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Selling a property abroad
bunts803
Posts: 1 Newbie
I have sold my property in Spain and will be getting a cheque in Euros. What is the best and safest way to transfer the funds and get a good exchange rate without paying a lot of commission?
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Comments
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Do you have to be paid by cheque?0
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i assume you have a Spanish bank account? Pay it into that account, then transfer back to the UK via some thing like Transfer Wise.We’ve had to remove your signature. Please check the Forum Rules if you’re unsure why it’s been removed and, if still unsure, email forumteam@moneysavingexpert.com0
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Presumably, the cheque will be a banker's draft (or similar) - and you've checked that it cannot be 'stopped' under any circumstances.bunts803 said:I have sold my property in Spain and will be getting a cheque in Euros. What is the best and safest way to transfer the funds and get a good exchange rate without paying a lot of commission?
If you have a bank account in Spain, it would probably be safer and quicker to get the funds transferred straight into it, rather than getting a cheque. Then use a currency transfer service, to get a good rate (but bearing in mind the risks, like them going bust whilst holding your money etc).1 -
Currency transfer using a bank is safe but costly. Look at companies like Currencies Direct which we have used many times to get better rates.
BUT there is a risk so make the transfers in several lots, wait till one arrives safely before doing the next.0 -
I am a US house owner and have used TransferWise for a number of years with no problem whatsoever.
They will not accept a cheque. I would echo the advice above to get the Euro's safely into a proper bank account in your name and go from there.
I recall have heard both Lloyds and Starling Bank being recommended before - maybe even on this very site
Regards
Tet0
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