Withdrawing money from Maltese bank from UK account

JTJ New member

4POSTS

13 years ago

Moving to Malta April 11th, would be gratefull for any info on the best way to finance my stay in Malta from a UK bank acc to try and avoid all the usual bank charges when withdrawing money while abroad.
JTJ

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georgeingozo ViP

3703POSTS

13 years ago

By ATM using Halifax Clarity Card

Naz23 Active member

96POSTS

13 years ago

Look into HSBC we have both English and Maltese a/c and seems to be a good way

JTJ New member

4POSTS

13 years ago

Hi GeorgeinGozo
Never heard of the clarity card, is it similar to a credit or debit card,is there a service fee on this card? What are the charges for withdrawals.
Thanks
JTJ

georgeingozo ViP

3703POSTS

13 years ago

It's a credit card with noloading for overseas transactions,聽 no annual fee

georgeingozo ViP

3703POSTS

13 years ago

Toon Cyprus Expert

10236POSTS

13 years ago

i think fair fx do a similar thing where you can load a card up in the UK in Euros and spend it here like a credit card - atms and shops etc.

the hsbc global bank account mechanism (conditons applied) used to be good but they charge the same as everyone else now.

sometimes its better to use a currency exchange company such as torfx fairfx moneycorp wit one off transctions or regular monthly ones - or if you can bring sterling cash local shops are offering better rates than the banks

rooikat Serial expat

410POSTS

13 years ago

George - re Clarity card info, thank you for link, excellent site. However, anyone accessing this info, note that the APR of the Clarity card is 17.9 not 12.9 as stated in their comparison. Still a very competitive card though.

GuestPoster566 ViP

3692POSTS

13 years ago

Prepaid Euro Debit Card.聽 iceplc.com No charges.

georgeingozo ViP

3703POSTS

13 years ago

#10

Ps bear in mind that however you bring income into Malta,聽 it has to be declared to the taxman if you are resident

1 member reacted to this post

Toon Cyprus Expert

10236POSTS

13 years ago

#11

the key word is "income" ie wages, pensions both private and state etc聽 - not capital

1 member reacted to this post

scubaboy Serial expat

872POSTS

13 years ago

#12

Western Union also Have a business Solutions side that could also work on Monthly Transactions.聽 You can also set Spot rates and fixed rates aswell. (Travelex are now owned by WU)

Julian

GuestPoster566 ViP

3692POSTS

13 years ago

#13

If moving permanently I agree but if visiting then anyway one chooses. I have opened an HSBC account in UK, will declare myself a non UK tax payer get HSBC to transfer our accounts to branch in Victoria and declare all my income. I believe that anyone permanently living in another country should contribute, quite apart from the illegality of any deliberate avoidance.
I go back to UK for 3 months to terminate our affairs there then back again for good. 'Parting is such sweet sorrow' :-)

1 member reacted to this post

scubaboy Serial expat

872POSTS

13 years ago

#14

Haha... Mik it seems you have grasped the Maltese way already

GuestPoster566 ViP

3692POSTS

13 years ago

#15

Just thinking on about this regarding tax. My understanding is (and I have done some research) I can split our incomes between UK & Malta. What income I bring into Malta, via HSBC and not taxed at source in UK, I declare and pay Malta Tax at the relevant rate.
What incomes I leave in our UK accounts and choose to declare to UK for tax purposes at source and NOT bring in to Malta, remains our capital outside Malta and not subject to Malta taxation.
I am right aren't I? Please say yes!!

Seat 0A Active member

82POSTS

13 years ago

#16

Yes

tearnet ViP

2179POSTS

13 years ago

#17

redmik wrote:
Just thinking on about this regarding tax. My understanding is (and I have done some research) I can split our incomes between UK & Malta. What income I bring into Malta, via HSBC and not taxed at source in UK, I declare and pay Malta Tax at the relevant rate.
What incomes I leave in our UK accounts and choose to declare to UK for tax purposes at source and NOT bring in to Malta, remains our capital outside Malta and not subject to Malta taxation.
I am right aren't I? Please say yes!!

This is from HMC regarding residency and tax -

Remittance basis
This is an alternative basis of taxation which you can use only if you are resident in the UK but not domiciled in the UK, or if you are resident but not ordinarily resident in the UK.
If you use the remittance basis, your foreign income and foreign chargeable gains (where you are a non-UK domiciled individual) are subject to UK Income Tax or Capital Gains Tax only when remitted to the UK.
Resident
There is currently no legal definition of residence for tax purposes. The current rules are based on a mixture of legislation and case law. Residence, in part, depends on the amount of time an individual spends in the UK. However, other non-time factors can be significant, such as accommodation, family, economic interests and social ties. The booklet Residence, Domicile and the Remittance Basis (HMRC6) gives more detail.

So I guess you can do as you say but do you have to let the Maltese tax people know?

Terry

GuestPoster566 ViP

3692POSTS

13 years ago

#18

Thanks folks

Toon Cyprus Expert

10236POSTS

13 years ago

#19

tax avoidance is legal (and i mean legal avoidance such as moving your capital around and using ones tax allowances to their maximum effect not what the likes of Jimmy Carr and top celebs have been doing) but evasion is not.

