Can anyone Help with Inheritance transfers from UK to Euros then to Swedish Kronor?

LadyH73

Hi All,

My Late Mothers executors (My eldest Sister and her Husband) sent my inheritance from the UK to Sweden where I have lived for over 10 years.
During that transfer from GBP to Euros I lost over £900. They used Barclays Bank to hold the Estates money and automatically transferred the money from that account to mine in Sweden. Before the have amended the outgoing funds to ensure I received the full amount that I was owed for transport costs of my Mothers bequeathed items. But they did not do this on sending the last and most of my part of the estate. But in doing this I lost a lot of money. They are now refusing to do anything about it as they excepted 1.14% Exchange rate from Barclays, and according to them because the estate money was held in that account it had to be sent from there. As a side note the lowest exchange rate that day was 1.1692 %. I was then told all Banks gave lower rates and they would not challenge Barclays on my behalf and because I chose to live outside of the UK what did I expect? I can not find a way to complain to the bank as I do not have their account details. Is there anything I can do to get some of my inheritance back? Does anyone know what I could do please? It may not be a lot to them but it is a large amount to me! They have paid out to everyone else so the charge can’t be taken from the estate as they have been doing throughout the process. Please Help. Much appreciated 

Thrugelmir

Too late to do anything now. The executors fulfilled their duty in winding up the estate and distributing the proceeds in the correct manner. 

dunstonh

They are now refusing to do anything about it as they excepted 1.14% Exchange rate from Barclays, and according to them because the estate money was held in that account it had to be sent from there

It certainly helps from an anti-money laundering point of view and reduces the work of the executor.     Finding an alternative would allow the executor to add to their charges and a large transfer (which it sounds like it is) could be a lot of work finding an alternative.

I was then told all Banks gave lower rates and they would not challenge Barclays on my behalf and because I chose to live outside of the UK what did I expect?

That sounds reasonable.   The executor would be expected to use a mainstream service and not some small obscure backwater firm.

 I can not find a way to complain to the bank as I do not have their account details. 

You are not an eligible party for a complaint as the money is not yours until it arrives in your bank.  Prior to that, it belongs to the estate and they are the ones that entered into the contract with the bank.

 Is there anything I can do to get some of my inheritance back?

No.

 They have paid out to everyone else so the charge can’t be taken from the estate as they have been doing throughout the process. 

Even if there was still assets in the estate, they cannot take the charge from the estate as that would be unfair on the other beneficiaries.

TOP_CAT

I would have opened a uk account and had the money kept in the uk .
 .
Then transferred it myself under my own control using a currency broker like transferwise or whoever you felt fitted your risk requirement.
Too late now obviously.

If the transfer cost via barclays was a elevated £900 then it still would have had a cost to transfer with a currency broker such as transferwise.

The difference between 900 and transferwises cost would be what you lost ....not 900

Also you would have had the option of waiting out for a optimal rate and time to transfer if the money wasnt needed immediately

Thrugelmir

TOP_CAT said:

I would have opened a uk account and had the money kept in the uk .
 .

OP appears to be a non UK resident. 

LadyH73

Thank you everyone, that has helped me understand it more.