View Full Version : What's the best way for minimising bank costs for large transfers to the UK?
bilgar16
04-03-2014, 17:17
I'm just about to sell my apartment. It's taken a long while. Years.
What's the best way I can shift the resulting funds back to UK.
No, I'm not trying to find any 'clever' stuff to avoid tax, etc.
I just feel the money would be safer in a UK bank :)
What really does grab my throat is the swingeing bank charges.
I paid 0.5% on the purchase price for banker's drafts for my current abode.
I thought it would cost me, what, 50-60 quid! It was nearly a thousand.
Is there a SAFE way to go?
timmylish
04-03-2014, 17:44
Just draw cash out and know exactly where you stand, financially.
bonitatime
04-03-2014, 18:05
Remember to cross Spain's border with more than 10.000 euros you need to declare it
Remember to cross Spain's border with more than 10.000 euros you need to declare it
Who do you declare it to ?
bilgar16
04-03-2014, 18:21
Just draw cash out and know exactly where you stand, financially.
It's the initial paying-in that costs so much, probably, as well as the drawing out.
I presume (only having bought, before .. not sold, as now) I'll get a cheque at the notary's. Then pay that in at my bank. That's the first 'hit' - which I would like to avoid :)
languagefan
04-03-2014, 18:23
I used FCG many times for smaller and much bigger chunks of exchange and transfer and they were fantastic and they offer u rates much much better than banks. I checked their background and legitimacy with different UK Financial authorities, and they had an impeccable history/reputation. They have always been very punctual, courteous, and professional.
http://www.foremostcurrencygroup.co.uk
You transfer the money to their account in Spain and they give u the equivalent in pounds in your UK acc.
By the sound of it u have a non-resident bank account here. Check you residential status on your bank system If u have a green residencia open a resident back account to get rid of all massive commissions.
I strongly advise against withdrawal of huge amounts of cash. 2 yrs ago I withdrew 15,000 Euros from Santander after a long argument (all left from my life savings after I had bought myself a flat), my flat was robbed, all my money, and all precious items same night, and the police and guardia only printed me a piece of paper and never came over to investigate the case, or take a finger print.
Good luck
bilgar16
04-03-2014, 18:33
By 'drawing out' I meant drawing-out of where it had gone in the first instance, presumably my high-fee charging bank in Tenerife. Then I've got to shift it, using Transferwise (who I'm quite happy with - done a number of good transactions) to my UK bank.
It's the bank charges at this end I want to minimise, but I can't think how I could do so. Maybe I just have to accept the bank charges here & have done with it. Seems such robbery. though.
languagefan
04-03-2014, 18:36
Book an appointment with your banker and check your residential status on their system, if u have a green NIE, ask them to change your residential status to resident, and it will reduce your bank costs enormously.
A bit of reading for you :
http://www.tenerifeforum.org/tenerife-forum/content.php?159-Selling-Property-Abroad-%96-how-to-save-money
http://www.tenerifeforum.org/tenerife-forum/content.php?158-Advice-for-transferring-money-from-UK-for-pensions-or-regular-payments-abroad
bilgar16
05-03-2014, 12:05
Thanks, Admin. Interesting reading but emphasis therein is as a buyer. I need info. as a SELLER.
I'm not sure the situation works in reverse.
Working at it :)
Now, if I could only work with the buyer - but, of course, I'm having to work with/through the agent.
Watch this space ....
delderek
05-03-2014, 21:56
Thanks, Admin. Interesting reading but emphasis therein is as a buyer. I need info. as a SELLER.
I'm not sure the situation works in reverse.
Working at it :)
Now, if I could only work with the buyer - but, of course, I'm having to work with/through the agent.
Watch this space ....
If its a uk buyer. He could give you sterling bankers draft at the notary. Won't then cost you a penny to pay it into your uk account. And the uk tax man is not so interested as foreign transfers.
Westminster
30-03-2014, 18:48
I have used Moneycorp and found them very reasonable and efficient, check their website.
We where in the same position last year when we sold our property. We opened a euro bank account through Barclays bank in England and the vendors paid it directly into that bank (in euros) no problems
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