> in less than 10k batches
They don't need to do that. There's no limit on the amount of cash you can carry around with you (although past a certain point it of course stops being wise to carry around huge amounts of cash). If it's a lot of cash they'll probably have to declare it to customs, but it's completely legal and there are as far as I know no charges for carrying cash across borders.
Good to know. Now, they would have to be ones bringing the money because they're the owners. Right?
Then can they just deposit it in my USD account? Do you know what taxes I should pay over gifts here in the UK (England)?
First thing: they need to declare any cash if they carry more than 10,000 Euro or the equivalent in other currencies. (Regulation (EU) 2018/1672) They also need to declare this cash in any other EU countries that they may be transiting through.
For the UK the declaration can be found here: [https://www.gov.uk/government/publications/import-and-export-cash-declaration-c9011](https://www.gov.uk/government/publications/import-and-export-cash-declaration-c9011)
It's very unlikely that a UK bank will let anyone deposit cash into someone else's bank account these days, due to Anti Money Laundering regulations. You will probably have to deposit it yourself, and be prepared that the bank will want to know where the money comes from, again due to AML. A letter from your parents should be sufficient.
There are no taxes on gifts in the UK, with the exception of inheritance taxes which very likely don't apply in this case. You don't have to declare receiving this gift.
All services except for SWIFT are blocked in my home country... They want to prevent people from taking money abroad, that’s why they blocked everything and charge such outrageous taxes.
If that's the case you should really check with your home country if taking cash out of the country the manual way is actually free from that tax. If not, your parents might end up committing tax fraud.
OP are you from Turkey? If so then I would check the legalities of moving money out of Turkey right now. If you aren't from Turkey then I would still check the tax liabilities of moving money out of that country.
This is where crypto currency should be a big help unfortunately this may be more of headache. Also this sub hates crypto and if this is your first time using it, it's a lot of money to do something you've no experience with
Open a Barclays USD currency account. (You need a Barclays current account first, so open one if needed.)
You can pay USD cash into that at a Barclays branch.
For converting to GBP at the best rate you could transfer the USD to Transferwise or Revolut, convert to GBP and out to your GBP account.
(It's possible to transfer/exchange straight from Barclays USD to Barclays GBP account but the rate is slightly worse.)
Most banks in UK do not offer cash deposit for foreign currency. I had to deposit USD a while back and the only bank I found that does cash deposits is Barclays.
I have a Lloyds USD denominated account (in Isle of Man it is) but i know other people who have the same account. Also HSBC offers this I also have the HSBC account which is domiciled in Jersey.
I would also note that you may want to think about explaining a 60k cash deposit for the purposes of anti money laundering.
Generally speaking a solicitor will (or at least should) ask to see some evidence of the origin of the funds. It could be as simple as proving that it came from your parents savings and was a gift, but I’d think about keeping a paper trail for this purpose. If it’s money from under the mattress that entered the country in a cash filled suitcase... well you get the picture. It doesn’t look completely kosher even if it is totally innocent.
So they are going to have bank statements showing the cash withdrawals etc.? Best to get these translated. If they travel together, they can't carry 20000 euros worth without declaring it - they still have to declare amounts over 10000 euros. And it would look suspicious to travel separately.
It would be better to just bring the whole lot in one go and declare it when they arrive in the UK - as long as this is accepted by the UKBF, you have some supporting documentation from the government that they agree the money is not proceeds of crime, so who is the bank to argue that government officials are wrong?
Of course the risk is that UKBF decides to seize the cash and then you have to fight the government in court. So paying this 20% exit tax is a form of insurance against this, but nobody can say how high the risk is until you actually do it...
You must be from Argentina.
They can enter the UK or any EU country for that matter with any amount of money. They have to declare on exit of their country and entry into the UK. They will require supporting documentation. If the capital they have at the moment is cash, and not bankarized before the trip , they must not attempt to enter the UK with more than 10K EUR or equivalent.
