Richb2004v2 Posted April 25, 2011 Share Posted April 25, 2011 We have just sold our house here in Thailand and will be hopefully sending the money to my Uk account. Apart from the issue of actually sending it I am also concerned about significant sums of money landing in my account raising alarms at the bank itself. Although I have nothing to hide really I don't want checks on my finances, so would rather avoid this. Will sending 10k GBP deposits over a series of months be a problem, and am I liable for any kind of penalty? If so are there ways around it. I realise I may be worrying over nothing but I figure it's better to check first. Thanks. Feel free to move this to relevant forum. Link to comment Share on other sites More sharing options...
StreetCowboy Posted April 25, 2011 Share Posted April 25, 2011 How much are you willing to pay to avoid scrutiny? If it was me - more money than sense, and prefer to avoid the difficulty of questions through laziness, rather than villianry, I would put the money in a Thai bank account and use the ATM card to drain that. TT money into mutual funds of one sort or another in Dubai or Hong Kong or Singapore if you want to enjoy a bit of paranoia; use Western Union to pass money to friends and relatives. I like to think of myself as the Laurel and Hardy of money-laundering.... SC Link to comment Share on other sites More sharing options...
MrsMills Posted April 25, 2011 Share Posted April 25, 2011 I like to think of myself as the Laurel and Hardy of money-laundering.... SC LOL . Nice one. Link to comment Share on other sites More sharing options...
StreetCowboy Posted April 25, 2011 Share Posted April 25, 2011 I like to think of myself as the Laurel and Hardy of money-laundering.... SC LOL . Nice one. Its not easy doing the work of two men... Link to comment Share on other sites More sharing options...
craigt3365 Posted April 26, 2011 Share Posted April 26, 2011 How about we move this to the banking forum? Link to comment Share on other sites More sharing options...
aurelius Posted April 26, 2011 Share Posted April 26, 2011 Totally would not recommend the ATM card and western union route which is convenient but hugely expensive over time. Make a SWIFT transfer, or series of them. Money laundering reporting is getting tougher each day but there are a variety of screening criteria, - like if you use a channel where identity is properly checked, then the limits may be higher for example, than if you use a channel which is less thorough, or bank acct to bank acct rather than cash to cash. The transaction itself being reported doesn't mean it will be investigated unless there are other factors - e.g. declared political associations, employment in arms industry etc which give them something to be concerned about. Link to comment Share on other sites More sharing options...
StreetCowboy Posted April 26, 2011 Share Posted April 26, 2011 Totally would not recommend the ATM card and western union route which is convenient but hugely expensive over time. Make a SWIFT transfer, or series of them. Money laundering reporting is getting tougher each day but there are a variety of screening criteria, - like if you use a channel where identity is properly checked, then the limits may be higher for example, than if you use a channel which is less thorough, or bank acct to bank acct rather than cash to cash. The transaction itself being reported doesn't mean it will be investigated unless there are other factors - e.g. declared political associations, employment in arms industry etc which give them something to be concerned about. In my previous escapade, I found Western Union substantially cheaper than my high street bank, and open till ten in the evening as well; the only difficulty was that I could not take out sufficient from the ATM in one night, and walking past the pub with so much money in my pocket was challenging... SC Link to comment Share on other sites More sharing options...
PattayaParent Posted April 26, 2011 Share Posted April 26, 2011 I've transferred £60,000 in one go to UK from the sale of a condo a few years ago and no questions asked, either by the bank or UK government. It was an offshore account though, which I'd assume you have also? Maybe on the transfer instruction state 'proceeds from house sale' so your UK bank won't need to ask. Link to comment Share on other sites More sharing options...
ESB7 Posted April 26, 2011 Share Posted April 26, 2011 I've transferred £60,000 in one go to UK from the sale of a condo a few years ago and no questions asked, either by the bank or UK government. It was an offshore account though, which I'd assume you have also? Maybe on the transfer instruction state 'proceeds from house sale' so your UK bank won't need to ask. As long as he dosnt own a property in the UK also as that would flag up CGT issues......... Link to comment Share on other sites More sharing options...
