Money Transfer

[Ledsmallbush]

I will be shortly wanting to transfer £50k from my Spanish Sabadell Euro account to my daughters U.K Sterling bank account......any tips on the bestway to do this without incurring any large fees.... any info welcomed.

[GerryinCajiz]

There is a lot of information on the living in Andalusia forum about money transfer.

[elusive]

If your a tax resident be wary of the taxman wanting to know where its gone and wanting gift tax.

Use companies such as currencies direct or the dozens of others around.dont use the bank as most charge alot

[Ledsmallbush]

Thanks, why would they want gift tax from me? Excuse my ignorance but how do you use Currencies Direct or the like?

[Enrique]

Hi Ledsmallbush,

Pick a Transfer Company............ Example XE and Google "setting up a XE Transfer Account"........I've used this one for Years formally HiFx

To fill in GerryinCajiz info, Search the Forum................. and have a read through.

search.php?keywords=money+transfers&ter ... mit=Search

[GerryinCajiz]

I also use XE formally Hifix and am happy with their service. I have not used any other provider. Their website is very easy to follow however you do need to register and they will ask for some details. They will then give you details as to how the process works.

[Ledsmallbush]

Thank you Gerry will take a look and thanks others also

[elusive]

If your a tax resident be wary of the taxman wanting to know where its gone and wanting gift tax.

Use companies such as currencies direct or the dozens of others around.dont use the bank as most charge alot

Thanks, why would they want gift tax from me? Excuse my ignorance but how do you use Currencies Direct or the like?

They have gift tax if the recipient of the gift is a spanish tax resident regardless of where the money is or if the money is in spain in a tax residents account regardless of who's getting it. don't think it's as much as it used to be but it still exists. Hacienda have access to all accounts so just to be aware if they come sniffing.

Re currencies direct. You open an account with them. Do transfers online or go into a local office. You pay them the money they transfer it to your uk account.

[Ledsmallbush]

Ah right, perhaps I should have clarified that my daughter is a U.K Citizen, lives and works in the U.K, pays her taxes in the U.K and not just have said that it would be going to my daughters U.K Sterling account.

[El Cid]

The €1m IHT allowance in Andalucia also applies to gift tax. In many regions they do not have any allowance against gift tax.

Sid

[elusive]

Ah right, perhaps I should have clarified that my daughter is a U.K Citizen, lives and works in the U.K, pays her taxes in the U.K and not just have said that it would be going to my daughters U.K Sterling account.

Yeah I understand that. It wouldn't make any difference as the money is in a spanish account owned by a spanish tax resident it doesn't matter where the recipient lives.

Its 99% discount if .you arrange both drafting a Gift deed witnessed by a Spanish Notary Public and submitting a Gift tax return. . Just something to be aware of that's all. It's not like the uk where you can give anyone anything and there's no issue unless you die within 7 years and your estate is worth more than the IHT threshold.

[katy]

Why not send it in staggered amounts under 10,000. Mark the transfers repayment of loan or something.