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Transfer of €uros (property sale) from France to UK Bank A/c

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Transfer of €uros (property sale) from France to UK Bank A/c

Old 13th Mar 2019, 15:37
  #1 (permalink)  
pzu
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Join Date: Jul 2002
Location: N Yorkshire, UK
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Thumbs up Transfer of €uros (property sale) from France to UK Bank A/c

Surprisingly in these 'Brexit' times it looks like our French property sale is going through!!!

All being well will have some €90K to transfer back to UK from French € bank account to Four UK accounts

Any suggestions (sensible)

Cheers

PZU - Out of Africa (Retired)
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Old 13th Mar 2019, 15:50
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I use transferwise but for that amount it could be problematic.

Ask yoru bank if they will book you that day's commercial rate.
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Old 13th Mar 2019, 15:57
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Join Date: Jun 2009
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You mention 4 accounts. Worth running the plan past a financial advisor to be aware of the obvious gift / income / CGT issues
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Old 13th Mar 2019, 15:59
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Join Date: Aug 1999
Location: Hyeres, France
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We have regular UK > France remittances and having tried lots of different FX agents, we settled on this one a few years ago and remain very satisfied with both rates and service.

https://transferwise.com/
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Old 13th Mar 2019, 16:08
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Join Date: May 2005
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Another vote for Transferwise. I use it every month and have no complaints. But 90,000EUR is a bit more than my monthly salary!
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Old 13th Mar 2019, 17:19
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Originally Posted by Jetstream67 View Post
You mention 4 accounts. Worth running the plan past a financial advisor to be aware of the obvious gift / income / CGT issues
Least of worry in first instance. Bank will flag as potential money laundering in first instance until proven otherwise.

Hence why speaking to your bank and seeing will they book a commercial rate on a particular day and minimise the fees. Provide them with details of transaction in advance so it is something they are expecting.
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Old 13th Mar 2019, 17:31
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It goes without saying that you should pick your moment. The peak value was 1 Euro=£0.98 in Dec 2008 and the lowest was 1 Euro = £0.62 in July 2002 just after it's inception. It's currently hovering around 1 Euro = £0.86 but I'm not expecting it to stay this high much longer.
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Old 13th Mar 2019, 18:08
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Join Date: Mar 2010
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Try to find someone like me four years ago who wants to do the reverse transaction £ > € .
No hassle, no commission, no worries !
oldchina is offline  
Old 13th Mar 2019, 20:43
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Join Date: Jan 2003
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Pound is temporarily high at the moment. With 90K Euro you should be able to open a Euro account at a UK bank. Transfer will cost you a few dollars, (or you could just write a euro cheque, it will take four weeks for the money to be available) and change it to pounds at your leisure. We have done that in the past, though the rules seem to get more difficult every year.
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Old 13th Mar 2019, 21:09
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Least of worry in first instance. Bank will flag as potential money laundering in first instance until proven otherwise.

Hence why speaking to your bank and seeing will they book a commercial rate on a particular day and minimise the fees. Provide them with details of transaction in advance so it is something they are expecting.
​​​​​​Sorry but no.

1. The bank will not consider you a money launderer if you are transferring the proceeds of a house sale
2. The very last place to go for transfer rates is your bank. They will screw you rigid. I cannot conceive of any situation where they will give you a 'commercial rate'. They will only offer you a bank retail rate which will give them a very generous spread.
3. No quality transfer company will charge fees for such a value and will have a lower spread than a retail bank.

As of this instant, XE will give you £75.5k for your 90k€ with no fees. Whether this is the right time to transfer of not is your decision. Good luck.
strake is offline  
Old 13th Mar 2019, 21:18
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Originally Posted by strake View Post
​​​​​
2. The very last place to go for transfer rates is your bank. They will screw you rigid. I cannot conceive of any situation where they will give you a 'commercial rate'. They will only offer you a bank retail rate which will give them a very generous.
Hear hear !
I ‘ve used Transferwise over the last twelve years ( but only UK to France) without any problems whatsoever..... but perhaps you ought to consider one of the ‘new’ on-line banks - I now use Starling. It’s all on line and absolutely excellent.
Perhaps ring their helpline and see what sort of deal they can offer ..
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Old 13th Mar 2019, 21:23
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I use Currencyfair.com, over the last five years I've moved about €500k with them.
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Old 13th Mar 2019, 22:38
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Originally Posted by strake View Post
​​​​​​Sorry but no.

1. The bank will not consider you a money launderer if you are transferring the proceeds of a house sale
Receiving bank will flag these internally especially as it is being transferred to 4 accounts. Unless information they already aware of then they will have a look at what is happening.
So how exactly would receiving bank know what the cash is from unless they have been told ?

2. The very last place to go for transfer rates is your bank. They will screw you rigid. I cannot conceive of any situation where they will give you a 'commercial rate'. They will only offer you a bank retail rate which will give them a very generous spread.
On a house sale in France I got a commercial rate from NatWest that was so close to what I could get elsewhere that stayed were I was. Business side I was dealing with were happy to do so and having provided documents to prove origins that was it. This done last November. I have used transferwise since 2014 started but doing it via own bank was not something I expected. Maybe Business account manager did me a deal but didn't care as suited me.
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Old 14th Mar 2019, 22:35
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Join Date: Apr 2004
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HiFx is the company I have used.
Always a good rate for larger amounts. 5000+.
Biggest I did was 63000 Euros. (Redundancy money)
Transfer done in about 3 days.
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Old 15th Mar 2019, 11:06
  #15 (permalink)  
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Another vote for XE, (XE and HiFx are now one and the same company). Best by a long way in terms of ease and speed as well as rate has been my experience for a few years now. www.XE.com
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Old 15th Mar 2019, 14:08
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Transferred some EUR to the UK last year. I had a financial advisor who ‘introduced’ me to three companies who would give me mates rates. Cut a long story short, it was cheaper overall - and a lot easier - to use my bank. For a large amount they were offering spot rates so, having set things up with their forex department, all I had to do was watch the rates until I was ready to go, call them to check what they would offer and then send a mail to instruct them to go ahead. FWIW, things got more difficult in the UK ‘cos the bank there would only let me transfer it out at in small chunks each day which caused me some unexpected problems!
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