Home is where the heart is, which is why many expats choose to send money back to the UK even with a new life abroad.
There are many reasons why you may need to repatriate funds, such as property maintenance, pension payments, or helping out with school fees. It might be that after enjoying the culture of another country, you’re missing home and are sending money back before your return. You might need to repatriate money from a property sale or make regular transfers between your foreign and UK bank accounts.
Repatriation from property sale
If you have or are planning on returning to the UK, your property overseas will be important in that decision making process. While a life in the sun is a happy ever after for many, there can come a point for others where they simply want a return home to familiar surroundings. There’s many more reasons why you might be selling a foreign property though, such as selling a holiday home or have inherited a foreign property and wish to sell it.
Work with a local estate agent that understands the requirements of selling both to the local market and to foreign buyers, and they will help to set your expectations on prices and the market health. If you are setting the price in a local currency, which will most likely be the case unless you’re selling to expats of the same nationality, be aware of the additional cost of currency conversion set your expectations for any exchange rate fluctuations.
Remember, when you’re sending money back to the UK, you may be liable for Capital Gains Tax when you offload an overseas property as a UK resident. You may also be liable for tax in the country where the property is sold. It’s worth checking tax liabilities and obligations with a legal professional when starting the process. To find out more visit our website.
Repatriation from property rental
If you decide to keep your overseas property and rent it out as a form of income, then you could protect your earnings from transaction fees and poor exchange rates. Receiving rent money in a foreign currency with moneycorp account means you could then transfer the funds into your UK bank account and enjoy competitive exchange rates and low transaction fees. To find out more visit our website.
Sending money back when you’re away
If you’re planning on staying away for some time, you still might need to send money back to the UK. For example, tuition fees, health care, and even supporting elderly relatives.
Using a specialist foreign exchange service
Repatriation can be a minefield of unseen expenses and lengthy processes, especially if you default to traditional transfer methods such as using a local UK high-street bank. However, there are other options available – specialist services that can help streamline sending money back home.
International transfer specialists are equipped with expert knowledge and tailored services that directly benefit expats. They offer competitive exchange rates, expert guidance and fast transfers. Frequent overseas payments could also be much easier, because rather than making an expensive international phone call, you can arrange transfers directly from your online account whenever you like. Repatriating funds can often cost up to £40 per transfer at a local high-street bank, which over the course of a year of paying regular payments, could add up to nearly £500.
If you plan to send large payments, you might be stung by a shifting exchange rate. Transfer funds online or over the phone, and use specialist tools to set up a currency exchange rate alert and even lock in a prevailing exchange rate so that you can make the most of your money at home and abroad. Locking in a prevailing exchange rate may require a deposit, however secures it for up to two years, regardless of any market upturns or downturns.
Send a payment in over 120 currencies to over 190 countries, meaning we can help you bring your money home if you’re returning from Australia, Spain, New Zealand, South Africa, USA or almost anywhere else. Specialist guidance from expert foreign exchange dealers on sending money overseas could help you secure a competitive exchange rate and choose a transfer service that is a good fit for your needs.
Call us today on 08082314822
Stuart Rogers, Senior Private Client Dealer at moneycorp: With over thirty years’ experience in the financial markets, I joined moneycorp in 2004. Previously I worked as an investment banker and I have extensive knowledge of the financial sector. My background in sales, trading and investment provides customers with a wide breadth of information and guidance. I pride myself on providing support and guidance to help customers make financial decisions relating to their FX requirements based on their individual circumstances.
moneycorp is a trading name of TTT Moneycorp Limited which is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (reference number 308919) for the provision of payment services.