I have some savings from my previous employment out of UK in my foreign bank current account from which I am not getting any savings.
I want to bring that savings to my UK bank current account. For this a friend in UK asked me to transfer my foreign savings to another account to his family in same country out of UK in return he can transfer me UK Pounds in my UK bank account from his UK bank account. So eventually we both will be able to save a little from extra charges charged by currency conversion platforms like Western Union. All the transactions will be bank based without dealing with handing over cash, Two questions here:
1. Is this process of money transfer/conversion is safe and legal ?
2. Do I need to pay any tax for bringing my own money from foreign bank account to UK bank account? I have already paid tax on my foreign saved money.