Depositing a large sum of Euros to a UK bank account

shingle

Well-known member

Jan 18, 2004

3,141

Lewes

• Jul 18, 2017

• #1

Hi Chaps

Just looking for a bit of advice. Shingle Junior is buying flat with his Spanish girlfriend and her dad has given her around €8500 in cash to help with a deposit. (all legit and above board)

Can she just deposit this into her UK bank account or will she get the 'spanish inquisition' as to where its come from. Are there any other another options to change such a large sum into sterling?

Cheers in advance.

 

dadams2k11

ID10T Error

Jun 24, 2011

4,947

Brighton

• Jul 18, 2017

• #2

Sound like money laundering to me

 

Trufflehound

Re-enfranchised

Aug 5, 2003

14,105

The democratic and free EU

• Jul 18, 2017

• #3

You should be OK. €10,000 seems to be the current cut-off for making declarations about money laundering:

https://www.gov.uk/guidance/money-laundering-regulations-high-value-dealer-registration

 

T

Tokyohands

Well-known member

Jan 5, 2017

940

Tokyo

• Jul 18, 2017

• #4

Whenever i've deposited large sums of money to my UK or other banks they usually ask the questions at the end i've deposited it from but the receiving bank might also make a nominal charge on it. A one-off deposit of 8500 euros is not likely to raise eyebrows and it should be on file from the Spanish end that it is for buying a property and as it's being sent from within the EU there shouldn't be any probs. The main point is she should ask her UK bank what their exchange rate will be for receiving and exchanging euros, if their rate is better than the Spanish bank for the transaction, then instruct the Spanish bank to send it to the UK bank as a euro amount and the UK bank will convert it for her.

 

C

Common as Mook

Not Posh as Fook

Jul 26, 2004

5,630

• Jul 18, 2017

• #5

He should open an EUR account with his current bank if he doesn't want to get stung with conversions.

 

shingle

Well-known member

Jan 18, 2004

3,141

Lewes

• Jul 18, 2017

• Thread starter
• #6

Cheers Chaps

 

S

saafend_seagull

Well-known member

Jul 5, 2003

13,891

BN1

• Jul 18, 2017

• #7

I've sent about 25k over the last 18 months from a EUR account but never had a Single question.

 

Notters

Well-known member

Oct 20, 2003

24,869

Guiseley

• Jul 18, 2017

• #8

Worth noting that there's an increase in gift tax above €7933? http://www.advoco.es/home/22-latest/48-spanish-gift-tax

 

M

mylesfdo

New member

Jan 25, 2015

604

• Jul 18, 2017

• #9

Think £10k is the cut-off without having to fill out forms etc but will get stung on exchange rate!!

Best bet is to set up € account or if not and it in cash I would look at using a proper Exchange firm and try and get a Spot rate for the Exchange. City Forex in London is one that springs to mind but also there is a pretty good exchange place near Norfolk Square who if you pop in and see the guy may do a nicer rate for that amount.....used to be called Dasa or something but think changed name to Eurozone now(propb totally worng on both names here!!)

 

sydney

tinky ****in winky

Jul 11, 2003

17,752

town full of eejits

• Jul 18, 2017

• #10

anything under 10 k doesn't ring any bells.

 

S

sant andreu

Active member

Dec 18, 2011

234

• Jul 18, 2017

• #11

I've used Transferwise dot com for similar transfers. Significantly lower commission than anywhere else I've seen and pretty easy to use