How much money can I send abroad from the UK?
When receiving or sending money overseas, limits and other rules and regulations may apply that make it important to know what to look for in an international money transfer  If you need to send a large sum of money overseas, regardless of the reason, it pays to make sure you have all the facts beforehand. You need to consider how much money you can send abroad from the UK, what the rules and regulations on your money transfer are and what the best way to send it is. When it comes to understanding international money transfer limits, you will also want to consider tax implications. Here are four crucial questions to ask yourself. There is currently no legal limit on how much money you can send overseas from the UK, whether thats a wire, bank, cash or online transfer. However, individual banks and other payments providers may impose their own limits. There is also no limit on how much money you can receive in the UK from overseas, though you may be legally obliged to declare it for tax purposes. It is imperative to ensure compliance with international money transfer regulations. As a customer of the Telegraph Media Group International Money Transfer Service, powered by moneycorp, there is no limit on how much money you can send overseas when making the transfer over the phone with your dedicated Relationship Manager. If transferring online, the minimum amount you can send is 50 and the maximum is 100,000, or the equivalent in the currency of your transaction. If you are a UK resident sending money overseas from the UK for tax purposes, the tax implications will typically lie with the other countrys laws. If you are sending money back to the UK, the rules are dependent on whether you are domiciled in the UK or abroad. This usually means simply where you live, but legally it means where you belong  the place you consider to be your permanent home. If youre not a UK resident, you dont have to pay tax on what you send back to the UK, but if you are a UK resident you normally do  unless your domicile is abroad. FCA-authorised firms are obliged to safeguard relevant client funds by keeping them separate from company funds, so that if anything goes wrong  e.g. the company goes out of business  you have the best chance of getting your money back. However, unlike banks, money transfer firms are not covered by the Financial Services Compensation Scheme (FSCS). While you are legally allowed to send cash in the mail in the UK, this method is not recommended, particularly for larger sums of money. You must also consider the laws of the other country, as in certain countries such as India and Norway, it is illegal to send money in the post. Choosing your transfer method  Ultimately, the limits on your international money transfer will be dictated by how you choose to send the money abroad. The most common ways are:  a bank or building society  a high-street transfer firm  a specialist international payments provider  For most, the main requirements are security, cost-effectiveness and transfer speed, but it is also important to ensure you are aware of the laws on sending money abroad. While some people opt for the familiarity of their regular high-street bank, it is typically slower, more expensive and offers less control and visibility over the trajectory of the international money transfer. Wiring funds via a high-street transfer firm can be quicker and doesnt require you to set up an account, but it is typically more expensive. Using a specialist international payments provider is fast and typically offers the best value for money as you are likely to receive competitive exchange rates and even zero transfer fees, particularly on larger sums. There are tools available to automate regular payments and even lock in a chosen exchange rate for the future. You can set up an account and manage your payment online, with the option to speak to an expert if you need to. Tips for sending money abroad  Make sure that your foreign exchange service is authorised or registered by the FCA. Keep hold of paperwork and receipts to protect yourself in case something goes wrong. Let the recipient know how they will receive the money and ensure all details are correct. Get firm information beforehand about costs and charges, and whether or not the money you are sending is safeguarded. If you have to use a password, use one that is unique and hard to guess, with a mixture of upper/lower-case letters and numbers/symbols. Try not to use birthdays or maiden names. Hassle-free international payments  With the Telegraph Media Group International Money Transfer Service, you benefit from a wide range of options to get your money where it needs to be quickly, easily and without costing you the earth. You can also enjoy zero transfer fees and expert assistance to help you find the right solution for your individual payment needs. Powered by moneycorp, you have 24/7 access to a secure online platform giving you full autonomy over your international payments, or alternatively, you can arrange your transfer over the phone with your dedicated Relationship Manager. Enjoy competitive exchange rates and expert assistance with Telegraph Media Group International Money Transfers  Read more:  The above article was created for Telegraph Financial Solutions, a member of The Telegraph Media Group. For more information on Telegraph Financial Solutions click here. moneycorp is a trading name of TTT Moneycorp Limited which is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (reference number 308919) for the provision of payment services. Information correct at date of publication.