I am in the process of selling a property which I bought in Cyprus 13 years ago. I have a bank account in Cyprus and was wondering what is the best way of transferring the money back to the UK so I can pay off some of the mortgage which I still have owing on it. Unfortunately I have made a substantial loss. Can I transfer the money straight from my Cyprus account into my UK account or is there a better way which will incorporate less charges? Do I need to declare the money to the Inland Revenue?
Hi Paula, I may be able to help you here, I'm an ex banker and still involved in finance here in Cyprus. The answer really depends on the amount involved and the currency. Assuming you have received Euro in Cyprus and if it's relatively small then transferring from your Cyprus account directly to your UK account could be the way forward. I presume the loan you wish to repay in UK is in Sterling so the issue you will have is how much will you receive for exchange from Euro to GBP. As you state that you have made a loss on the property, the only light I guess is that the GBP / EUR exchange rate is in your favour at the moment.
If you don't use your Cyprus bank you could use a foreign exchange service, I used Transferwise that last time I needed this service, but there are no shortage of alternative companies in Cyprus. Do a comparison of both services though. As what your Cyprus bank would convert to GBP at and how much it would cost to send so you have a good benchmark to work from.
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