Do large money transfers raise any red flags?
Do large money transfers raise any red flags?
In the UK depositing any amount over 5k in cash raises a red flag on the governments system of checks. Inland revenue I think. And taking anything out of a bank in cash over that amount also raises questions. But what would a 5 or 6 figure amount transferred into a UK account raise any red flags?
My bank has told me that even a large 6 figure amount can be transferred with no problems....... but I don’t want to carry that sort of cash in bulk as I know there is a limit of only 10k or something when you fly in. The other option was to buy and wear some gold.. but again this would be visibly excessive and probably attract the wrong sort of attention.
I have had no bother transferring amounts under 20k and there was no indication (letters from HM government departments) that this raised any flags. But the amount we are looking at will be potentially much greater.
We are transferring money out simply to invest in UK property as my wife is concerned that any land we buy here will be lost to the new Chinese overlords. Many of her peers in positions above her are doing the same.
My bank has told me that even a large 6 figure amount can be transferred with no problems....... but I don’t want to carry that sort of cash in bulk as I know there is a limit of only 10k or something when you fly in. The other option was to buy and wear some gold.. but again this would be visibly excessive and probably attract the wrong sort of attention.
I have had no bother transferring amounts under 20k and there was no indication (letters from HM government departments) that this raised any flags. But the amount we are looking at will be potentially much greater.
We are transferring money out simply to invest in UK property as my wife is concerned that any land we buy here will be lost to the new Chinese overlords. Many of her peers in positions above her are doing the same.
- whiteribbon
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Re: Do large money transfers raise any red flags?
As long as you can prove where the money comes from it's no problem is it. I've transferred large 6 figure amounts between my Belgian, UK and Cambodian accounts over the past 4 years, they were all accounts in my name though, only ever had 1 question and that was from ABA bank here in Cambodia. A couple of mails back and forth to explain my situation solved the questions they had.
Why would you fly with large 6 figure amounts though? Just deposit it here and transfer it to the UK?
Why would you fly with large 6 figure amounts though? Just deposit it here and transfer it to the UK?
just noise, white noise
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Re: Do large money transfers raise any red flags?
they may want to know where the money comes from so if you dont have proof of funds u may have some explaining to do.
besides which. u want to sell up and buy property in brexit uk whove just raised interest rates where the housing market is pretty much at the top?
i dont know anyone who is selling land for fear of having it taken off them.if anything locals are buying more too sell to the chinese or other buyers.
paranoid android
besides which. u want to sell up and buy property in brexit uk whove just raised interest rates where the housing market is pretty much at the top?
i dont know anyone who is selling land for fear of having it taken off them.if anything locals are buying more too sell to the chinese or other buyers.
paranoid android
- whiteribbon
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Re: Do large money transfers raise any red flags?
It's not at the top anymore though, already went down quite a lot. One I sold in Crystal Palace for 520k 4 years ago is now for sale for 450k and they still can't get rid of it after months, might be a good time to buy if you're a bit of a gambler and don't believe brexit will actually happen.bangkokhooker wrote: ↑Sat Aug 04, 2018 10:05 pm besides which. u want to sell up and buy property in brexit uk whove just raised interest rates where the housing market is pretty much at the top?
just noise, white noise
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Re: Do large money transfers raise any red flags?
it will happen but the effects are debatable and unknown.whiteribbon wrote: ↑Sat Aug 04, 2018 10:23 pmIt's not at the top anymore though, already went down quite a lot. One I sold in Crystal Palace for 520k 4 years ago is now for sale for 450k and they still can't get rid of it after months, might be a good time to buy if you're a bit of a gambler and don't believe brexit will actually happen.bangkokhooker wrote: ↑Sat Aug 04, 2018 10:05 pm besides which. u want to sell up and buy property in brexit uk whove just raised interest rates where the housing market is pretty much at the top?
prices are still high in the south and south east.
i own soft title land and if it gets stolen then i will have to suck it up,thats the risk u take.he who dares wins.
if and when we sell it we will get $400k, we paid $18k. chaaa chingggg!
Re: Do large money transfers raise any red flags?
Repossessions are still pretty high in the uk and there is a large market of these going through the auctions. The stale market is only adding to the list. A byproduct of this is the rental.sector is doing quite well. Even more so at the lower end for welfare recipients. The north and midlands have 2 and 3 bed properties under 50k but these are t through the repo auctions and many have pre existing tenants.
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Re: Do large money transfers raise any red flags?
50k and in 10 years they will be worth 50k!
- tightenupvolume1
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Re: Do large money transfers raise any red flags?
If the money is legal and can be traced you can transfer as much as you want, millions even!
charlie
ps crystal palace used to be a nice place when i was young, now
charlie
ps crystal palace used to be a nice place when i was young, now
Re: Do large money transfers raise any red flags?
Agree with the posters whom say if the money is traceable, and therefor you can account for its previous movements, there would be nothing to worry about.
Carrying large amounts of cash always poses its own dangers, obviously, even if its the need taking extra care. I have done it myself on a number of occasions, mostly of mixed currencies and note domination. British pounds, US dollar and Thai baht. Being aware entering Thailand and immigration, onward travel and funding's to show if necessary. Not having, over the amount allowed on entry, this also applies when entering Cambodia. Again its worth the research on exchange rates. International transfers have the safer advantage then carrying large sums, but have transfer costs and exchange rates.
Carrying large amounts of cash always poses its own dangers, obviously, even if its the need taking extra care. I have done it myself on a number of occasions, mostly of mixed currencies and note domination. British pounds, US dollar and Thai baht. Being aware entering Thailand and immigration, onward travel and funding's to show if necessary. Not having, over the amount allowed on entry, this also applies when entering Cambodia. Again its worth the research on exchange rates. International transfers have the safer advantage then carrying large sums, but have transfer costs and exchange rates.
Always "hope" but never "expect".
- cptrelentless
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Re: Do large money transfers raise any red flags?
If you're buying the UK you'll have a solicitor here, just transfer the money over when the paperwork is signed, the solicitors swap the cash over. They'll ask you for a letter saying where it came from before you get anywhere near sending it over. Just beware that solictors here have a fixed fee for conveyancing and can't be arsed with spending time on it, so it'll take a few months of feet dragging as they get the office junior to ask where the fucking stopcock is 99 times.
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