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

Transferring property sale proceeds to UK

Transferring property sale proceeds to UK

Old Jun 6th 2024, 11:58 am
  #1  
Just Joined
Thread Starter
 
Joined: Jun 2024
Posts: 3
MedowiePom is an unknown quantity at this point
Default Transferring property sale proceeds to UK

I'm about to move back to England after 18 years in Australia and am worried about transferring to a UK bank account what will be quite a lot of money - the proceeds of my house sale and my entire super balance (I'm retired and don't intend moving back to Aus.)

I'm using a money transfer service (Torfx ). I'll be buying a home in England and investing the super balance, but to start with, it will total about 450,000 GBP.

Has anyone experienced issues with (say) having their account frozen because the bank thinks the cash might be from money laundering? How can I prevent this?
MedowiePom is offline  
Old Jun 6th 2024, 12:32 pm
  #2  
SUPER MODERATOR
 
Jerseygirl's Avatar
 
Joined: Dec 2005
Posts: 88,136
Jerseygirl has a reputation beyond reputeJerseygirl has a reputation beyond reputeJerseygirl has a reputation beyond reputeJerseygirl has a reputation beyond reputeJerseygirl has a reputation beyond reputeJerseygirl has a reputation beyond reputeJerseygirl has a reputation beyond reputeJerseygirl has a reputation beyond reputeJerseygirl has a reputation beyond reputeJerseygirl has a reputation beyond reputeJerseygirl has a reputation beyond repute
Default Re: Transferring property sale proceeds to UK

Originally Posted by MedowiePom
I'm about to move back to England after 18 years in Australia and am worried about transferring to a UK bank account what will be quite a lot of money - the proceeds of my house sale and my entire super balance (I'm retired and don't intend moving back to Aus.)

I'm using a money transfer service (Torfx ). I'll be buying a home in England and investing the super balance, but to start with, it will total about 450,000 GBP.

Has anyone experienced issues with (say) having their account frozen because the bank thinks the cash might be from money laundering? How can I prevent this?
Welcome to BE.

The UK bank will hold onto the money until they can verify it’s all above board. I have no idea how long though. Around 12 years ago my UK bank held onto the money for a few days, but it may be different now.
Jerseygirl is offline  
Old Jun 6th 2024, 12:43 pm
  #3  
Just Joined
Thread Starter
 
Joined: Jun 2024
Posts: 3
MedowiePom is an unknown quantity at this point
Default Re: Transferring property sale proceeds to UK

Originally Posted by Jerseygirl
Welcome to BE.

The UK bank will hold onto the money until they can verify it’s all above board. I have no idea how long though. Around 12 years ago my UK bank held onto the money for a few days, but it may be different now.
Thank you! I'll be sure to keep evidence of my previous super balance and my home sale contract with me.
MedowiePom is offline  
Old Jun 7th 2024, 10:41 pm
  #4  
BE Enthusiast
 
Joined: Dec 2008
Posts: 743
tdrinker has a reputation beyond reputetdrinker has a reputation beyond reputetdrinker has a reputation beyond reputetdrinker has a reputation beyond reputetdrinker has a reputation beyond reputetdrinker has a reputation beyond reputetdrinker has a reputation beyond reputetdrinker has a reputation beyond reputetdrinker has a reputation beyond reputetdrinker has a reputation beyond reputetdrinker has a reputation beyond repute
Default Re: Transferring property sale proceeds to UK

Discussing the transfer with the bank in advance will alert them to the incoming transfer and allow you to satisfy any compliance concerns they may have.
tdrinker is offline  
Old Jun 9th 2024, 5:24 am
  #5  
 
Pulaski's Avatar
 
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,645
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: Transferring property sale proceeds to UK

Originally Posted by tdrinker
Discussing the transfer with the bank in advance will alert them to the incoming transfer and allow you to satisfy any compliance concerns they may have.
I consider this to be absolutely essential. Banks do not like large surprise credits to their customer accounts, especially wires from overseas, so MedowiePom needs to talk to his bank and explain that he will be receiving approximately £x,000, and give the expected date range, and give them information as to where it came from (country, and from the sale of home and investments) and offer to send supporting documentation (the bank may or may not be willing to accept such documents). Failure to persuade your bank to make a note of that expected credit may result in the bank deciding that that the credit is "suspicious" and filing a Suspicious Activity Report. The consequences of a SAR are almost certainly benign, but it is still best to avoid a SAR if you can, by the means I described above.

