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Jakob Durstberger07:03:15

Good Morning 🙂


It's not until you start tallying what you have in your cupboards/fridge that you realize how much food you have.


UK related question. I have some money in an Icelandic bank account and I want to move it over here to the UK (I suspect the Icelandic economy is going to take a larger hit than the UK one and there will be high inflation). Would I have to pay taxes on this amount, anybody know? I'm quite a noob when it comes to taxes here in the UK


there are no taxes on savings in the uk @glfinn83 (except on the interest on them)


I suspect that if you move your money in to the sweatshop ebanking service revolut then there wouldn’t be much of penalty if moving from currency x to currency y


I was just thinking of the exchange rate penalty…


@mccraigmccraig No I mean, they see a sum coming over and they'll ask themselves, did he sell something and does he owe us something


Yeah, but I suspect that the fees + exchange rate loss will be minor compared to the how the Icelandic Króna will fair in the next years


oh, sure, i guess that might be a thing - and you should check that there are reciprocal agreements in place with iceland so that if you've already paid appropriate tax on the sum there for any relevant transactions then you won't have to pay again


if it's a good chunk you should be able to negotiate a decent transfer fee too - transferwise is pretty good and very convenient for small sums, but you can do better for larger sums with other services (i've used worldfirst in the past)


Cool thanks


@dotemacs beware with revolut and similar fintech, they all have to ask and justify tthe origin of large transfers, therefore be ready to have proper paperwork. Revolut has been known to be rather slow in some cases to release funds.

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