sold my property in Belgium, need to transfer euros to U.K bank account

amigasara

Hi,
I've recently sold my property in Belgium and the Euros got paid into my Belgian Centea account. I no longer live in Belgium, so won't need the account any longer, and would like to transfer the money across to the U.K so I can pay this towards my mortgage here.

What is the best way to transfer the money across? The amount is €65.000

1)transfer from bank to bank: Centea bank in Belgium to U.K - Natwest or Santander- I bank with both?

2)travel to Belgium and take the cash out? Could do this in smaller amounts over the next couple of months when I visit family?

3)Don't transfer via bank and use some other international broker company? Not sure how this works or what they are called..

or any other options?

I already find out that this money is not subject to tax in the U.K as I've paid annual tax on the property in Belgium- which is compulsory there- and due to an agreement on these matters within Europe this is now free of tax.

Any advice would be very much appreciated.
Many thanks,

Sara

missile

1) You will pay transaction charges to Belgium and UK bank
2) You will get tourist rate to change € to £
3) Your cheapest option is to use a foreign exchange dealer. I use http://www.internationalfx.com/

I am not sure you are correct re tax. AFIK you are liable for CGT on any profit.

adindas

Have you read Martin's guide. It will allow you to make infomed decision.

If you are talking about large amount of money based on this guide you will get the best deal using specialist Fx currency Brokers ...

http://www.moneysavingexpert.com/banking/foreign-currency-exchange

amigasara wrote: »

Hi,
I've recently sold my property in Belgium and the Euros got paid into my Belgian Centea account. I no longer live in Belgium, so won't need the account any longer, and would like to transfer the money across to the U.K so I can pay this towards my mortgage here.

What is the best way to transfer the money across? The amount is €65.000

1)transfer from bank to bank: Centea bank in Belgium to U.K - Natwest or Santander- I bank with both?

2)travel to Belgium and take the cash out? Could do this in smaller amounts over the next couple of months when I visit family?

3)Don't transfer via bank and use some other international broker company? Not sure how this works or what they are called..

or any other options?

I already find out that this money is not subject to tax in the U.K as I've paid annual tax on the property in Belgium- which is compulsory there- and due to an agreement on these matters within Europe this is now free of tax.

Any advice would be very much appreciated.
Many thanks,

Sara

traderboy007

Hi there Sara

I'd recommend 360fx in London 0203 384 7280

I have recently used them to exchange the proceeds of my French House sale - very helpful and informative with competitive rates and charges.

The guy I dealt with was called Matt Baker.

I didnt come accross any tax issues, but found thaty there might be charges from the local bank when sending relatively large amounts. The Broker I dealt with advised me to trade the Euros in amounts of around 10-15k to beat any potential charges.

Thanks

Jimmy

hodman-29

Hi
You could try currencyfair.com. You'd need to register but as you are transferring funds between two banks this would be ideal for you. You basically swap funds with people in the country where you want the funds to be. Currencyfair moderate the transaction (like Betfair) so it's a safe way to transfer funds.
Also I have looked around and I can't find better rates. And if you think the rates are going to change for the better you can hold out for a better rate.
Hope this helps.

David