Money Moving Post Brexit

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Al
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Money Moving Post Brexit

Postby Al » Tue Jun 19, 2018 3:08 pm

Like a lot of people who have moved here from the UK, we have pensions paid directly to us in Greece by our pension agency. Saw our accountant the other day and he told us that some were stopping direct payments from the UK and instead, transferring the money themselves from a UK account. He said this was because of fears over Brexit. Has anyone else heard of this? What do you think??

Jeffstclair
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Re: Money Moving Post Brexit

Postby Jeffstclair » Tue Jun 19, 2018 3:56 pm

I think that most folk do that anyway , Having a UK bank account to have your pension paid into and only moving what you need to pay bills into your greek bank account would be my preferred option....If the UK leave the EU ,having a state pension paid into a UK bank might mean the pension does not get frozen at the level it is at the point the UK leaves ....heavy emphasis on the word might ...'cos no one really knows ....

filippos
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Re: Money Moving Post Brexit

Postby filippos » Tue Jun 19, 2018 8:08 pm

Ever since buying a house here (1998) we've had money paid into UK banks and periodically transferred blocks here as required every a few months. Bearing in mind we're due for another financial crash at any time we've recently taken to spreading the lumps into different accounts and also converting rather more than usual into cash rather than keep everything in digital form. When the banks freeze up again we'll still be able to buy food.

Kilkis
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Re: Money Moving Post Brexit

Postby Kilkis » Tue Jun 19, 2018 9:32 pm

I also have UK pensions paid into a UK bank account and then move lump sums, as needed, to a Crete bank account using Currency Fair to convert from Sterling to Euro. I have found this to be the most cost effective way to do it.

There is a slight problem with this method for anybody who gave up having UK bank accounts when they moved to Crete. All UK banks stipulate that you must be UK resident in order to open a UK bank account. Many banks will allow you to continue with an existing account if you move abroad but, in theory, anybody who is Greek resident and doesn't have a UK bank account cannot open one. In reality there are a few banks who will allow you to do so providing you do so in person at a branch, although their terms and conditions do not say so. I think HSBC, Barclays and Clydesdale and Yorkshire Banking Group will do allow this but I cannot guarantee that as I have never tried to do it. Since Virgin Money has now been acquired by CYBG they may also allow it once the deal is complete. I don't know of any others.

Warwick

TweetTweet
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Re: Money Moving Post Brexit

Postby TweetTweet » Wed Jun 20, 2018 12:56 pm

Waewick said:

I think HSBC, Barclays and Clydesdale and Yorkshire Banking Group will do allow this

I can confirm that Clydesdale is happy to open an account for a non UK resident and they do require you to present yourself to open an account. As far as I know they will only open accounts with very limited functionality - i.e. they will not send money to Greece.

I also use Currency fair if I need to raid that particular account. :)

mouche
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Re: Money Moving Post Brexit

Postby mouche » Wed Jun 20, 2018 1:37 pm

filippos wrote:Bearing in mind we're due for another financial crash at any time we've recently taken to spreading the lumps into different accounts and also converting rather more than usual into cash rather than keep everything in digital form. When the banks freeze up again we'll still be able to buy food.


Have you also dug a hole in the groubd and stored food since money will have no value? :roll:

Jeffstclair
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Re: Money Moving Post Brexit

Postby Jeffstclair » Wed Jun 20, 2018 2:23 pm

Hopefully , Olive oil, wine ,raki, eggs ,tomatoes, firewood and friendship.. will still have value so we will all be OK :D

paul g
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Re: Money Moving Post Brexit

Postby paul g » Thu Jun 21, 2018 8:56 am

Don't forget the sunshine.

filippos
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Re: Money Moving Post Brexit

Postby filippos » Thu Jun 21, 2018 9:13 am

mouche wrote:
filippos wrote:Bearing in mind we're due for another financial crash at any time we've recently taken to spreading the lumps into different accounts and also converting rather more than usual into cash rather than keep everything in digital form. When the banks freeze up again we'll still be able to buy food.

