Gran Alacant Forum
Gran Alacant Forum => General Discussions => Topic started by: bobw1956 on April 23, 2019, 16:59.
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Just sold our house in Spain,I need to open internet banking to transfer the proceeds,as we are back in the uk,just been told I cannot do so over the phone,anyone had any experience on how I can transfer the money using a currency firm.
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I use HIFX to transfer money out to Spain but I’ve never done it they other way . They are very good in my experience and never had an issue and the rates are usually good
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Just sold our house in Spain,I need to open internet banking to transfer the proceeds,as we are back in the uk,just been told I cannot do so over the phone,anyone had any experience on how I can transfer the money using a currency firm.
I use transferwise never had a problem with them.
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I used TransferWise after our house was sold.
You need to check the transfer limit from your Spanish account and, if necessary, arrange for it to be raised ( I did this by phone from the UK without any problem).
Duncan
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We have accounts with HiFX and Transferwise, but much prefer Transferwise for speed of service and better exchange rates.
Both accounts were opened online.
Prior to completing the sale of our place I investigated the options for repatriation of the proceeds, the method you choose can vary widely in cost.
Using Transferwise for example against our Spanish bank doing the transfer in Euros and our UK bank converting the Euros to sterling gave us just over £2500 more, not to be sniffed at.
From chatting online to Transferwise they would have needed proof of where the funds came from to comply with their money laundering processes, they told me that from receipt of documentation this could take up to 48 hours before the cash was transferred assuming the documentation was sufficient to prove the source of the funds.
In hindsight we were very wise to have booked a hotel to stay in for a couple of nights after the sale to tie up all the loose ends.
On the day of the sale we only left the notary office with our bankers draft and notarised sale documentation about 10 minutes before the bank closed. We managed to get to the bank and deposit the draft with minutes to spare, we had to make an appointment to return the following day to close the account and discuss repatriation of the funds.
On this visit I asked the person who was dealing with us if they converted the balance of our account to £ sterling and transferred it to our uk account how much would we receive in the uk.
Whilst they did this I used the Transferwise app on my phone to cost the same transaction, when they gave me their figure I showed them that Transferwise would deliver over £2350 more....surprisingly within a minutes visit to the managers office they agreed to match Transferwises figure...all but about £50. I let them do it as no proof of funds was required as they had seen the documentation from the notary.
Bit long winded, but I hope it helps anyone selling.
Our solicitor had offered to do this for us and to close our Spanish bank account, they used a one of the big transfer companies who have far better rates than the banks, she obviously wanted a few Euros for doing it.
Regards all
John