Receiving £15000 gift from inlaws in Mexico, best way to transfer the money?

maclovio

As per title - anyone knows easiest way to move the money from Mexico to UK? Should I just go bank to bank, or would you recommend to use some online service?

I have never dealt with a problem like this, so would appreciate any help on this. Search didn't come back with any relevant up-to-date links.

PRAISETHESUN

I'd recommend something like Wise to facilitate the currency conversion (if required). If the money is already in GBP then all you will need to provide to your inlaws is your account IBAN and they can send you the cash directly. There might be fees for receiving it, but they are likely to be negligible compared to losses incurred by using a poor exchange rate to do the actual currency conversion.

Also fully document the source of the funds and have this ready in case your bank asks for it - a large amount of cash coming from overseas might get flagged for AML review.

Daliah

I don't believe Wise does transfers from Mexico. To find the best option, use one of the currency transfer comparison sites, such as monito.com

greyteam1959

Wise does transfers from Mexico to the UK.
Highly recommended.
Good rates & very quick transfers.
Have a look at their website.

Daliah

greyteam1959 said:

Wise does transfers from Mexico to the UK.
Highly recommended.
Good rates & very quick transfers.
Have a look at their website.

According to their website, they do transfers to MXN but not from. Are you saying their website is wrong?

greyteam1959

Sorry, you are correct.
Apologies for the wrong info

maclovio

Thanks everyone, have had a look at it and will be using one of the Mexican services for this that monito recommended.