July 5, 2017

Finances

Oh yes, people have lost a lot of money, just by using normal bank transfers instead of modern possibilities of the internet (me included). Here are two tipps of how to save money in London with bank transfers and taxes.

Chose the right bank

Obviously there are many factors that make a good bank but in terms of money saving it is absolutely necessary that you chose a company which offers a free account with no fees. There is quite a choice and it is worth to compare the different banks.

Money.co.uk has summarised what´s available on the market.

 

 

 

 

Use Transferwise for international money transfers

You want to change money or make a normal international bank transfer? Let´s make it short: Use Transferwise.com or similar websites! It is secure, fast, easy and cheap. If you want to compare different providers you can do that here but personally I have made great experience with Transferwise. Make sure to follow my links in order to get your first transfer up to 500 € for free.

The fees depend on the sending/receiving countries but they are much lower than the standard bank fees. Check out the pricing calculator to find out how low the fees are. There is also an App for mobile use. In order to send or receive money, you´ll need a british bank account. If you are just visiting the UK, maybe a friend could help you out.

Claim a tax return

You are working in London and you are regularly paying taxes? It certainly depends on the time you are spending in London and also on how much money you make but it might be that you are eligible to a tax return.

Many students for instance will find it helpful that a tax year goes from the 1st of January until 31st of December, while most semesters start in September. If you work enough that they deducted taxes on your paysheet, you´ll have a good chance of getting them back, because they will consider in their calculation that you haven´t earned anything in the months before. Same story counts if you leave the UK before the end of the year.

If you want to claim your tax return, you can do it here: Claim your tax return!