Large sums of money transactions from the UK

[Jack Peterson]

12 minutes ago, Snowy79 said:

I've got a psycho ex wife causing issues with me in the UK. We are divorced and under Scottish law she has no more claims on my finances but she used to work for the Citizens Advice Bureau and is trying to get my accounts frozen. I'm shifting the money before she gets a chance just to be safe. A word of advice. Some banks allow you to link accounts. It's called Global view. Don't use it as it gives the UK government access to all information in linked accounts. If you don't sign up to it they can't view overseas accounts.

The money will be going towards a condo (on titled land ) then leave me some money for leisure activities. You get better rates on savings over here than the UK.

 Understood but you Don't need Hard Cash for a Condo and I doubt they would accept it without some investigation.

 When I moved and Transferred in just over 4.5 Mil peso for the House I just did a Bank to Bank to PNB on my savings account. No real hassle at all as I had signed it was for the House Build. Do yourself a Favour just get a Good PI bank and Transfer in your cash and be done with it straight into peso. Only me my Wife, Bank Manager + my Accountant know my Finances here, the UK and Europe know nothing apart from the Inland Revenue and that is very minimal. Mate, whatever you do, Please don't try and Bring that amount with you, I know some that have and in the End Lost far more than they would have with Exchange rates. The Fines are Heavy for bringing in more than the $10.000 allowed unreported. Not saying you are thinking on these lines But............ 

BTW You get better rates on savings over here than the UK. Yes agreed! to a point and you will get a better exchange going Bank to Bank

Just saying, Trying to save a few Bob or Circumvent the PI law won't work in the Long run, Arses get bitten

[Snowy79]

I'll not be bringing hard cash. Everything at the onset will be straight bank to bank unless Forex etc proves to be the best option and I'll only use FSA approved and backed companies. I've already clarified I can bring in large sums as it'll be coming from a bank account where I can prove the funds are from a house sale. 

[Jack Peterson]

2 minutes ago, Snowy79 said:

I can bring in large sums as it'll be coming from a bank account where I can prove the funds are from a house sale. 

Ok now please let's get this straight when you say Bring as against Transfer. Bring to me says I will carry a large amount through Customs. so the Max is $10.000 (or Sterling to that amount) and a certificate from Banko Sentral for any amount over this as reported to them

 Transferring is any amount you want with the receiving bank's Knowledge. I say this my Friend as sometimes it gets Confusing and may send people down the wrong road in Posting to you

Just so we can all sing from the same Hymn sheet 

[Snowy79]

2 minutes ago, Jack Peterson said:

Ok now please let's get this straight when you say Bring as against Transfer. Bring to me says I will carry a large amount through Customs. so the Max is $10.000 (or Sterling to that amount) and a certificate from Banko Sentral for any amount over this as reported to them

 Transferring is any amount you want with the receiving bank's Knowledge. I say this my Friend as sometimes it gets Confusing and may send people down the wrong road in Posting to you

Just so we can all sing from the same Hymn sheet 

Purely electronic. HSBC to HSBC is straight forward but on some calculations it can lose me a tidy sum on fees etc.

[Snowy79]

In typical Philippines style the HSBC Philippines has answered just the one of my questions. They tell me if I Globally link the accounts the money is transferred in seconds and will only cost me $7. I've informed them I have no interest in Globally linking so requested how much it'll cost if not linked.

[Gary D]

If I had a large amount of money I needed to move out of the UK the Philippines wouldn't be my first choice. The Banking system here is far to shakey and protection against failure very small (£8500) and barely operating.

[Snowy79]

3 minutes ago, Gary D said:

If I had a large amount of money I needed to move out of the UK the Philippines wouldn't be my first choice. The Banking system here is far to shakey and protection against failure very small (£8500) and barely operating.

That tends to be the rural banks that provide higher interest. I'd like to think the HSBC is pretty safe but it's the Philippines.

[Gary D]

12 minutes ago, Snowy79 said:

That tends to be the rural banks that provide higher interest. I'd like to think the HSBC is pretty safe but it's the Philippines.

HSBC Philippines is a wholly Philippine owned subsidiary governed by Philippine law and should be treated as any other Philippine bank.

[Snowy79]

1 minute ago, Gary D said:

HSBC Philippines is a wholly Philippine owned subsidiary governed by Philippine law and should be treated as any other Philippine bank.

I've already got it in hand to spread my money. My current partner works in the banking industry and knows the inside finances of the dodgy banks. She's already warned me off.

[Dave Hounddriver]

Just now, Snowy79 said:

My current partner works in the banking industry and knows the inside finances of the dodgy banks. She's already warned me off.

She may have mentioned the large number of British expats who prefer to keep their money in Singapore.  Not sure why, just know they do.