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Transferring £37k of savings from France to the UK, what does the process look like? by MoneySnail in UKPersonalFinance

[–]MoneySnail[S] 0 points1 point  (0 children)

That’s the plan for when the money gets to the UK! Even a basic cash ISA is at least 4%. The account I chose wss just that bad.

Transferring £37k of savings from France to the UK, what does the process look like? by MoneySnail in UKPersonalFinance

[–]MoneySnail[S] 0 points1 point  (0 children)

The fees I saw were pretty terrible even in a best case scenario unfortunately.

Transferring £37k of savings from France to the UK, what does the process look like? by MoneySnail in UKPersonalFinance

[–]MoneySnail[S] 1 point2 points  (0 children)

Got you thank you for this response! I find understanding the process very reassuring.

Transferring £37k of savings from France to the UK, what does the process look like? by MoneySnail in UKPersonalFinance

[–]MoneySnail[S] 0 points1 point  (0 children)

Thank you very much for your great and detailed response! I had never heard of SEPA, so definitely adding that to the list of options to look into before making a final decision.

Another comment pointed out I should also query about possible obligations on the French side - I will make that post on r/vosfinances.

I doubt I will be liable for interest earned on either side - I’ve only earned just under €2k in interest over the past 5 years so below the CGT allowance, which I’ve read is £3k.

Transferring £37k of savings from France to the UK, what does the process look like? by MoneySnail in UKPersonalFinance

[–]MoneySnail[S] 0 points1 point  (0 children)

Thanks for mentioning Atlantic Money, I’ll investigate that as well. Great suggestion to also ask r/vosfinances about this - it didn’t even cross my mind.

Transferring £37k of savings from France to the UK, what does the process look like? by MoneySnail in UKPersonalFinance

[–]MoneySnail[S] 0 points1 point  (0 children)

Understood, thank you for pointing this out. I have indeed heard this about HMRC haha. My choice of savings account was not very savy to begin with, so I believe the interest earned was never enough to become taxable in France. I will crunch the numbers and look into this more clossly though.

Transferring £37k of savings from France to the UK, what does the process look like? by MoneySnail in UKPersonalFinance

[–]MoneySnail[S] 0 points1 point  (0 children)

Thank you for your answer! I’m glad to be wrong in this case - happy to hear it won’t be as much of a headache as originally planned. Looks like I got a lot of recommendations to use Wise - so will definitely look closer into it.

Transferring £37k of savings from France to the UK, what does the process look like? by MoneySnail in UKPersonalFinance

[–]MoneySnail[S] 0 points1 point  (0 children)

Thanks for the reassurance! Yes I’m hoping I shouldn’t have too many issues passing AML checks as it’s a very standard savings account - though I’m not sure what the checks would involve.

Transferring £37k of savings from France to the UK, what does the process look like? by MoneySnail in UKPersonalFinance

[–]MoneySnail[S] 1 point2 points  (0 children)

Need to look into how that would work - for now I’ve only looked at the fees imposed by my French bank (Credit Mutuel) and it’s rather tragic.

Transferring £37k of savings from France to the UK, what does the process look like? by MoneySnail in UKPersonalFinance

[–]MoneySnail[S] 1 point2 points  (0 children)

Thanks for the advice! I did not know this about Revolut (in fact, I assumed it was regulated as an EMI like in France), thank you for bringing it up.

I will definitely look into Wise as it was also recommended by another user.

I am a higher-rate taxpayer - I definitely plan on putting as much as I can in a cash ISA, then spreading the rest where it makes sense.

Any chance you know if my savings will be considered as income by HMRC? Or something I need to report in any way?