Transferring money from abroad to the UK

[bigkeeko]

Hello people.

I received an unexpected call today from a relative abroad who is wanting to transfer some money from Switzerland to me in the UK. I am not sure of the amount but I am concerned of the legal/tax implications that might pertain to such a situation. For arguments sake consider the amount to be 5 figures.

Does anyone have any input as to a best procedure or viable options on this?

I have googled the hell out of this scenario and so far managed to view a mountain of confusing and conflicting information.


Any input appreciated.

[iambeowulf]

If it's a one off then the banks won't even raise a figurative eyebrow.
They are required by law to inform HMRC of any "unusual" activity.

If there's s paper trail then don't worry.

If you're a dodgy drug lord then I hope these new Conserative overlords hunt your wealthy arse down. Socialist scum.

[GT03ROB]

Its no problem at all.

I do it every month. You'll probably need your IBAN number. Otherwise it's straightforward & should only take a couple of days.

[bigkeeko]

Thanks guys. Nothing unusual just someone being charitable.

[wibble cb]

10k or amounts amounting to 10k will trip automatic anti money laundering reports, but that doesn't mean you are in trouble, just that the funds have been 'tracked'. Unless you do this on a regular basis, I doubt your own bank will care too much.