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spyro25
Joined: 23 Nov 2004
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 Posted: Tue Apr 15, 2008 10:47 pm Post subject: Moving money to the UK (Large amounts) |
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One day I may go back to the UK to do my Ph.d, and I am also considering buying a place in England for when I have kids. Me and my wife have around 80,000 pounds in savings (not much of a social life) and we should have a lot more by the time it comes to move.
To anyone who has moved this kind of money out of Korea, how did you do it, and what kind of difficulties did you run into? |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Tue Apr 15, 2008 10:52 pm Post subject: |
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Is your wife Korean?
There are no limitations on sending money into the UK.
I would think the hardest thing would be getting it out of Korea. |
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BS.Dos.
Joined: 29 Mar 2007
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| Posted: Tue Apr 15, 2008 11:07 pm Post subject: |
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I'm not sure what the regulations are etc regarding taking cash out of SK and bringing that sort of money into the UK, but I'd be surprised if the 'man' didn't want a piece of it.
I'd say start pumping it across now into a UK account. I think price houses have also drop a few percentage points these past couple of months and with 80,000 grand burning a hole in your pocket, it might be a good time to buy now. |
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PeteJB
Joined: 06 Jul 2007
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| Posted: Tue Apr 15, 2008 11:34 pm Post subject: |
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| Yep, get that trickling slowly into a high savings account in England. |
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kiwiduncan
Joined: 18 Jun 2007
Location: New Zealand
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| Posted: Wed Apr 16, 2008 12:38 am Post subject: |
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| I have a UK account number if you need one. |
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bacasper
Joined: 26 Mar 2007
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| Posted: Wed Apr 16, 2008 12:42 am Post subject: |
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| I have room in my suitcase if you like. |
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jetrash
Joined: 02 Jun 2007
Location: the united steaks
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| Posted: Wed Apr 16, 2008 12:54 am Post subject: |
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80k STERLING will buy you a garden shed in southern england right now.
some people are predicting a housing crash in uk,so dont rush to get into the market just yet.
SOME PREDICT A 30PERCENT DROP IN SOME AREAS.
I cashed out of the london market, middle last yr, at the peak.
dont rush to get back in.
but i could be wrong
(there has been up to 10percent drop in scummy areas 'oop north already,3pcnt london,upmarket areas still holding,but sales v weak) |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Wed Apr 16, 2008 1:40 pm Post subject: |
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| Buy in Scotland they are rarely affected by any housing slumps. |
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rusty1983
Joined: 30 Jan 2007
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| Posted: Wed Apr 16, 2008 1:46 pm Post subject: Re: Moving money to the UK (Large amounts) |
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| spyro25 wrote: |
One day I may go back to the UK to do my Ph.d, and I am also considering buying a place in England for when I have kids. Me and my wife have around 80,000 pounds in savings (not much of a social life) and we should have a lot more by the time it comes to move.
To anyone who has moved this kind of money out of Korea, how did you do it, and what kind of difficulties did you run into? |
80G? Sheeeeeeeeeeeeeeet! |
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bogey666
Joined: 17 Mar 2008
Location: Korea, the ass free zone
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| Posted: Wed Apr 16, 2008 2:14 pm Post subject: yup |
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| jetrash wrote: |
80k STERLING will buy you a garden shed in southern england right now.
some people are predicting a housing crash in uk,so dont rush to get into the market just yet.
SOME PREDICT A 30PERCENT DROP IN SOME AREAS.
I cashed out of the london market, middle last yr, at the peak.
dont rush to get back in.
but i could be wrong
(there has been up to 10percent drop in scummy areas 'oop north already,3pcnt london,upmarket areas still holding,but sales v weak) |
garden shed sounds about right.
England has the benefit of being an island though, so in places where people want to live, (such as the southern part) may not a US type meltdown.
(ditto for Ireland,, and even Spain, because which have some of the most preposterous housing markets around)
but re the original question - if that's what you want to do, why can't you simply have your bank wire the entire amount (or whatever amount you wish) to your English bank? |
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spyro25
Joined: 23 Nov 2004
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| Posted: Wed Apr 16, 2008 10:39 pm Post subject: Re: yup |
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| bogey666 wrote: |
| jetrash wrote: |
80k STERLING will buy you a garden shed in southern england right now.
some people are predicting a housing crash in uk,so dont rush to get into the market just yet.
SOME PREDICT A 30PERCENT DROP IN SOME AREAS.
I cashed out of the london market, middle last yr, at the peak.
dont rush to get back in.
but i could be wrong
(there has been up to 10percent drop in scummy areas 'oop north already,3pcnt london,upmarket areas still holding,but sales v weak) |
garden shed sounds about right.
England has the benefit of being an island though, so in places where people want to live, (such as the southern part) may not a US type meltdown.
(ditto for Ireland,, and even Spain, because which have some of the most preposterous housing markets around)
but re the original question - if that's what you want to do, why can't you simply have your bank wire the entire amount (or whatever amount you wish) to your English bank? |
i was wondering if it would be a problem. we all know foriegners are treated very badly by banks here. i'll probably get my wife to do it in installments to avoid paying too much tax on it, and to avoid any racism from the bank. |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Wed Apr 16, 2008 10:45 pm Post subject: |
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What tax?
You earned the money in Korea. You paid your taxes here you can't be taxed by the UK.
People transfer millions of pounds in and out of the UK every day for buying and selling property.
Have you considered holding it in a Sterling offshore account. 80kk will get you a decent rate of interest |
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patongpanda
Joined: 06 Feb 2007
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| Posted: Wed Apr 16, 2008 10:46 pm Post subject: |
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That's a serious amount of dosh.
I would ask your bank for their advice and follow up with advice from a UK accountant.
Don't want the Revenue to spring any surprises on you.
Also, banks in the UK report 'suspicious transfers' to the authorities. |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Wed Apr 16, 2008 10:52 pm Post subject: |
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Unless his last name is Khan he isn't going to be noticed.
Again as I said two minutes ago people are buying property and moving money in and out of the UK every day from 100's to millions of pounds.
If you are turning up with stacks of notes stinking of skunk or moving large amounts in and out from strange account names or places where banking practices are somewhat lax you might get a marker put on your account to watch it more closely.
Good idea to ask his bank for their best account. I would spend some time looking into what saving accounts are available in the UK first for that money bearing in mind that there has just been an interest rate cut.
An offshore sterling account in the channel islands would probably be the best way to go for now. |
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patongpanda
Joined: 06 Feb 2007
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| Posted: Wed Apr 16, 2008 10:56 pm Post subject: |
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What price peace of mind? Get a professional on the case.
If you didn't spend enough time abroad, the taxman could indeed try to grab your loot. Who knows what other traps exist in the tax laws??
They would be able to advise you on tax-free savings too, which would be nice.
Also report back here with any solid info would ya? |
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