Bank account needed in Euros

toolman_2

Hi all,

Can anybody advise me about opening a bank account abroad?

I am buying property to rent to tourist in Italy (Como) area, I will need to be able to receive payments into the account and make payments easily.

Also i will need to transfer funds to my uk (Co-operative) account. Which bank is best to deal with in Italy?

Is there a good way to transfer the money to Italy for the purchase of the property (£100,000 +) i am think about the best exchange rate etc. I have seen some companies offering money transfers into euro but i am concerned about the security and is my money safe using these (uk) companies.



Any advice is very welcome.

Thank you
Gary

SliAbhaile

toolman wrote: »

Is there a good way to transfer the money to Italy for the purchase of the property (£100,000 +) i am think about the best exchange rate etc. I have seen some companies offering money transfers into euro but i am concerned about the security and is my money safe using these (uk) companies.

This needs to be a sticky as it comes up again and again.

There are numerous specialist currency brokers. Last year I used http://currencyfair.com twice for amounts not dissimilar to yours. Setting up an account with them was very simple (much simpler than opening a bank account) and the transfer was one click.

Yes there is a slight risk that they (anyone) might collapse in the middle of your transfer but they claim your money is safe in their Bank of America client account. However notwithstanding that I took the view that their business model was hardly designed to build their business for five or six years solely to wait until the day my funds were in their client account to go bust.

Both transfers were as smooth as silk.

I have no connection.