GuestPoster566 ViP

3692POSTS

13 years ago

#20

toonarmy9752 wrote:
tax avoidance is legal (and i mean legal avoidance such as moving your capital around and using ones tax allowances to their maximum effect not what the likes of Jimmy Carr and top celebs have been doing) but evasion is not.

Agreed and I wouldn't do anything illegal.

georgeingozo ViP

3703POSTS

13 years ago

#21

You only have to report to the Malta taxman income you bring into Malta, or earn in Malta. Tax already paid on this should be offsettable using the double taxation treaty (assuming one exists between Malta and the country concerned - there is one Malta/UK).

There is no tax in Malta for foreigners bringing in capital or capital gains.

georgeingozo ViP

3703POSTS

13 years ago

#22

toonarmy9752 wrote:
tax avoidance is legal (and i mean legal avoidance such as moving your capital around and using ones tax allowances to their maximum effect not what the likes of Jimmy Carr and top celebs have been doing) but evasion is not.

what Jimmy Carr did was legal as it hadn't been declared illegal - if its declared illegal its no longer tax avoidance but evasion.

Toon Cyprus Expert

10236POSTS

13 years ago

#23

Ok - heavily criticised and he pulled out of the scheme through embarassment did he not?

georgeingozo ViP

3703POSTS

13 years ago

#24

oh absolutely - he pulled out the scheme because he accepted it was morally wrong, and was probably advised it was going to be declared illegal as well.

scubaboy Serial expat

872POSTS

13 years ago

#25

Red pm me your UK number as I should be able to save you some money on the Transfer of capital from UK to Malta and also without any Charges.

Julian

Toon Cyprus Expert

10236POSTS

13 years ago

#26

we will see you wednesaday or thursday ok scoobs

SMeddie Contributor

159POSTS

13 years ago

#27

When I am traveling to any EU Country - I transfer money to my Caxton FX Euro Visa card. No ATM Charges in EU and the money loaded on the card is always in Euro but you will be charged if used in UK.

Toon Cyprus Expert

10236POSTS

13 years ago

#28

its more difficult when you are here permanently

scubaboy Serial expat

872POSTS

13 years ago

#29

Cool Toon, See you then, Coffee on me

Permanent transfers into Bank account in Malta is what i can help with, Holiday Money is probably better with these preloaded cards.

Toon Cyprus Expert

10236POSTS

13 years ago

#30

coffee??? your working not me ....LOL good result altho a little lucky.....

scubaboy Serial expat

872POSTS

13 years ago

#31

great result for you guys.. 6 pointer mate with Chelsea Beating Sunderland

GuestPoster566 ViP

3692POSTS

13 years ago

#32

And.............Thatcher's dead

Toon Cyprus Expert

10236POSTS

13 years ago

#33

the biggy this week and pride is at stake.....

tearnet ViP

2179POSTS

13 years ago

#34

redmik wrote:
And.............Thatcher's dead

Hey Frank !

AKA

Toon Cyprus Expert

10236POSTS

13 years ago

#35

just to get this back on topic - has anyone else here used other methods of transferring gbp to euro here...have you found it reliable safe and worthwhile...? and what were the costs involved if any....thanks

GuestPoster566 ViP

3692POSTS

13 years ago

#36

tearnet wrote:
redmik wrote:
And.............Thatcher's dead

Hey Frank !

AKA

gabrio Active member

63POSTS

12 years ago

#37

transferwise.com/u/20e7JTJ]Moving to Malta April 11th, would be gratefull for any info on the best way to finance my stay in Malta from a UK bank acc to try and avoid all the usual bank charges when withdrawing money while abroad.
JTJ

I suggest you one of the best services out there for transferring money from EU to GBP and viceversa, is called Transferwise, if you wish you can use my ref which is transferwise.com/u/20e7 - the more friends you refer, the more free transfers you get with them.

Personally i really like the fact that you know the amounts that will go out, whereas when you transfer say, Euros to Gbp with bank to bank, you never know what the "real" amounts will be since the bank never gives you the real market rate and there's a hidden profit.

Feel free to try it, works beautifully!

Gabrio

gabrio Active member

63POSTS

12 years ago

#38

toonarmy9752 wrote:
just to get this back on topic - has anyone else here used other methods of transferring gbp to euro here...have you found it reliable safe and worthwhile...? and what were the costs involved if any....thanks

Check out my reply and enjoy!

Toon Cyprus Expert

10236POSTS

12 years ago

#39

having used scoobs service via western union I have found it to be quick easy and costs efficient.... and a better rate than any bank, incl hsbc premier with global accounts.

GuestPoster566 ViP

3692POSTS

12 years ago

#40

toonarmy9752 wrote:
having used scoobs service via western union I have found it to be quick easy and costs efficient.... and a better rate than any bank, incl hsbc premier with global accounts.

Agreed, after a few teething problems, caused by my Pension providers, I will hasten to say, it's a great service.
And many thanks to those who went the extra mile to sort things out.
Thanks Julian and Marrieta