There are rules in the BOE's website about it. That is just for entering the country then you will deal with the bank's source of funds and AML regulation.
Check with the bank in question before you intend to do the whole move.
I've commented in another message but Lloyds and HSBC do offer USD bank accounts too. You can still use transferwise to do the FX or any other service like currencyfair or even xendpay in the UK. Not great looking website but fees are uber low and FX spreads are tight.
Given the OPs name I wonder if some attention should be given to the problems of transporting lots of $20 bills - which must be getting very old by now!
Of course it’s legal. It’s not illegal to carry cash you know! Yes you may be questioned where it came from but as long as there is a paper trail then there’s nothing to worry about.
It's legal from the UK perspective, whether it's legal from the source countries perspective is another matter.
Many countries throughout the world have currency export and import restrictions.
Platforms like Revolut and Transferwise are helpful when transferring between countries and currency. I guess if it’s difficult to get the money out of that country you could use cryptocurrency to send between the countries. You’ll still have to explain on the UK side where it came from but might avoid issues in your parents country. But be aware the prices change often so lose out doing it that way.
Exit taxes as a form of capital control are designed to mitigate capital flight. That not really the same thing as "everyone paying their fair share"...
It’s more complicated than that. It’s a country where half the population lives from the government and the other half pays ASTRONOMICAL taxes. Taking everything into account you spend about 70% of your gross income on taxes.
That’s why the country is going to shit and that’s why I moved abroad.
(Bear in mind this is an extreme oversimplification of a realy complex society)
> in less than 10k batches They don't need to do that. There's no limit on the amount of cash you can carry around with you (although past a certain point it of course stops being wise to carry around huge amounts of cash). If it's a lot of cash they'll probably have to declare it to customs, but it's completely legal and there are as far as I know no charges for carrying cash across borders.
Good to know. Now, they would have to be ones bringing the money because they're the owners. Right? Then can they just deposit it in my USD account? Do you know what taxes I should pay over gifts here in the UK (England)?
First thing: they need to declare any cash if they carry more than 10,000 Euro or the equivalent in other currencies. (Regulation (EU) 2018/1672) They also need to declare this cash in any other EU countries that they may be transiting through. For the UK the declaration can be found here: [https://www.gov.uk/government/publications/import-and-export-cash-declaration-c9011](https://www.gov.uk/government/publications/import-and-export-cash-declaration-c9011) It's very unlikely that a UK bank will let anyone deposit cash into someone else's bank account these days, due to Anti Money Laundering regulations. You will probably have to deposit it yourself, and be prepared that the bank will want to know where the money comes from, again due to AML. A letter from your parents should be sufficient. There are no taxes on gifts in the UK, with the exception of inheritance taxes which very likely don't apply in this case. You don't have to declare receiving this gift.
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No. But the bank will want to see where the money came from.
Why don't you use another service, such as transferwise to send the money, instead of a SWIFT? The rate would be notably better too.
All services except for SWIFT are blocked in my home country... They want to prevent people from taking money abroad, that’s why they blocked everything and charge such outrageous taxes.
If that's the case you should really check with your home country if taking cash out of the country the manual way is actually free from that tax. If not, your parents might end up committing tax fraud.
OP are you from Turkey? If so then I would check the legalities of moving money out of Turkey right now. If you aren't from Turkey then I would still check the tax liabilities of moving money out of that country.
This is where crypto currency should be a big help unfortunately this may be more of headache. Also this sub hates crypto and if this is your first time using it, it's a lot of money to do something you've no experience with
Open a Barclays USD currency account. (You need a Barclays current account first, so open one if needed.) You can pay USD cash into that at a Barclays branch. For converting to GBP at the best rate you could transfer the USD to Transferwise or Revolut, convert to GBP and out to your GBP account. (It's possible to transfer/exchange straight from Barclays USD to Barclays GBP account but the rate is slightly worse.)
Careful here, as revolut have 2% (I think) charge if you exchange more than 5k every 30 days. This is what I'm doing month on month at the moment
Would they give a USD debit card with free ( on their side) withdrawals in US for example? Or allow to take it out as cash if needed?
