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Leaving Dubai - please help!

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409

Posts

EW EXPLORER

Latest post on 25 May 2015 - 10:44

I also would suggest an offshore account. Do you have a bank account in the UK already? It may be worth speaking with them to see if you can open an offshore account in Isle of Man or Jersey and transferring it there, you can then hold an amount off shore as well as transfer some back to the UK.

105

Posts

EW NEWBIE

Latest post on 25 May 2015 - 10:15

I would recommend using UKForex, they are a money transfer service, their exchange rates are much, much better than the banks. A friend recently transferred his money back using them and said he saved thousands compared to what HSBC was offering him and that their service was hassle free. I plan to use to them when the time comes.

245

Posts

EW NEWBIE

Latest post on 25 May 2015 - 08:52

Yes agreed with bingo12, make sure you declare any offshore monies as otherwise there could be scrutiny over tax evasion. You will only be liable for tax on any interest earned on your 500k from the date you become permanently resident back in the UK.

394

Posts

EW EXPLORER

Latest post on 24 May 2015 - 22:56

You should probably see an accountant for advice in UK when you get back. I think HMRC may need to be informed you have returned to UK and they may/may not ask details about the money you send into UK. However,it might not be advisable to place it "off- shore" permanently.

245

Posts

EW NEWBIE

Latest post on 24 May 2015 - 21:21

Hi Hitch, I remember we had the same dilemma when we first contemplated a big transfer......this is probably not the place you want such a large amount to transfer. We opted for HSBC - what I would recommend is that you also get them to open a GBP account in Jersey / offshore. You can then use the Global Transfers facility to move money real time (you'll see the money instantly to your UK offshore account) with zero transaction / transfer cost. You can then move this money to any UK High Street Bank at zero cost. With the strong US$, DH has shifted over AED 1m over the last 6 months with no bother. Also there will be no tax implications on your transfer as you will be able demonstrate that this was earned overseas over 7 years. Good luck and all the best.

4423

Posts

EW MASTER

Latest post on 24 May 2015 - 20:57

Speak to First Rate FX as well as Lloyds Banking in Isle of Man, to safely transfer your funds

166

Posts

EW NEWBIE

Latest post on 24 May 2015 - 20:56

Congrats on your savings! Just mentioned it to my husband hoping to spur us both on to do the same!

260

Posts

EW NEWBIE

Latest post on 24 May 2015 - 18:27

I suggest you consider a specialist company for transferring money into foreign accounts, such as HiFX or similar mentioned on some of the threads on here. Although you get moderate transaction charges the exchange rates are significantly better for large amounts of money than doing it through HSBC and the transfer does not have to be into another HSBC account. You may also want to look up the HRMC website or contact them about your situation to clarify what the tax implications are, not just in view of the amount, but because you're moving back there as a resident and will be eligible for tax. Good luck with your move.

4393

Posts

EW MASTER

Latest post on 24 May 2015 - 17:03

I can second HSBC as with that amount they may give you automatic premier status and then transfers are free.

8965

Posts

EW MASTER

Latest post on 24 May 2015 - 16:58

Hi Ladies, I am unfortunately moving back home. Currently I have all my savings for the last 7 years in my bank in Dubai – ENBD account. Its over AED 500,000. I want to transfer money back to my home in the UK but it will not be the same bank. • Please can anyone advise how I can do this. I don’t know if I will have any issues with the tax authority if I transfer such a large amount to the UK? • Also, I am unaware of the transfer charges/exchange charges. I called ENBD and getting different information from the relationship manager. • Has anyone transferred a large amount to their overseas account without having to face extra/hidden charges? • I can carry some as cash but again there is a limitation on how much cash I can carry. • Also, what are the best banks (international) names as in case I move again in the future from the UK (looking at Asia as my next option), I can at least transfer to the same bank in a different country if that helps • Also, I don’t mind doing a small transfer each month online IF ENBD won’t close my account if I am no longer a resident. Please Help!! – I leave in 2 months  Thank You. Do you have a bank account in the UK at present? I would speak to HSBC in the UK ( you can do this online) as they will be able to give you all the correct information

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