Monito.com logo
Menu

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.

info icon

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.

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.

Learn More About Monito
  • Monito is Trusted by 15+ Millions Users across the globe.

  • Monito's experts spend hours researching and testing services so that you don't have to.

  • Our recommendations are always unbiased and independent.

Monito.com

Global Impact Finance Ltd
Avenue de Montchoisi 35
1006 Lausanne
Switzerland

Affiliate Disclosure
Instead of banner ads and paywalls, Monito makes money through affiliate links to the various payment service providers featured on our website. While we work hard to scout the market for the best deals, we're unable to consider every possible product available to you. Our extensive range of trusted affiliate partners enables us to make detailed, unbiased, and solution-driven recommendations for all types of consumer questions and problems. This allows us to match our users with the right providers to suit their needs and, in doing so, match our providers with new customers, creating a win-win for everybody involved. However, while some links on Monito may indeed earn us a commission, this fact never impacts the independence and integrity of our opinions, recommendations, and evaluations.