Bank transfer - completion of property

Posted: Sat Apr 1, 2023 8:06am

5 replies126 views6 members subscribed

Oranguban

Posts: 15

3 helpful points

Location: La Florida

Joined: 3 Mar 2023

Hi,

We are completing our property purchase on 12th May and are coming from the UK to Spain to do this. Excited!

I know we will go to the Notary and on instruction, we will need to release the balance.

My question is on this final payment:

I have not opened a Spanish account as don’t need it day to day. I have a Euro Starling account and also a Wise account (for direct debits).

Neither do a bankers draft so on the day, my options to get the money over are:

1/ transfer the money to my lawyer’s client account a few days earlier for them to get the banker’s draft.

2/ Make the Starling (or Wise) account Sepa transfer when instructed and call the bank immediately to ask them to release it and hope it arrives within an hour or so.

1/ sounds the safest option to ensure the money is ‘there’ but it nags at me as I’ve never met my lawyer and whilst they’ve been great, surely I have an element of risk by transferring all that money to an account I don’t know, I’ve no idea if Spanish law would protect me.

2/ is making me a bit nervous as Starling says they can release the money for me after answering a few questions but they say it can take one to five days for the receiving bank to get/accept it. I guess they are covering themselves but obviously the money has to be received that morning for us to complete.

Has anyone used option 2/ when they completed and was it fine?

Cheers

Chris

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Posted: Sat Apr 1, 2023 5:22pm

butterfly

Posts: 47

8 helpful points

Location: El Raso

Joined: 17 Dec 2022

Posted: Sat Apr 1, 2023 5:22pm

Hi, have you thought of currencies direct, a place in the sun currency or money Corp? You open an account with them and ring up when you want to make a payment and they will convert your pounds into euros and pay whoever you need paying. No commission charged. We will be using one of them when we buy in May. Just google them and it gives you all the information you need. Hope that helps. Brenda, Manchester UK.

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Posted: Sat Apr 1, 2023 6:12pm

Oranguban

Original Poster

Posts: 15

3 helpful points

Location: La Florida

Joined: 3 Mar 2023

Posted: Sat Apr 1, 2023 6:12pm

butterfly wrote on Sat Apr 1, 2023 5:22pm:
Hi, have you thought of currencies direct, a place in the sun currency or money Corp? You open an account with them and ring up when you want to make a payment and they will convert your pounds into euros and pay whoever you need paying. No commission charged. We will be using one of ...

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...them when we buy in May. Just google them and it gives you all the information you need. Hope that helps. Brenda, Manchester UK.

Hi Brenda,

Thanks for the message 😁

Yes I looked at them and the rate was better with Starling, although at that time, I hadn’t realised the potential issue about guaranteeing the transfer as being an instant thing.

We’ve changed our Euro so we have it now, but I’ll maybe ask one of them anyway to see how they do it and whether they guarantee an instant transfer. Maybe I can pay a fee to do it. I hadn’t thought of that so thank you!