Money Transfers

Post reply   Start new thread
:: New - Old :: Old - New

Pages: 1 |

Forum home :: Latest threads :: Search forums
The Comments
21 Feb 2021 18:57 by AMND Star rating. 1 posts Send private message

Hi, I am trying to purchase a property here and need to transfer about 170,000 pounds to pay for it. Can anyone give me some advice on a reliable and reasonable way to do it? Am I safer doing it via the bank? I have a Caixa account.

 

 

 

 

 

 





Like 0      
21 Feb 2021 20:08 by Kavanagh Star rating in Oil Drum Lane Newcas.... 1099 posts Send private message


_______________________
There is enough in the world for everyone, but not enough for the greedy!



Like 1      
22 Feb 2021 08:45 by windtalker Star rating. 1776 posts Send private message

I purchased a Villa 2 year's back.. and I transferred the money via my UK Santander account to my Spanish Santander account it cost me £15.00 to arrange the transfer ..you must first transfer your sterling into euro's in the UK .. then transfer the whole amount to your Spanish bank account in euro's otherwise the Spanish bank will charge you for receiving sterling...this is the second time I have transferred a significant amount over to Spain to make a property purchase ..the first time I did it was 15 years ago ..I did this through a money transfer company ...but I would not recommend this now due to a few of them going bust and people losing large amounts of money .. these money transfer companys are generally not regulated..I do use a company called Transfer wise to send over small amount on a monthly basis to pay the bills and so forth ..I would need to think about sending large amounts through Transfer wise.

 





Like 1      
22 Feb 2021 10:19 by baz1946 Star rating. 2226 posts Send private message

Presume you have asked your bank, if you are a UK person that is, if they deal with your Spanish bank, otherwise how else would you get the money to Spain? Cash in your pocket so to speak.



Like 1      
22 Feb 2021 15:34 by acer Star rating. 1426 posts Send private message

Had a few property transactions over the years and wish I had taken advice at the outset.  Like most folk I used my bank which was both expensive and slower, but learnt my lesson and realised the better route is through the specialist transfer banks. 

Used HIFX (now Xe) and World First in the past and Transferwise more recently - they are all provide excellent service and have a far sharper pencil than any UK/Spanish high street bank, Trustpilot reviews say it all.  With larger amounts for security I reckon it's good to send the money in tranches whoever you use, when possible.



_______________________
Don't argue with an idiot, he will drag you down to his level and beat you with experience.



Like 1      
22 Feb 2021 16:02 by Kavanagh Star rating in Oil Drum Lane Newcas.... 1099 posts Send private message

Kavanagh´s avatar

Hello acer

I did not know specialist transfer companies were banks and therefore offer full security.



_______________________
There is enough in the world for everyone, but not enough for the greedy!



Like 1      
22 Feb 2021 16:59 by tteedd Star rating in Hertfordshire & Punt.... 978 posts Send private message

If buyer and seller are both form the UK, consider handing over a certified cheque at the notary. You could avoid two lots of transfer and exchange fees.

We did just this with a BS cheque when we sold our bungalow in Mazaron.

Unfortunately the pound weakened before we decided that we did want another property in Spain afterall!





Like 1      
22 Feb 2021 17:26 by dcp21 Star rating in Mold. 12 posts Send private message

Sent mine via Transferwise to a client account with my lawyer. Sending in a few chunks as mentioned below, isn't a bad idea. I sent my cash over on a Thursday evening and it did take until Tuesday for it to reach my lawyer's account so it was a worrying few days. You also have a window to cancel the transaction prior to sending cash to Transferwise in case the rate improves. Could be an easy £50 if the wind is in your favour! 





Like 1      
22 Feb 2021 18:14 by acer Star rating. 1426 posts Send private message

That's a good call dcp21.

There's a typo in yours tteedd, I think you meant "from the UK" which seems a great idea when appropriate.

Yes I'm aware of the legal difference in status Kananagh - of course banks etc have the £80,000/€100,000 limitation under the FSCS scheme (etc) too. 

