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HMRC (Her Majesty's Revenue and Customs)
Her Majesty’s Revenue and Customs is the part of the UK Government that collects taxes and duties and administers certain government payment or regulatory schemes. HMRC collects many different types of tax including income tax, VAT, corporation tax and other types of tax.
Individuals or organizations may need to pay tax on, or seek tax relief from money that is being sent or received internationally. Tax liabilities for currency exchange will vary widely by individual circumstance, where money was earned and tax arrangements between the UK and other countries. When filing a tax return, HMRC may ask about money that is held overseas.
Money transfer providers must also comply with HMRC rules to reduce the risk of money laundering and terrorist financing. Money transfer providers will supply certain personal information to HMRC regarding the individual or organization initiating a currency exchange and the intended recipient. Money transfer providers may seek additional verification from customers to meet their regulatory requirements with HMRC.
The Monito Glossary
When it comes to moving money, don't let yourself be bogged down by all the jargon. Explore The Monito Glossary to get up to speed with everything you need to know about money transfers.
Other Popular Money Transfer Definitions
Why Trust Monito?
You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.
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