House sale best way to transfer total balance FRance

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House sale best way to transfer total balance FRance


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Old 29th September 2020, 07:52 AM
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Default House sale best way to transfer total balance FRance

Hi Everyone. We are trucking on...and are about half way through our UK house sale and, if all goes well, will need to transfer the balance to France for our property purchase there. Probably, hopefully, November Anyone completed a UK property sale and transferred the money to purchase in France this year ? Any experiences/advice ? ...Looking for best banks, UK and France, best ( safest) way for transfering larger sums for property purchase? (We currently have a joint account at Nat West).


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Old 29th September 2020, 09:07 AM
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Do not transfer from NatWest to French account, their fees are extortionate, as are most banks.

When we transfer large sums, too big to use Transferwise, we use Caxton FX. OH set up an account with them years ago when we bought our house and he spoke directly with his account manager on the trading floor and agreed the rate and fees. At that time we transferred the money from out NatWest account to Caxton who then transferred it direct to the Notaire today for the house here.

Last time we transferred a significant amount from NatWest to our French bank we warned the French bank it would be arriving and provided them with provenance of its origin, anti money laundering requirements. I believe Caxton required the same proof.

Good luck with the sale!
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Old 29th September 2020, 09:26 AM
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Originally Posted by manuka View Post
Hi Everyone. We are trucking on...and are about half way through our UK house sale and, if all goes well, will need to transfer the balance to France for our property purchase there. Probably, hopefully, November Anyone completed a UK property sale and transferred the money to purchase in France this year ? Any experiences/advice ? ...Looking for best banks, UK and France, best ( safest) way for transfering larger sums for property purchase? (We currently have a joint account at Nat West).
I recommend WorldFirst, a British foreign exchange service that also provides fund transfers. We have used their services a number of times to transfer funds from the US to France and from France to the US, including the proceeds from the sale of our house. Their rates are good and their customer service is excellent. Each client has a personal counselor.

You can find them at https://www.worldfirst.com.

Best of luck.

Ray
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Old 29th September 2020, 12:28 PM
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Originally Posted by Yours truly confused View Post
Do not transfer from NatWest to French account, their fees are extortionate, as are most banks.

When we transfer large sums, too big to use Transferwise, we use Caxton FX. OH set up an account with them years ago when we bought our house and he spoke directly with his account manager on the trading floor and agreed the rate and fees. At that time we transferred the money from out NatWest account to Caxton who then transferred it direct to the Notaire today for the house here.

Last time we transferred a significant amount from NatWest to our French bank we warned the French bank it would be arriving and provided them with provenance of its origin, anti money laundering requirements. I believe Caxton required the same proof.

Good luck with the sale!
Thankyou!

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Old 29th September 2020, 12:29 PM
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I recommend WorldFirst, a British foreign exchange service that also provides fund transfers. We have used their services a number of times to transfer funds from the US to France and from France to the US, including the proceeds from the sale of our house. Their rates are good and their customer service is excellent. Each client has a personal counselor.

You can find them at https://www.worldfirst.com.

Best of luck.

Ray
Thank you :-)

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Old 29th September 2020, 12:52 PM
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I've used this comparison site before and found it helpful. Here's an example for a transfer of a 100,000 GBP to EUR. Some folks forget that there are two costs involved. The direct fee that the transfer firm charges and then the difference in rate exchange used in the transfer to the actual rate.

https://www.monito.com/send-money/un...gbp/eur/100000
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Old 29th September 2020, 02:05 PM
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I just found this useful info on Money SAving Expert:

"If you use an online transfer company (or any transfer company that holds your money) and it goes bust while it has your money, there's no guarantee you'll get it back. The regulation of these companies has become tighter in the past few years, but the risk of losing cash still remains.

If it's 'authorised' - your money is kept separate.

A large firm trading over €3 million (£2.5 million) a month, must be authorised by the Financial Conduct Authority (FCA). Each day, at the close of business, these firms separate your money from the firm's own accounts (known as ringfencing). This protects your cash, so you should get it back if the firm gets into difficulty.

If it's 'registered' - there are no safeguards for your cash.

Smaller firms can choose to be registered. This means there's no safety process if something goes wrong with the firm, meaning your money isn't protected."

sobering thoughts..


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Old 29th September 2020, 02:43 PM
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Originally Posted by bhamham View Post
I've used this comparison site before and found it helpful. Here's an example for a transfer of a 100,000 GBP to EUR. Some folks forget that there are two costs involved. The direct fee that the transfer firm charges and then the difference in rate exchange used in the transfer to the actual rate.

https://www.monito.com/send-money/un...gbp/eur/100000
For what itís worth, there is no fee charged by World First. Their fee is included in the exchange rate and the transfer itself costs nothing as itís a simple Electronic Funds Transfer between banks.

As it is primarily a worldwide foreign currency trading company (FOREX), Iíd imagine their turnover (since theyíre based in the UK) is quite significant.

Because their fee is included in the exchange rate, when one is transferring a large amount of money (as from the sale of a house), it would be worthwhile to ask oneís personal counselor for their best rate, lest they lose the transfer to another vender.

Best of luck.

Ray
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Old 29th September 2020, 03:05 PM
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Quote:
Originally Posted by RayRay View Post
For what itís worth, there is no fee charged by World First. Their fee is included in the exchange rate and the transfer itself costs nothing as itís a simple Electronic Funds Transfer between banks.

As it is primarily a worldwide foreign currency trading company (FOREX), Iíd imagine their turnover (since theyíre based in the UK) is quite significant.

Because their fee is included in the exchange rate, when one is transferring a large amount of money (as from the sale of a house), it would be worthwhile to ask oneís personal counselor for their best rate, lest they lose the transfer to another vender.

Best of luck.

Ray
Lots of the fx companies do that, banks though usually charge and give you a low exchange rate.

Of course you can use bhamham's link to get an idea and then check the credentials of those companies.

At least for new clients the approval process for the transfer can be longer with at least most fx companies.
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Old 29th September 2020, 03:09 PM
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TransferWise is currently quoting 109,110.83 Euros for 100,000 GBP.

Edit:
They are FCA regulated
https://transferwise.com/fr
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