Inheriting money in another country

pimento

My other half has inherited some money from his mother (and some shares). His mother lived abroad. The solicitor wants to know whether we want the money wired to us, or a bank account opened in the other country and the money put into that.

Not sure how much we're talking yet, but it might be as much as £20,000.

What's the best/cheapest way to do this?

Is there anything I need to bear in mind? We've never had any savings or investments before, so are a bit new to all this money business.

Tyanks

pimento

Just an update on this as nobody seemed to know and this might help someone else.

I opened an International Currency account with my bank (First Direct). Cost nothing to open and was done there and then over the phone. I can have the monies paid in to it and let it sit there until the exchange rate suits me.

I love First Direct....

Biggles

First, I should check their charges, including the cost of transferring the funds to a GBP account.

From what I've read, it would probably cost less to transfer the money direct to your existing 'normal' bank account.

pimento

Maybe, but I wanted to be in control of when the money was moved.