Transferring house sale money to UK
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- Andalucia.com Amigo
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Transferring house sale money to UK
I would be grateful for advice of the best way to transfer the money from a sale of a house in Spain to the UK. I have a Spanish bank account but at the moment no UK account, I believe that I would have to be in the UK to open an account so the sale would have already taken place before I was there.
Re: Transferring house sale money to UK
I suppose you could get a bankers draft and take it to the uk with you. Once your uk account is open which can happen very quickly then deposit the draft. Overseas bank drafts do take a time to clear.
Another thing you will need to registered on an electoral register in the UK to open an account with proof of address.
Another thing you will need to registered on an electoral register in the UK to open an account with proof of address.
Re: Transferring house sale money to UK
What about one of the money transfer companies that have been recommended on here in the past, or is that too risky with a large sum? They would hold it and then transfer it to the new UK bank once opened. When I have used them in the past they held the money then kept me up to date with the exchange rates and told me the best time to actually do the exchange.
I once took a bankers draft from here to France and it took 3 months to clear, even though it was all in euros. Paris blamed and Madrid blamed Paris. The reason I took a bankers draft was that the Spanish bank wanted such a huge sum to transfer it to the French account .... I thought I was saving money .... ha!
I once took a bankers draft from here to France and it took 3 months to clear, even though it was all in euros. Paris blamed and Madrid blamed Paris. The reason I took a bankers draft was that the Spanish bank wanted such a huge sum to transfer it to the French account .... I thought I was saving money .... ha!
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Re: Transferring house sale money to UK
If you use use a company like Currencies Direct the money can be paid straight to them by-passing your Spanish bank account and saving several hundred euros in bank charges. Then you can open your UK bank account and have the funds paid into it when you are ready.
Currencies Direct hold the money of clients in separate accounts which are protected in the unlikely event that they get into financial difficulty.
Currencies Direct hold the money of clients in separate accounts which are protected in the unlikely event that they get into financial difficulty.
Re: Transferring house sale money to UK
As the above two posts say, use a money transfer company.
You can pay in your money in Euros and, usually, set a minimum exchange rate for it to be exchanged into GBP. When your rate is reached it is exchanged in GBP
When you have a UK account you can transfer the money into your account.
Cheers
Gerry
You can pay in your money in Euros and, usually, set a minimum exchange rate for it to be exchanged into GBP. When your rate is reached it is exchanged in GBP
When you have a UK account you can transfer the money into your account.
Cheers
Gerry
Gerry Harris
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- Andalucia.com Amigo
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Re: Transferring house sale money to UK
Thanks for your answers, I will look into currency direct, I used them when I came here 16yrs ago and was very satisfied
Re: Transferring house sale money to UK
I would want some guarantee of where the money is held. Barings Bank went skint so you can't say it won't happen.
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Re: Transferring house sale money to UK
Info in sending money safely: https://mascdn.azureedge.net/cms/final- ... y-2011.pdf
Don't worry about what people think, they don't do it very often
"Acquiring a dog may be the only opportunity a human ever has to choose a relative," Mordecai Siegal 1935-2010.
"Acquiring a dog may be the only opportunity a human ever has to choose a relative," Mordecai Siegal 1935-2010.
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Re: Transferring house sale money to UK
Currencies Direct use Barclays.
- peteroldracer
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Re: Transferring house sale money to UK
Be careful that you know which transfer firm you are signing up to - I found the process onerous and not helped that I lost track whether it was Currencies Direct or Currency Direct that I was intending to use.
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Re: Transferring house sale money to UK
When transfering from spain to the uk using currencies direct it went into i think caixa bank then to my uk account
Re: Transferring house sale money to UK
Good point, especially if hundred thousands is involved. One currency firm that folded had raided the client account!costakid wrote:I would want some guarantee of where the money is held. Barings Bank went skint so you can't say it won't happen.
Are bankers drafts still used? We had them when we sold. Was shocked to find out that if paying it into our Spanish account they would have been a charge of 0.5% which can be thousands. We paid the drafts into Nat West and got business rate. Took ages to clear though. the bank of Spain holds on to them for ages, spoke to them a couple of times in Getafe.
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- Andalucia.com Amigo
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Re: Transferring house sale money to UK
Many thanks for all the replies, I have been in touch with Currencies Direct and they still had my name on their list so I will stay with them.
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