Transferring large sums of money within the UK

richyfingers

richyfingers

richyfingers

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As per thread title, how would you go about transferring say around £50k or more from one account to the other, is there current limits on what can be transferred or received into current accounts? Any tax implications or anything like that? I’ve been googling but haven’t been able to find a definitive answer. Do any of you guys have any experience or know-how with this?

Cheers

Richy.
 
Is it true that any large amounts of money like that, from non business accounts are automatically flagged for police checking?

Just something my dad once said.
 
Anything over 10k raises alarm bells and the banks have to report it - you will have to explain where you are getting the money from to the receiving bank. It's all to do with the 'know your customer' routines and anti-terror financing regulations.

You may even have to transfer it in smaller quantities. Do not try to do 10 lots of £5k in short order though - that will raise even bigger alarm bells.

Also - expect not to be able to do this over the counter - go see a personal banker to find out how, and also expect an admin charge for a large transfer like that. Best bet is a BACS transfer.

Tax side - I don't know.
 
as long as it is legitimate, you can transfer the whole amount in one go and not worry.

as long as you can prove where it came from and that tax has/or will be paid on it, its your money and you can do what you want with it.
 
richyfingers said:
As per thread title, how would you go about transferring say around £50k or more from one account to the other, is there current limits on what can be transferred or received into current accounts? Any tax implications or anything like that? I’ve been googling but haven’t been able to find a definitive answer. Do any of you guys have any experience or know-how with this?

Cheers

Richy.
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There are a few ways of doing this.

1) Internet Transfer - Ring the bank and let them know that a certain amount of money will be transfered on such a date at such a time, this way people like me will have on our systems why such an amount of money was transfered.

2) Bank Transfer - Go into the bank and do it through them.

3) Over the phone - This is my fav option as they will ask you so many questions as to make sure its legit, then they will automatically transfer it to such account when stated, also, they will liase with the recieving bank due to the amount as to make sure no issues arise.

cymatty said:
Will be seriously checked for money laundering and fraud but should be ok.
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Not true, it will come through a department like mine, we then look and see if its all legit, cross reference your account with some fiche (compacted statements) and make sure that nothing has ever been dodgy with this account so that if the money was transfered it wouldnt look weird., if we feel its dodgy we will pass it on to anti money laundering.
 
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I transferred 35k from one account to another (different banks) and had no issues, went through in the usual 3 day time frame.
 
you can't transger £50k via the internet without speaking to someone. Most 'normal' high street banks have a £10k limit. Anything else is an in person job.

It wont raise any eyebrows as long as the funds are legit.
 
we have transfered over 25k at least 10 times now with no issue at all, just online banking transfer, too diff people and banks, highest amount was 112k, no tax no questions....
 
When you say one account to another, it almost sounds like between two accounts with the same organisation? If so, and you are registered, you should be able to do this via internet banking with no bother in one go with most banks.

If it's between two banks, probably best bet for such a large amount is a chaps payment. It costs about £25 I think.
 
Paulus said:
as long as it is legitimate, you can transfer the whole amount in one go and not worry.

as long as you can prove where it came from and that tax has/or will be paid on it, its your money and you can do what you want with it.
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Yes, and it's quite unlikely he'd be asked for that proof.

It's quite comical the way people have so many preconceived notions about transferring large sums of money. I have a family friend who regularly moves money around, between various bank accounts and brokering accounts. He just uses online banking like anybody else, the only difference being a few extra zeroes.
 
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