Transfer €100k from a German bank account to a UK bank account

What_time_is_it

My partner's mother has sold a house in Germany and wants to give my partner some of the proceeds - around €100k. What is the best way to get the money from her mother's account in Germany to her own account here in the UK?

Alternatively, would it be better for my partner to set up a UK based Euros account (e.g. Wise)? and put the money in there?

Fairly new to this, so any advice would be really helpful! Thanks.

Daliah

monito.com suggests different companies for such a large amount. It might even be worth to ask the bank what their deal would be.

Wise has a limit on transaction size, I think €10K. So you'd have to send it in several lots, and looking at today's prices, they wouldn't be able to beat OFX.

Daliah

Your partner would also be well advised to get the money transferred to an account which she doesn't depend on for day-to-day use as it is quite possible that the account gets blocked whilst the bank carries out AML investigations. How long such a block would take is difficult to say but would depend a lot on how quickly your partner can furnish documentary evidence for the source of the funds. Advising her bank beforehand that she expects this payment may give her some idea about the kind of documents the bank might want to see but it won't remove the chance of a block.

Sandtree

Daliah said:

Your partner would also be well advised to get the money transferred to an account which she doesn't depend on for day-to-day use as it is quite possible that the account gets blocked whilst the bank carries out AML investigations. How long such a block would take is difficult to say but would depend a lot on how quickly your partner can furnish documentary evidence for the source of the funds. Advising her bank beforehand that she expects this payment may give her some idea about the kind of documents the bank might want to see but it won't remove the chance of a block.

Never worked out which way round Wise talk but a "GBP" transfer the single transfer limit is £1m
Guide to GBP transfers | Wise Help Centre 

If your bank will allow you to send £1m in one go/day is a separate question

Daliah

Sandtree said:

Daliah said:

Your partner would also be well advised to get the money transferred to an account which she doesn't depend on for day-to-day use as it is quite possible that the account gets blocked whilst the bank carries out AML investigations. How long such a block would take is difficult to say but would depend a lot on how quickly your partner can furnish documentary evidence for the source of the funds. Advising her bank beforehand that she expects this payment may give her some idea about the kind of documents the bank might want to see but it won't remove the chance of a block.

Never worked out which way round Wise talk but a "GBP" transfer the single transfer limit is £1m
Guide to GBP transfers | Wise Help Centre 

If your bank will allow you to send £1m in one go/day is a separate question

This may well be their theoretical limit. The practical limit is substantially lower, particularly on brand new accounts.

Marchitiello

Wise limits do depend on account age, account verification and usage. I use it mostly as a business account (I have a business and personal profile within the same app) and transactions are well above £10k limit.. we have a EURO account were we often get paid in euro and then exchange it to GBP and transfer it back to our main UK business account with another bank. 

SiliconChip

Daliah said:

Sandtree said:

Daliah said:

Your partner would also be well advised to get the money transferred to an account which she doesn't depend on for day-to-day use as it is quite possible that the account gets blocked whilst the bank carries out AML investigations. How long such a block would take is difficult to say but would depend a lot on how quickly your partner can furnish documentary evidence for the source of the funds. Advising her bank beforehand that she expects this payment may give her some idea about the kind of documents the bank might want to see but it won't remove the chance of a block.

Never worked out which way round Wise talk but a "GBP" transfer the single transfer limit is £1m
Guide to GBP transfers | Wise Help Centre 

If your bank will allow you to send £1m in one go/day is a separate question

This may well be their theoretical limit. The practical limit is substantially lower, particularly on brand new accounts.

Not in my experience, my first, and so far only, transfer was for £25,000 to an account in New Zealand, went through without a hitch. Maybe it's your financial history that was the issue.

Daliah

Limits on a fully verified 4 year old account 

Daliah

SiliconChip said:

Maybe it's your financial history that was the issue.

Not sure what you mean. 

SiliconChip

Daliah said:

SiliconChip said:

Maybe it's your financial history that was the issue.

Not sure what you mean. 

Well given that I don't have the limits that your account appears to have there would seem to be something specific to you that has caused that limit to be set. In fact, I've just logged into the Wise app and clicked on Account Limits and it gives me a blank page, suggesting there are no limits. And on the website I can't see anything about limits at all.

Daliah

SiliconChip said:

Daliah said:

SiliconChip said:

Maybe it's your financial history that was the issue.

Not sure what you mean. 

Well given that I don't have the limits that your account appears to have there would seem to be something specific to you that has caused that limit to be set. In fact, I've just logged into the Wise app and clicked on Account Limits and it gives me a blank page, suggesting there are no limits. And on the website I can't see anything about limits at all.

I feel privileged that my Wise account does have limits, which I can toggle between default and max. Perhaps this option is only available to Wise shareholders.