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Posted: Sun Sep 25, 2022 6:11pm
Hello,
I recently purchased an apt in la florida for 102,000 euros.
I used two currency exchange companies. Smart and currencies direct ( I think).
They both split the proceeds between notary, vendor and solicitors and there was no charge for it.
The rate may be slightly lower than the wise account rate so check first but with Wise a small transfer fee.
Also, wise used to charge for holding over £3k but I believe they have stopped this since interest rates have increased
Dave
Posted: Sun Sep 25, 2022 9:29pm
Davemay99 wrote on Sun Sep 25, 2022 6:11pm:
Hello,
I recently purchased an apt in la florida for 102,000 euros.
Read more...
I used two currency exchange companies. Smart and currencies direct ( I think).
They both split the proceeds between notary, vendor and solicitors and there was no charge for it.
The rate may be slightly lower than the wise account rate so check first but with Wise a small transfer fee.
Also, wise used to charge for holding over £3k but I believe they have stopped this since interest rates have increased
Dave
Thank you Dave, my money is already in Euros as I live here and have banked with them for years and have invested in a bond to avoid bank charges however they are still quoting 0.65 % to take out a bank cheque for a property purchase to take to the notary on completion they can reduce the amount if i take Santander building insurance.
Davemay99 wrote on Sun Sep 25, 2022 6:11pm:
Hello,
I recently purchased an apt in la florida for 102,000 euros.
Read more...
I used two currency exchange companies. Smart and currencies direct ( I think).
They both split the proceeds between notary, vendor and solicitors and there was no charge for it.
The rate may be slightly lower than the wise account rate so check first but with Wise a small transfer fee.
Also, wise used to charge for holding over £3k but I believe they have stopped this since interest rates have increased
Dave
When we bought in Algorfa in April lawyer said we had no option but to pay by bank draft due to money laundering regulations yet others seem to have no issue when buying to pay using a currency transfer company. I’ve looked all over the internet to see if there’s a rule stating a house purchase has to be done using a bank draft but I can’t find anything.
Posted: Mon Sep 26, 2022 1:29pm
Legendary helpful member
Mags03169 wrote on Mon Sep 26, 2022 1:21pm:
When we bought in Algorfa in April lawyer said we had no option but to pay by bank draft due to money laundering regulations yet others seem to have no issue when buying to pay using a currency transfer company. I’ve looked all over the internet to see if there’s a rule stating a house purcha...
Read more...
...se has to be done using a bank draft but I can’t find anything.
I sold an apartment in June this year.
The funds were transferred into my Sabadell account on the day while we signed at the Notary
I don't think there is a rule or law that you have to have a bankers draft.
Steve
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Posted: Mon Sep 26, 2022 1:30pm
Mags03169 wrote on Mon Sep 26, 2022 1:21pm:
When we bought in Algorfa in April lawyer said we had no option but to pay by bank draft due to money laundering regulations yet others seem to have no issue when buying to pay using a currency transfer company. I’ve looked all over the internet to see if there’s a rule stating a house purcha...
Read more...
...se has to be done using a bank draft but I can’t find anything.
Yes,
Sorry it appears that your lawyer misled you.
Mine had no problem using my currency exchange companies although also have links to a specific one which they recommend.
Davemay99 wrote on Mon Sep 26, 2022 1:30pm:
Yes,
Sorry it appears that your lawyer misled you.
Read more...
Mine had no problem using my currency exchange companies although also have links to a specific one which they recommend.
Can I ask please, did you say the currency companies you used do individual transfers to the notary, lawyer & seller ? I wonder if our lawyer insisted on a draft to make it easier for her on the day . If it wasn’t a legal requirement then I’m very unhappy, especially due to the cost of the draft and having to take out the awful bank home insurance.
Posted: Mon Sep 26, 2022 1:42pm
dinnerout wrote on Mon Sep 26, 2022 1:29pm:
I sold an apartment in June this year.
The funds were transferred into my Sabadell account on the day while we signed at the Notary
Read more...
I don't think there is a rule or law that you have to have a bankers draft.
Steve
Thank you for your reply but our money is already here in euros it just the amount santander is charging for a cheque to the notary which is my disgust. Regards
Posted: Mon Sep 26, 2022 1:47pm
Thank you Steve please see previous response re me buying not selling. Talk about bank robbers good name for it . Regards
Posted: Mon Sep 26, 2022 3:23pm
Mags03169 wrote on Mon Sep 26, 2022 1:36pm:
Can I ask please, did you say the currency companies you used do individual transfers to the notary, lawyer & seller ? I wonder if our lawyer insisted on a draft to make it easier for her on the day . If it wasn’t a legal requirement then I’m very unhappy, especially due to the cost of th...
Read more...
...e draft and having to take out the awful bank home insurance.
Hi Mags
That is correct. They apportioned the euros as I requested and transferred those amounts to the various recipients at no charge.
My solicitor provided me with the Iban codes for themselves, the notary and the vendor and they the currency exchange companies transferred the balance into my wise account.
Dave
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