Have you also dug a hole in the groubd and stored food since money will have no value? :roll:

Are you really a fool or just try to make yourself appear like one by extrapolating from comments of others to allow you to comment on something they didn't say, deliberate misrepresentation or a failure of understanding simple English (making allowance for the fact that's not your native language.
Physical money will have no value if/when it is permanently withdrawn as legal tender but I can't see where I suggested freezing of the monetary system would be permanent. Think back to the most recent financial crisis. The international monetary system froze because major banks around the world stopped trusting one another largely because of the plethora of complex 'financial instruments' they'd created; nobody knew who owed how much to whom. To unfreeze the system governments poured in huge amounts of money to prop up major banks and other big financial operations. In several countries banks closed completely for a week or more, depriving everyone of access to their money. After a short period of complete closure some countries introduced capital controls and allowed citizens strictly limited access to their money. You do remember that happened here and that capital controls remain in place in a less limited way.
When the next crisis occurs it will be worse than the last one and it's near certainty that the financial system will freeze again and remain so for longer but money in its present for will still retain value while people still believe they have money although they can't access it or can access it in only small amounts.
A recent event in the UK was an example of what is probable. TSB (Trustee Savings Bank) 'upgraded' their online banking facility but made such a complete mess of it that thousands of customers were denied access to their money, some for a week or more; it was not possible to obtain cash from branches or ATMs and debit/credit cards couldn't be used. This in a country where over 85% of transactions are electronic (there's one Scandinavian country where more than 90% of transactions are electronic) and use of 'touch and pay' cards is almost universal. Some people have become so reliant on cards they couldn't even buy a coffee in Starbucks or a pint of beer in a pub let alone a week's shopping in a supermarket.
It's obvious you have a vivid imagination so use it to think how it would be if that happened if every bank in a country shut down for even a month.

Kilkis
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Re: Money Moving Post Brexit

Postby Kilkis » Thu Jun 21, 2018 9:52 am

When cash finally disappears, as governments around the world want and are pushing for, we will have surrendered all liberty.

Warwick

Kamisiana
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Re: Money Moving Post Brexit

Postby Kamisiana » Thu Jun 21, 2018 10:26 am

which for me is why cash is king never purchased anything in a shop with debit or swipe card in 60 odd years its pathetic in the uk watching and queuing behind people buying a packet of chewing gum or a news paper with a debit card and there is no way when they get their bank statement at the end of the month they know what they have spent after hundreds of purchases they just take it for granted the bank is right and they have not been scamed and here in Greece who knows what could happen, for me cash in the bank today out of the bank tomorrow.

paul g
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Re: Money Moving Post Brexit

Postby paul g » Thu Jun 21, 2018 12:23 pm

my accountant has told me I must use my debit card as much as possible, and have been told by someone else that fines will be imposed if you don't use credit/debit cards.

mouche
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Re: Money Moving Post Brexit

Postby mouche » Thu Jun 21, 2018 2:00 pm

filippos wrote:
mouche wrote:
filippos wrote:Bearing in mind we're due for another financial crash at any time we've recently taken to spreading the lumps into different accounts and also converting rather more than usual into cash rather than keep everything in digital form. When the banks freeze up again we'll still be able to buy food.

Have you also dug a hole in the groubd and stored food since money will have no value? :roll:

Are you really a fool ......


Affirmative. :roll:

filippos
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Re: Money Moving Post Brexit

Postby filippos » Thu Jun 21, 2018 5:22 pm

paul g wrote:my accountant has told me I must use my debit card as much as possible, and have been told by someone else that fines will be imposed if you don't use credit/debit cards.
Things may have changed and it's the first I've heard of fines for non use of cards. My understanding is that Greek taxpayers will be penalised by reductions in their 'personal allowance' if spending on cards is below a set threshold but I haven't paid much attention to the details as I'm still a UK taxpayer with no income arising in Greece.

We'll probably get an answer from Warwick soon.

Kilkis
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Re: Money Moving Post Brexit

Postby Kilkis » Thu Jun 21, 2018 6:15 pm

Filippos is correct. People who are tax resident in Greece and assessed for tax on their worldwide income in Greece can qualify for a tax rebate. It is roughly equivalent to having a tax free allowance but administered in a different way. In order to qualify for the full rebate they must spend a certain percentage of their income electronically, i.e. debit/credit card or online transactions. People over a certain age can opt to submit paper till receipts instead, because people of our age are obviously too stupid to use a card. If you don't meet the necessary criteria then the rebate is gradually reduced to zero. I am not sure of the exact percentage or the age but I will try to find out next week.

If you are not tax resident in Greece then it doesn't affect you, even if you pay some tax here, because you don't qualify for the rebate anyway. There is no fine.

Warwick


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