We are due to complete in approximately 5 weeks. I need to transfer the balance of monies from an offshore Euro account to Spain as I believe I have to have the money with me on the day of completion. The reason for the offshore account is that I got a good exchange rate 12 months ago and changed into euros and opened the offshore account to hold it. I have been paying the stage payments directly to the developer from this account.

I have an account with Banco Halifax and have been told that if I transfer the money to them ready for completion they will charge me 0.75% commision. This will cost me about 350 eros.

My question is - is there another way I can pay the balance and avoiding commision charges?

-Pay sum to the solicitor from offshore account?

-Pay sum to the develper from offshore account?

OTHER IDEAS?

Any help appreciated

Brian

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You might wish to explore the option of sending funds as "costs paid". By this I refer to the fact that from client experience this should in theory avoid any landing fee or receipt charge being levied by the receiving bank. To physically send funds from the UK the cost is normally low from what I understand although this may differ if funds are held offshore.

In practice funds can then be received in client account or the clients our bank with no charge applied and only a small fee is paid to send them.

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Thank you for the reply Glyn,

Would I - explore the option of sending funds as "costs paid".-  with my Offshore bank or the Spanish receiving bank?

Regards

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Your offshore bank. Clients in the Uk have advised me that when they send funds various options exist vis-a-vis costs and one of these is to send funds as "costs paid" which is designed to avoid any landing fee being applied. In actual fact I seem to remember having seen a copy of a transfer note sent by fax by a client which contained various options and you simply ticked the applicable box. 

In practice it seems to work but its certainly also worth checking with your Spanish bank or your lawyers to ensure their bank will not apply a fee if it is sent in this way.

Regards

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