Bank Charges

[Jazza64]

Has anybody transferred the proceeds of a house sale from Spanish Bank to U.K. If so what are the likely bank charges for an international transfer. (Sabadell). T.I.A.

[keith edwards]

Hi Jazza
Are you not able to pay the proceeds of a property sale direct into a UK account?
Would make a lot of sense if you could 😎
If anyone could give a bit of guidance it would be appreciated.
Cheers
Keith

[Jazza64]

Hi Keith
It will be a Euro cheque so don't think possible to pay into UK account.
I'll try & call the bank next week.
Thanks

[Archer]

I seem to recall that Santander wanted to charge for depositing a large cheque. So, I got a transfer to a new Banca March a/c setup for the purpose. Same bank as the buyer.
Then I simply used Transferwise to move/exchange the money on days when the rates were most attractive. Worked for me.

[keith edwards]

Hi Jazza
Just back in UK and checking out Transferwise exchange rates as you do  .
I noticed they have a new free 'borderless account' that allows you to keep up to 40 different currencies in that account for free in readiness to exchange when the time is right.
Transfer your euro sale proceeds into it and then out again into UK account when rates are good.
Check it out it may be just what you're looking for.
Cheers
Keith

[Archer]

We use the borderless a/c a fair bit. But, not advisable to keep the proceeds from a house sale in there. Despite what they say about guarantees, you wouldn't want to lose the lot!!

[Jazza64]

Thanks for your replies but I see that Transferwise is not covered by the financial services compensation scheme so would be too risky to deposit proceeds in there.

[Archer]

Not much is safe these days. Move a bit at a time 

[Lexeus]

I personally use currecnyfair. As you highlighted these Foreign exchange companies are commonly not protected by the financial services compensation schemes, but they aren't bank accounts in the traditional sense, and many don't even pretend to be. Currencyfair is regulated by the bank of island though, and although not going to be indemnified by the government, they are required to keep all customer funds in a segregated bank account and you should always see your money again unless there was a case criminal wrong doing.
As others have said, do small amounts if you are worried about big lump sums. My opinion is that unlike the big banks these smaller tech companies have much lower overheads and therefore they have their margins very well calculated and are unlikely to just disappear over night, just don't use one that has only just started!!

If you want to thank me for the tip, use my referral link www.currencyfair.com/rafland/?channel=R9R3A1

[Lexeus]

Thanks for your replies but I see that Transferwise is not covered by the financial services compensation scheme so would be too risky to deposit proceeds in there.

I should have also highlighted that both currencyfair and transferwise offer a service that basically causes the money spending very little time in their accounts, as you can setup the exchange in advance before then doing the transfer which when received, by them, will trigger the release of funds into your destination account in foreign currency.

CurrencyFair offer the best rates, and to get the better than market rate you need to actually deposit funds in advance so then they are sitting in the companies accounts, just like a trader would do.