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gruffydd

Moving Money From One Currency To Another For House Purchase

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I'm moving to Germany and wondering how best to move money from £ to Euros, without losing on exchange rate and other fees, for house purchase? Any thoughts welcome.

Then the thought occurred to me - all these foreign buyers coming over here - don't they get whacked in the same way when they transfer money over to £ for purchase? How does it work?

Edited by gruffydd

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Don't know much about the subject but my pal uses World First, on recommendation of his other pal (just on peer review), but if moving any sort of money do proper research.

______________

Remember what occurred with a currency exchange company... Crown Currency Exchange in 2010.

http://www.moneysavingexpert.com/news/travel/2010/10/fears-over-missing-cash-as-crown-currency-exchange-goes-into-administration

I've used Travelex just for simple currency exchange (not transfer), but apparently they do transfers. Research and cost checking.

https://www.travelex.com/money-transfers

Got a newspaper cut out from paper 21 June 2015 ; 'The founder of Travelex has sold his mansion in northwest London for £28m.'

Trevor Abrahmsohn of Glentree Estates, which jointly marketed the house said the sale was "one of the first fruits on the election".

Refused an offer of £26m before election, then same buyer offered £2m more after Conservatives won, which he accepted. (Originally on market at £32m in 2014).

http://www.thesundaytimes.co.uk/sto/business/Companies/article1571569.ece

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Typo correction: "one of the first fruits of the election". :)

25z318m.jpg

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Transferwise seems good. https://transferwise.com/

We have used them for smallish amounts. (GBP --> EUR.) And a friend uses it. (I think for monthly amounts GBP---> EUR.) I have only read good things about them online. Nb There might be an upper limit per transaction but you could be multiple transactions if needed I suppose?

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If it's a large sum you could phone your bank and ask them for a special quotation. I did this and they (Barclays) came back with a price that was 10% of their original quote.

There are a number of online FX companies that charge peanuts, but I wouldn't risk it with a sizeable sum.

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Dont know how it works in Germany but in Spain if you open a non resident Spanish account at Sabadell and opt for the current key account you pay a charge of 96 euro per year (paid quarterly ) all your £ to Euro transactions and most of your banking are free.The rate you receive is very close to the rate shown on the FX on the day it takes place, I find this very good and as I have money transferred regularly makes life so much easier, however there is a limit on a large amounts for say a house purchase / sale the max allowed per transaction believe its around 75000 euros.

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I moved to Germany a number of years ago and transfer a lot of money back to the UK

I have always used transferwise, and never had a problem. At one point I did have to send a copy of my passport, after the first 30,000 euros or so, but it was a painless experience and only delayed 1 transfer by a day or so.

Are you transferring enough to buy a house for cash or just the deposit? I have always done it in 2500 blocks and its done in a day or 2

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Most of the big financial institutions will transfer larger sums on terms much closer to money market than tourist rates.

When I was making contract income in US$, I recollect there being a threshold above which you'd get a spot rate instead of a tourist rate converting back to £. 25k springs to mind, but I can't recollect whether that was £ or $. That was Barclays (with whom we had a dollar account at the time), though I daresay you'd get something similar elsewhere.

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I'm moving to Germany and wondering how best to move money from £ to Euros, without losing on exchange rate and other fees, for house purchase? Any thoughts welcome.

Then the thought occurred to me - all these foreign buyers coming over here - don't they get whacked in the same way when they transfer money over to £ for purchase? How does it work?

BACS transfer.

no problem.

nearly all banks internationally have IBAN code.

you will also get a reasonable rate of exchange, as the banks themselves operate using the FOREX rate.

if you are buying a house, then ask the vendor to speak to their solicitor, and get them to nominate an account in the host country.

after that, just get them to supply the IBAN code and account number, and then talk to your bank to arrange the transfer.

As somebody else on here said, you might be asked for your passport details or some official ID(I think the limit to declare is €10000 or over, but it's straightforward enough).

Might take 5-7 working days to complete.

Edited by oracle

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I have used HIFX, Ozforex, and a couple of banks. Banks comes last in terms of cost and customer service. You'll need to get ID'd by HIFX and Ozforex first -but pretty simple process in my experience.

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I have used UKforex.co.uk in the past for large sums. Had the advantage that you could 'park' money with them at a negotiated spot rate even if you didn't need to pay it out immediately and then release it when it was needed. Useful if you think the rate is going to move against you before completion. Very simple to use and excellent staff assistance.

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