Money Transfer FUE - UK

[GeoffFuerte]

When we purchased a property in FUE we were guided by the Solicitor to use a specialist firm, Currency Direct, to action the transfer. Their broker was very enthusiastic in his sales spiel and actioned the transfer after “monitoring” the markets on our behalf. However I am sure I could have obtained a better deal on the same day had I used Wise

I have used Wise for all transfers of much smaller sums since and found the service excellent.

Unfortunately the time has come to sell and was looking for anecdotal evidence from the forum as to the best way to return the funds to the UK.

Do I put my trust in the Solicitor to use their recommended Money transfer company or do I instruct them to forward the Money to Sabadell and I will transfer the Money to the UK either in one lump sum if the rate is attractive or in tranches over the course of the following months

Are there any hidden charges I should be looking out for ?

Thanks

[classic]

I have used transferwise for some quite large sums, but haven't checked their rates from Euro to pounds.

[Johnrgby]

It was £0 .856 at 09:00 this morning

[Cotillo_Tom]

Without any doubt, I would say DO NOT use the transfer option suggested by the solicitor but move it into your bank, and then arrange transfer back to the UK yourself by whatever means you decide (perhaps Wise, or others), and when the rate is advantageous to you.

Hopefully you are aware of the compulsory deduction from the sale to be sent to the Spanish tax authorities, 3% if I remember correctly. It is held by the tax authorities until your solicitor PROVES beyond any shadow of doubt that you have paid all due taxes. Historically, it can be very difficult and takes many months to satisfy them, so your solicitor needs to be very active. Unfortunately, many solicitors just don't give it the attention they should. Be very insistent!

Good luck in the sale and the transactions.

Tom.

[Cotillo_Tom]

Apologies, somehow my post appears twice.  Perhaps Admin could delete the first one please.

Tamara: actioned.

[GeoffFuerte]

Thanks for the note about the 3%. I do not think I will see that again because I probably owe more than that with the CGT that is due but I believe not taken at the time of the transaction. I justhope the Authorities do not chase me for the rest as it is a relatively small amount

[Johnrgby]

Thanks for the note about the 3%. I do not think I will see that again because I probably owe more than that with the CGT that is due but I believe not taken at the time of the transaction. I just hope the Authorities do not chase me for the rest as it is a relatively small amount

I would not be to sure of that, when we bought our property, the previous owner had died about 6 months previously, we had been her about 6 weeks when a guy knocks the door { who I now know to be the guy in Caleta town hall responsible for tax collection, even though our solicitor had ensured every thin owing was paid and paying the coming years tax he did not have a record of the previous owners basura {28€} he had a record of ours  but was still expecting the previous owner to pay even though we had paid it. bizarre to say the least

[Bill]

Hi folks,

Another question about moving over! Does anyone have more recent advice on, or experience of, transferring Money to Spain for property purchase. Some have mentioned Wise, others SmartCurrencyExchange. We do have a Sabadell account but I am assuming a currency exchange firm will offer better rates than a bank.

So - which one do you recommend?

Thx.

[Johnrgby]

Hi folks,

Another question about moving over! Does anyone have more recent advice on, or experience of, transferring money to Spain for property purchase. Some have mentioned Wise, others SmartCurrencyExchange. We do have a Sabadell account but I am assuming a currency exchange firm will offer better rates than a bank.

So - which one do you recommend?

Thx.

We use and have always used Wise

[Bill]

Thanks John - will check them out now. (And sorry, probably should have started a new thread on UK--->FV transfers!)