Moving relatively large amount of money from one account to another

During a summer I worked in Norway and made a decent amount of money (~ $10k). Due to tax reasons, I had to open a bank account there

I am now living (and will soon be working) in the UK and I have another bank account here. I want to move all the money from Norway’s bank account to my current account.

Will moving all the money look strange to either bank, and if so what should I do? Should I move money one chunk at a time (and how spread out)?

My goal is also to have zero money on the other account so I can close it (it has an annual fee).

2 thoughts on “Moving relatively large amount of money from one account to another

  1. Turkeyphant

    Contrary to the other answer, if it’s a large sum of money to you, it’s perfectly acceptable (and normal) to move it in several chunks. 10,000 USD might fall under mandatory reporting limits but if you’re not trying to hide anything, you have every right to do so. Especially given the situation with GBP on forex markets, it would make sense to do this to benefit from dollar cost averaging.

    Similarly, I would make a stronger point of avoiding using your bank’s international transfer option without comparing to the many alternatives which are almost always going to result in paying lower fees overall.

  2. Fattie

    It’s totally 100% OK and normal, no red flags will be raised.

    In fact DO NOT try to “break it up in to smaller amounts” – that WILL raise flags!

    (Note that you may or may not want to bother to try to get the best exchange rate, if so you use one of the exchangers like ofx.com, transferwise, etc etc.)

    It is totally and completely normal that you remove all the money from bank A and move it to bank B – happens all the time.

    Moreover note that you usually do this:

    1. Go in to bank A and explain “well thanks, I am closing my account. I’m moving to the UK actually.”

    2. The person will say “No problem, closing your account. Please give us the details to send all the funds.”

    They will charge you a few fees, figure out the amount to send to the penny, and send it along.

    Note that otherwise, it’s really hard to get “every last penny” out, and it becomes a real nuisance.

    That’s how you do it ! Easy as pie.

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