Silly Question about transferring money back and forth
Sep 20th 2013, 4:46 pm
#1
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Location: Once was the Garden of England
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Silly Question about transferring money back and forth
If I was to transfer say 1K GBP from my UK bank account into my US account via FXtrade and made a few quid transferring it back to GBP (assuming the exchange rate drops) am i liable for tax on this profit. Also, If i was to do this on regular basis is there any other implications i need to be aware of ?
Thanks
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Sep 21st 2013, 1:18 pm
#2
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Joined: Aug 2004
Posts: 4,754
Re: Silly Question about transferring money back and forth
If I was to transfer say 1K GBP from my UK bank account into my US account via FXtrade and made a few quid transferring it back to GBP (assuming the exchange rate drops) am i liable for tax on this profit. Also, If i was to do this on regular basis is there any other implications i need to be aware of ?
Thanks
Thanks
Sep 21st 2013, 1:55 pm
#3
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Location: Scottsdale, AZ
Posts: 101
Re: Silly Question about transferring money back and forth
Bit of a waste of time for GBP 1,000.00. The charges for sending and receiving in the US and UK banks would eat up any profits plus you might lose on the exchange rate when transferring it back.
Sep 21st 2013, 2:16 pm
#4
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Location: Once was the Garden of England
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Re: Silly Question about transferring money back and forth
Sorry i meant XE trade. No bank charges.
thanks
thanks
