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How can I transfer money from credit card to a bank account?

How much money can you transfer into a bank account or onto a credit card before the Inland Rev. ask questions?

  • The money is coming from a remortgage of a property in another country and the payments will be by BACS transfer to a couple of UK banks and also sterling drafts posted to credit card accounts. It is to clear UK debts. It is all legit but is there an amount that triggers a revenue query? etc. Can they see all payments made i.e. posted drafts and electronic transfers? thanks

  • Answer:

    HMRC do not have access to your bank account - I am not sure why you think they would! If they did, there would never be any fraud as no one could hide transactions. If you are ever subject to an investigation where you have to produce bank statements, presumably you would have other paperwork to show where the money came from.

Dm at Yahoo! Answers Visit the source

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The Inland Revenue have no direct access to bank accounts except in very exceptional circumstances. However, an unexpected large transfer of money might lead the banks and credit card companies to look into the possibility of money laundering taking place.

David H

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