Not sure there's a perfect solution, everyone must make their own choice, but personally I feel comfortable using one of the massive mainstream specialists mentioned and then sending the cash in stages where appropriate.  But for sure, if you want a better exchange rate don't use your high street bank.  The difference can be several thousand pounds.



_______________________
Don't argue with an idiot, he will drag you down to his level and beat you with experience.



Like 1      
22 Feb 2021 19:39 by Kavanagh Star rating in Oil Drum Lane Newcas.... 1099 posts Send private message

Kavanagh´s avatar

Hello AMND

Beware of misinformation.

The term ‘’specialist transfer banks’’ could be misleading. Apparently they do not exist. Specialist transfer companies have no compensation scheme if they go bankrupt.



_______________________
There is enough in the world for everyone, but not enough for the greedy!



Like 2      
23 Feb 2021 12:05 by acer Star rating. 1426 posts Send private message

Kavanagh, you seem to nitpick a lot - do you have any positive comments to make?



_______________________
Don't argue with an idiot, he will drag you down to his level and beat you with experience.



Like 3      
23 Feb 2021 12:28 by baz1946 Star rating. 2226 posts Send private message

I don't know if people have been to their banks when the transfer of money is needed and have had a good chat with them because the last house I sold in Spain the sale proceeds went into my Spanish bank account, I had a talk with the lady bank person that dealt with transfers and basically she told me that the rate on this day wasn't as good as it was, lets say yesterday, we both agreed that I would come in about 11am every day or so to see what the rate was, I took a punt after about a week on the days rate, transferred the amount over and ended up with 800€'s more on the amount, and their charge was minimal. I also closed down one account at a different bank, no questions asked, transferred over no problem. I did once use one of the money exchange people and to be honest from my point of view it wasn't worth the hassle after I worked it all out, have never used them since, I use my UK bank now to transfer money to my Spanish account and they still even now beat others, it gets to Spain within the day also of course many people will differ, and it has to be said, truthfully, I hate banks, just my take on it, maybe I have been lucky.



Like 2      
23 Feb 2021 13:20 by Kavanagh Star rating in Oil Drum Lane Newcas.... 1099 posts Send private message

Kavanagh´s avatar

The OP has asked for guidance on a precarious subject, it is superior to tell the legitimacy even if off-putting than make ambiguous statements when it’s not your money.

You say a ‘’specialist transfer company’’ is the better route, can you assure the OP £170,000 is 100% safe as a bank to bank transfer which offers a compensation scheme?



_______________________
There is enough in the world for everyone, but not enough for the greedy!



Like 2      

Pages: 1 |

Post reply    Start new thread


Previous Threads

Let me help you! Expat in Spain (Andalusia) - Anything that needs to be done on your property... - 0 posts
New-Build Property and Guarantee Insurance - 2 posts
Playa flamenca Jumilla complex - 1 posts
Non-Lucrative Residence Visa - 20 posts
3% retention - 9 posts
Banco Santander, Manilva (San luis de Sabinillas) email address known? - 3 posts
New buyer location advice - 2 posts
looking to rent and then buy in Chantada/Rodeiro area - 2 posts
Bank Charges - 19 posts
Desk Top Computer Shops - 5 posts
Importing car to Spain post Brexit - 1 posts
Community AGMs - 6 posts
Import duty - 2 posts
Taxes on gift ? - 0 posts
Property Finders - worth the money? - 20 posts
What is going on now in general in Spain? - 4 posts
bank charge for money transfer - 42 posts
90 days - 6 posts
'New' tax on income from property. - 21 posts
toy poodle puppies - 2 posts
Volunteer work - 4 posts
CGT - 0 posts
WINTER RENTAL SPAIN - 6 posts
Early termination of long term lease - 4 posts
Non residents tax being rejected by bank - 3 posts

Number of posts in this thread: 13

DISCLAIMER:  All opinions posted on these message boards are the opinion solely of the poster and do not necessarily reflect the opinion of Eye on Spain, its servants or agents.


1 |
Our Weekly Email Digest
Name:  
Email:
   


This site uses cookies. By continuing to browse you are agreeing to our use of cookies. More information here. x