Chivas Posted April 26, 2011 Share Posted April 26, 2011 Unless its changed only individual incoming transactions of 10K or more to a UK account attract automatic notification to the Revenue. Would suggest you check this is still valid and than move 7.5k to perhaps several uk accounts and move it over time if its not pressing ?? Link to comment Share on other sites More sharing options...
Richb2004v2 Posted April 26, 2011 Author Share Posted April 26, 2011 I've transferred £60,000 in one go to UK from the sale of a condo a few years ago and no questions asked, either by the bank or UK government. It was an offshore account though, which I'd assume you have also? Maybe on the transfer instruction state 'proceeds from house sale' so your UK bank won't need to ask. As long as he dosnt own a property in the UK also as that would flag up CGT issues......... I have property in the Uk. What are CGT issues? Link to comment Share on other sites More sharing options...
trompelemonde Posted April 26, 2011 Share Posted April 26, 2011 CGT = Capital Gains Tax Link to comment Share on other sites More sharing options...
StreetCowboy Posted April 26, 2011 Share Posted April 26, 2011 I've transferred £60,000 in one go to UK from the sale of a condo a few years ago and no questions asked, either by the bank or UK government. It was an offshore account though, which I'd assume you have also? Maybe on the transfer instruction state 'proceeds from house sale' so your UK bank won't need to ask. As long as he dosnt own a property in the UK also as that would flag up CGT issues......... I would base major decisions such as this on anonymous hints from strangers, rather than wasting a few quid on an accountant. My understanding is that no tax liability accrues on money transferred into the UK while resident overseas, but an accountant chappy or a qualified tax adviser might tell you more reliably SC Link to comment Share on other sites More sharing options...
Smithy99 Posted April 26, 2011 Share Posted April 26, 2011 (edited) Are you a uk resident ? Reporting transfers can be done over sums of 3000 gbp,although this does not mean you will be contacted and isnt 100% they will report the 3000 gbp transfer. A lot will depend on the history of your account,a off shore option eg channel island or isle of man etc,is no longer of great benefit as they have reporting agreements if your showing as a uk resident and a withholding tax is now applicable,another big negative with lets say a guernsey bank,if they collapse eg landsbanki they gave zero compensation unilke landsbanki account in uk clients were refunded by the goverment If you have done nothing wrong,you dont really have anything to worry about. Whats your main concern? You can pm if you wish Edited April 26, 2011 by Smithy99 Link to comment Share on other sites More sharing options...
PattayaParent Posted April 27, 2011 Share Posted April 27, 2011 I've transferred £60,000 in one go to UK from the sale of a condo a few years ago and no questions asked, either by the bank or UK government. It was an offshore account though, which I'd assume you have also? Maybe on the transfer instruction state 'proceeds from house sale' so your UK bank won't need to ask. As long as he dosnt own a property in the UK also as that would flag up CGT issues......... I would base major decisions such as this on anonymous hints from strangers, rather than wasting a few quid on an accountant. My understanding is that no tax liability accrues on money transferred into the UK while resident overseas, but an accountant chappy or a qualified tax adviser might tell you more reliably SC That's my understanding as well SC. Link to comment Share on other sites More sharing options...
PattayaParent Posted April 27, 2011 Share Posted April 27, 2011 Are you a uk resident ? Reporting transfers can be done over sums of 3000 gbp,although this does not mean you will be contacted and isnt 100% they will report the 3000 gbp transfer. A lot will depend on the history of your account,a off shore option eg channel island or isle of man etc,is no longer of great benefit as they have reporting agreements if your showing as a uk resident and a withholding tax is now applicable,another big negative with lets say a guernsey bank,if they collapse eg landsbanki they gave zero compensation unilke landsbanki account in uk clients were refunded by the goverment If you have done nothing wrong,you dont really have anything to worry about. Whats your main concern? You can pm if you wish They've either scrapped, or are just about to scrap, the witholding tax option under the EUSD. And now Guernsey and Jersey both have a bank compensation scheme in place. Link to comment Share on other sites More sharing options...
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