Scotland & Touraine [37]
Posts: 3,011
cyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond repute
Default Re: Notify UK Bank of incoming 'large' deposit from US?

Originally Posted by 1863
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!
It would do no harm to let them know stating the source of the funds as "sale of house". In the unlikely event that they require confirmation then a sales receipt for the sale would be sufficient.
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.
cyrian is offline  
Old Feb 19th 2015, 7:04 am
  #6  
BE Enthusiast
 
Joined: Oct 2013
Location: Cheshire East
Posts: 588
Vadio has a reputation beyond reputeVadio has a reputation beyond reputeVadio has a reputation beyond reputeVadio has a reputation beyond reputeVadio has a reputation beyond reputeVadio has a reputation beyond reputeVadio has a reputation beyond reputeVadio has a reputation beyond reputeVadio has a reputation beyond reputeVadio has a reputation beyond reputeVadio has a reputation beyond repute
Default 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.
Vadio is offline  
Old Feb 19th 2015, 7:15 am
  #7  
BE Forum Addict
 
Joined: Dec 2013
Location: Consolacion,Cebu
Posts: 1,927
quiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond repute
Default 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".
quiltman is offline  
Old Feb 19th 2015, 7:50 am
  #8  
BE Forum Addict
 
cyrian's Avatar
 
Joined: Apr 2009
Location: Scotland & Touraine [37]
Posts: 3,011
cyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond repute
Default Re: Notify UK Bank of incoming 'large' deposit from US?

Originally Posted by quiltman
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".
Originally Posted by Vadio
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.
Agree with both comments.
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.
cyrian is offline  
Old Feb 19th 2015, 12:10 pm
  #9  
 
Pulaski's Avatar
 
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,374
Pulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond repute
Default Re: Notify UK Bank of incoming 'large' deposit from US?

Originally Posted by Vadio
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.
......
You are partially correct - it is extremely unlikely that you would be denied access to your funds, or even that the transfer would be delayed, however YHO is wrong, banks monitor ALL account activity, not just cash, and large transactions, or unusual patterns of activity are "investigated", which really means "given a cursory review against the customer profile".

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.
Originally Posted by cyrian
...... There is normally more scrutiny for someone who is a new customer as distinct from a long established customer. ......
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.
Pulaski is online now  
Old Feb 19th 2015, 12:37 pm
  #10  
Concierge
 
spouse of scouse's Avatar
 
Joined: Jan 2013
Location: Western Australia
Posts: 21,077
spouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond repute
Default 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.
spouse of scouse is offline  
Old Sep 15th 2015, 12:48 am
  #11  
BE Forum Addict
 
Celticspirit's Avatar
 
Joined: Jun 2010
Location: Belfast, Northern Ireland UK again!
Posts: 1,085
Celticspirit has a reputation beyond reputeCelticspirit has a reputation beyond reputeCelticspirit has a reputation beyond reputeCelticspirit has a reputation beyond reputeCelticspirit has a reputation beyond reputeCelticspirit has a reputation beyond reputeCelticspirit has a reputation beyond reputeCelticspirit has a reputation beyond reputeCelticspirit has a reputation beyond reputeCelticspirit has a reputation beyond reputeCelticspirit has a reputation beyond repute
Default Re: Notify UK Bank of incoming 'large' deposit from US?

If you have HSBC here and UK, it so simplifies money transfer.
Celticspirit is offline  
Old Sep 15th 2015, 2:23 pm
  #12  
BE Forum Addict
 
Joined: May 2012
Location: South Bucks
Posts: 1,654
feelbritish has a reputation beyond reputefeelbritish has a reputation beyond reputefeelbritish has a reputation beyond reputefeelbritish has a reputation beyond reputefeelbritish has a reputation beyond reputefeelbritish has a reputation beyond reputefeelbritish has a reputation beyond reputefeelbritish has a reputation beyond reputefeelbritish has a reputation beyond reputefeelbritish has a reputation beyond reputefeelbritish has a reputation beyond repute
Default Re: Notify UK Bank of incoming 'large' deposit from US?

Originally Posted by Celticspirit
If you have HSBC here and UK, it so simplifies money transfer.
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.
feelbritish is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.