Money Transfer between EU countries

Fishmarket

I am a co-executor for a late neighbour. Two of his beneficiaries live in Germany and we have to pay each of them over £100k. We are concerned that sending large sums abroad may be problematic.

Is sending money from the UK to Germany via CHAPS transfer the best way? As executors we are liable if things go wrong, so is there a safer way? Can we insure the sums for the transfer process?

We would welcome any advice.

agrinnall

CHAPS is an internal UK process. What you want is a SWIFT transfer. While no method is perfectly safe I doubt if you'll find anything safer. Ensure that you provide full documentation to the recepients as it's likely that they will be asked anti-money laundering questions when the money arrives.

Archi_Bald

Have a look at Transferwise

System

Archi_Bald wrote: »

Have a look at Transferwise

Transferwise have limited protection - I would take care.

With large amounts, a bank's forex department will be more negotiable to matching specialist providers and you'll be backed by that bank.

SWIFT / SEPA payments will be the most likely vehicles.

Uxb

Frankly with the complication of cross border transfers and beneficiaries in another country I'd employ a solicitor to manage the estate winding up process and leave them to sort it
The costs will come out of the estate funds so it not your problem
The solicitor will also be doing all the necessary ID checks and Bankruptcy checks on the recipients as well - you have done them I suppose?

Archi_Bald

Heng_Leng wrote: »

Transferwise have limited protection - I would take care.

With large amounts, a bank's forex department will be more negotiable to matching specialist providers and you'll be backed by that bank.

You don't have to send it all at once.

What does having the "backing by a bank" actually mean? What do you get you can't get from Transferwise, apart from a worse exchange rate overall?

eDicky

Don't mess around, send SWIFT transfers direct to the recipients' accounts. It's unlikely that a service such as TransferWise could be used because the initial payment would be to them, not to the name of the beneficiary. A preferential rate can usually be negotiated with the sending bank for such larger amounts.

Fishmarket

Thanks to all for replies. Uxb, why do you suggest ID and bankruptcy checks?