Transfer from France to UK of house sale proceeds.

Lincoln_Saver

I have tried to research this online but there seems to be little anecdotal info. Apologies if this is in the wrong section.
We have just sold my mum's house in France which she bought 10 years ago.
She is not well and wants the proceeds (120,000EUR) to go in to a trust for my sister so thinks it would be best to avoid her bank accounts so it is not flagged in probate in the future.
Any advice on the most cost effective way to get a large amount of money back in to the UK? I don't mind doing many smaller transactions if it means avoiding fees. She has already lost over 150,000EUR on this ill-advised move to France (then back when becoming unwell) we obviously will do anything to keep any further loss to a minimum!

NoodleDoodleMan

Why not speak to your bank for advice - likewise your lawyer.

gingerdad

We used Currencies Direct to do a similar transfer at the end of last year all very smooth. Don't use your bank

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

heatherw_01

I will move this to House Buying, Renting & Selling

eddddy

You'll probably get the best rates using Foreign Exchange Brokers. But there can be risks - like them going bust whilst they have your money. You can reduce the risk by sending the money in chunks, and waiting for one chunk to arrive before sending the next one.

There's some info here - it's about sending money abroad - but it applies equally to sending money from abroad: https://www.moneysavingexpert.com/banking/foreign-currency-exchange/#larger

Keep_pedalling

Lincoln_Saver said:

I have tried to research this online but there seems to be little anecdotal info. Apologies if this is in the wrong section.
We have just sold my mum's house in France which she bought 10 years ago.
She is not well and wants the proceeds (120,000EUR) to go in to a trust for my sister so thinks it would be best to avoid her bank accounts so it is not flagged in probate in the future.
Any advice on the most cost effective way to get a large amount of money back in to the UK? I don't mind doing many smaller transactions if it means avoiding fees. She has already lost over 150,000EUR on this ill-advised move to France (then back when becoming unwell) we obviously will do anything to keep any further loss to a minimum!

Whether she likes it or not this is part of her estate, and will remain so for 7 years after she gives it away.

If she ever needs residential care it will probably be treated as deliberate deprivation of assets, unless she has significant other assets.

She really needs to take advice from an Independent  financial advisor with regards to trusts.

davidmcn

Lincoln_Saver said:

it would be best to avoid her bank accounts so it is not flagged in probate in the future.

You mean she's trying to make it easier for her executors to evade tax? I doubt that's the sort of "money-saving" we're wanting to advise on here.

xylophone

You/your mother will need the advice of a solicitor to set up the Trust.
I am assuming that the intention is to set up the Trust while your mother is still alive - "inter vivos" as they say in the trade.
There are certain  tax implications ( income tax/IHT) - see https://www.gov.uk/trusts-taxes/trusts-and-inheritance-tax depending various factors.
 I wouldn't attempt DIY or asset hiding - likely to end in tears.