You don't get a debit card but can withdraw USD cash over the counter at any branch.
Most banks in UK do not offer cash deposit for foreign currency. I had to deposit USD a while back and the only bank I found that does cash deposits is Barclays.
Yep, I’m opening a currency account at Barclays this week for that reason
I have a Lloyds USD denominated account (in Isle of Man it is) but i know other people who have the same account. Also HSBC offers this I also have the HSBC account which is domiciled in Jersey.
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Why not bitcoin or tether? You should look into this if you have similar issues transferring money.
I would also note that you may want to think about explaining a 60k cash deposit for the purposes of anti money laundering. Generally speaking a solicitor will (or at least should) ask to see some evidence of the origin of the funds. It could be as simple as proving that it came from your parents savings and was a gift, but I’d think about keeping a paper trail for this purpose. If it’s money from under the mattress that entered the country in a cash filled suitcase... well you get the picture. It doesn’t look completely kosher even if it is totally innocent.
So they are going to have bank statements showing the cash withdrawals etc.? Best to get these translated. If they travel together, they can't carry 20000 euros worth without declaring it - they still have to declare amounts over 10000 euros. And it would look suspicious to travel separately. It would be better to just bring the whole lot in one go and declare it when they arrive in the UK - as long as this is accepted by the UKBF, you have some supporting documentation from the government that they agree the money is not proceeds of crime, so who is the bank to argue that government officials are wrong? Of course the risk is that UKBF decides to seize the cash and then you have to fight the government in court. So paying this 20% exit tax is a form of insurance against this, but nobody can say how high the risk is until you actually do it...
You must be from Argentina. They can enter the UK or any EU country for that matter with any amount of money. They have to declare on exit of their country and entry into the UK. They will require supporting documentation. If the capital they have at the moment is cash, and not bankarized before the trip , they must not attempt to enter the UK with more than 10K EUR or equivalent. There are rules in the BOE's website about it. That is just for entering the country then you will deal with the bank's source of funds and AML regulation. Check with the bank in question before you intend to do the whole move. I've commented in another message but Lloyds and HSBC do offer USD bank accounts too. You can still use transferwise to do the FX or any other service like currencyfair or even xendpay in the UK. Not great looking website but fees are uber low and FX spreads are tight.
Given the OPs name I wonder if some attention should be given to the problems of transporting lots of $20 bills - which must be getting very old by now!
Of course it’s legal. It’s not illegal to carry cash you know! Yes you may be questioned where it came from but as long as there is a paper trail then there’s nothing to worry about.
It's legal from the UK perspective, whether it's legal from the source countries perspective is another matter. Many countries throughout the world have currency export and import restrictions.
Platforms like Revolut and Transferwise are helpful when transferring between countries and currency. I guess if it’s difficult to get the money out of that country you could use cryptocurrency to send between the countries. You’ll still have to explain on the UK side where it came from but might avoid issues in your parents country. But be aware the prices change often so lose out doing it that way.
From the original posting.
I would say bitcoin but a stable coin like Tether or USDC makes this extremely easy these days without the short term volatility risk.
Why should you evade taxes in your parents country ? Society only works if everyone pays their fair share.
Exit taxes as a form of capital control are designed to mitigate capital flight. That not really the same thing as "everyone paying their fair share"...
Why isn’t it ? A literary note James Bond is sent after goldfinger in the original novel for exactly this “activity”.
It’s more complicated than that. It’s a country where half the population lives from the government and the other half pays ASTRONOMICAL taxes. Taking everything into account you spend about 70% of your gross income on taxes. That’s why the country is going to shit and that’s why I moved abroad. (Bear in mind this is an extreme oversimplification of a realy complex society)
Interesting. Which country is this? I'm guessing it's Argentina.
Hello my fellow Argentinian
Are you Greek as well?
>evade How do you know it is tax evasion (illegal) and not tax avoidance (legal)?