Please note you should not under any circumstances mention or attempt to disucss SARs and the risk of a SAR being filed with your bank as that is one sure way to get your account referred to the bank's investigation department and you will be at an increased risk of a SAR being filed for your account. Also note, it is illegal for a bank to disclose that a SAR has been filed, and banks/ bank employees are prohibited from disclosing the existance of a SAR even under subpoena or court order. SARs are legally "undiscoverable".

BTW Because of the size of your transfer, you might consider using a bank wire to transfer the proceeds. You would need to ask your bank for "a dealing desk rate" (use those words) to get access to the wholesale/ markets exchange rates used by businesses for making large exchanges, which should be comparable to the TorFx rates, and may even be better. One of the advantages of using a bank wire is that the money you're sending is passed from bank to bank (there is likely going to be at least one bank between your bank in Australia and your bank in the UK, and maybe two or three banks in between if your banks are small), and therefore if the money doesn't show up in the UK when you expect it, it will be easy to trace. Using an internet FX broker/ remitter can be a bit harder to trace your money as you won't know, and it may not be clear (the question might not make much sense to even ask), where "your" money actually is - for example some of the FX broker remitters take your money and place it in their account, for example in your case, in their AUD account in Australia, and then pay you GBP from their account in the UK, so "your" money isn't actually transferred, as the broker is generally able to replenish their GBP account with money from other people sending money out of the UK, and use the money in their AUD account to pay people sending money to Australia..

Last edited by Pulaski; Jun 9th 2024 at 5:36 am.
Pulaski is offline  
Old Jun 9th 2024, 8:36 pm
  #6  
BE Forum Addict
 
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,198
durham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond repute
Default Re: Transferring property sale proceeds to UK

I did a similar thing back in 2016 and as Pulaski suggested I decided to do a bank to bank wire transfer for such a large sum. I informed the banks ahead of time and was asked by our receiving bank where the money was coming from (proceeds from our house sale) and that was all.
durham_lad is offline  
Old Jun 9th 2024, 8:38 pm
  #7  
Just Joined
Thread Starter
 
Joined: Jun 2024
Posts: 3
MedowiePom is an unknown quantity at this point
Default Re: Transferring property sale proceeds to UK

Thank you all very much! That's extremely helpful.
MedowiePom is offline  
Old Jun 10th 2024, 9:42 am
  #8  
Home and Happy
 
Pollyana's Avatar
 
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,868
Pollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond repute
Default Re: Transferring property sale proceeds to UK

Originally Posted by MedowiePom
Thank you all very much! That's extremely helpful.
I moved my entire Super balance (not quite as big as the amount you mention) from Aus to the UK last year.
Rang ANZ to tell them the money was coming from QSuper, Rang OFX (who I've been using for 20 years) to arrange the transfer, and then rang Lloyds in the UK and told them it was coming.
Had no issues at all and the money was available for use straight-away
Pollyana is offline  
Old Jun 11th 2024, 3:33 am
  #9  
Oscar nominated
 
BristolUK's Avatar
 
Joined: Jan 2008
Location: Moncton, NB, CANADA
Posts: 52,199
BristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond reputeBristolUK has a reputation beyond repute
Default Re: Transferring property sale proceeds to UK

So nobody favours this method then
Spoiler:



BristolUK 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 - Manage Preferences Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Your Privacy Choices -

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