PDA

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

kathml
04-03-2014, 18:19
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.

admin
05-03-2014, 00:42
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.

CeeCee
03-04-2014, 15:43
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