Taxes and other costs when receiving money from overseas

Taxes and other costs when receiving money from overseas

How to pay tax on foreign earnings

If you have any foreign assets or are in receipt of money from abroad, then it may seem complicated to manage. When it comes to tax, there are some rules in place to ensure that you aren’t doubly taxed in both countries, however the best approach is to speak to a financial advisor about your obligations.

In addition, tax isn’t the only cost when repatriating money from abroad. Management fees, currency transfer costs and the exchange rate will all impact the final amount you receive.

 

An inheritance from abroad

Many of us have global connections, whether they’re family members who have emigrated or close friends across the world. If you are in receipt of an inheritance from overseas, it could come in many forms - real estate, money, retirement funds or other financial products. In addition to solicitor’s fees, the value of the inheritance may be eroded due to exchange rates and currency transfer fees, while the process can be complicated at an already difficult time.

 

Foreign property sale

If you’re selling a property overseas, whether it’s a holiday home or you’re choosing to move back to the UK after living abroad, you will need to transfer the funds received from the sale. Specialist property agents and financial advisors can provide guidance on the cost of fees and taxes.

We can help you make the most of the currency you receive from your property sale, by offering great rates and low transfer fees.

 

Repatriating a currency salary

If you’ve been living and working abroad, then you may have funds in an overseas bank account that you wish to return to the UK. You could send automated regular payments back to the UK from your salary each month or each quarter, or send savings back in a lump sum if you decide to move back to the UK at some point.

As well as great rates and low transfer fees, we can make the process simple with a secure online account and convenient mobile app, as well as a range of tools to help you make the most of your money from overseas.

Whatever the reason you need to send money back to the UK, we can help you manage the costs and provide an efficient, expert service with currency market guidance and support throughout the process.

Why choose moneycorp?

120+ currencies available

120+ currencies available

24/7 access

24/7 access

The ability to set up regular payments and target rates

The ability to set up regular payments and target rates

Whatever your payment needs are, we've got you covered...

Personal payments

Personal payments

With a personal account you can enjoy competitive exchange rates and low fees on all your payments.

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FX business solutions

FX business solutions

We provide tailored services to help companies make global payments and manage their foreign exchange risk.

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Travel money

Travel money

Order your travel money for branch collection or secure it on our explorer multi-currency Mastercard®.

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