money money money

[thetwoofus]

Hi all

We are in the process of selling our house and all being well shall be looking for a place in France in the course of the year. So I am looking into money transfers , I am intending to use hifx for the bulk of cash, but I have a pension  albeit a small one  payed monthly into my barclays account, and  is tax free, so I am wondering  how I would go about getting that cash over to france and  what if any tax implications are there. could I just get barclays to pay it to hifx by dd and then transer over to french bank ? Not being  fluent on the financial things I thought I'd ask on here first ,,,cos I know your all so clever bit of crawling never hurt anyone just the knee's

[Gardian]

[quote user="thetwoofus"]

could I just get barclays to pay it to hifx by dd and then transer over to french bank ?

[/quote]

Yes, and it works fine - does for me anyway.

Tax-wise, you'll be liable in France as a resident.  However, with a move not happening till later in 2007, you won't have to complete a return over here till Autumn 2008.  How much you'll be liable for will depend on many factors, but principally (and not terribly surprisingly) what your 'earnings are from your pension and other income such as interest.  Your idea of what is "small" may not disqualify you from some tax liability.

Do a search on 'Tax' and you'll be able to spend an enjoyable day mugging up on it all. 

[thetwoofus]

Thanks Gardian that sounds cushty  was you refering to interest from the bank ?  only money from uk would be the pension £270 a month.

swift reply  thanks

[Gardian]

[quote user="thetwoofus"]

only money from uk would be the pension £270 a month.

[/quote]

Errrrrrmmmmm ............. either you're winding me up, or you've got bucketloads of cash, or a cast-iron business venture ......... or you haven't thought this through.

Tell me it's a wind-up - please!

[allanb]

You don't say what kind of pension it is, but have you asked about having it paid directly into a French bank account?  The UK Pension Service will do this, and it's probably cheaper than arranging it yourself (taking everything into account, i.e. the exchange rate margin plus any fees and commissions).

If it's not a state pension, you may not have this option, but it's worth asking.

[chessfou]

It may depend what you have planned for that "small pension" cash.

Have you considered opening a Nationwide Flex Account? The point being that (for the last few years, and for the foreseeable future) you can draw cash (in €) from just about any dispenser here (or pretty much anywhere else in the world) without paying any charge or any commission (so, considerably cheaper than HiFx who take their cut from the "spread" - NWi do not).

Our other "essential" is the Nationwide Credit Card - same deal for € purchases (no charge, no commission).

My wife and I each have one of each. It makes keeping track of spending quite easy:

French bank account #1 - house expenditure;

French bank account #2 - all SO/DDs plus misc. cheques;

NWi credit cards for normal expenditure ;

NWi Flex a/cs with debit cards for cash.

If you are going to do this, make sure you open all the accounts well in advance of leaving the UK since you won't be able to do so afterwards (although there is no problem about maintaining them from a French address).

[thetwoofus]

hi

that sounds good to me chessfou we have no plans for this cash exactly, just probably use is as  supplement to income so to speak.

This is not a wind up as gardian thinks it maybe, I just wondered thats all