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

wmb194

Daliah said:

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.

I'm not a shareholder and I can do the same in the iPad app. My limits are the same as yours, too.

noh

Daliah said:

Limits on a fully verified 4 year old account 

Same limits as me but as I understand it they are online payment limits ie the amount you can spend using your Wise debit card. They are not the limits for transfer to other accounts.

If you look at their help page you will find a link to one of their blog pages which states temporary payment limits for various currencies and further states that there is no sending limit if the balance is already in your Wise account.
https://wise.com/gb/blog/lower-limits-for-large-transfers

Marchitiello

noh said:

Daliah said:

Limits on a fully verified 4 year old account 

Same limits as me but as I understand it they are online payment limits ie the amount you can spend using your Wise debit card. They are not the limits for transfer to other accounts.

If you look at their help page you will find a link to one of their blog pages which states temporary payment limits for various currencies and further states that there is no sending limit if the balance is already in your Wise account.
https://wise.com/gb/blog/lower-limits-for-large-transfers

This makes sense as I have always received and made SEPA payments well above £10k . I also introduced a friend to Wise (at the time TransferWise) that was buying a house in UK but needed to receive the deposit money from his account in the EU. He was quite happy on the result with Wise and the money ended up in his main UK GBP account, with only the additional burden to have to provide a proof of funds origin requested by the conveyancing solicitor  (in the form of a letter from his EU bank stating that these were accumulated saving over a period of several years).

SiliconChip

Thanks @noh that makes sense and aligns with my experience of using Wise for international transfers, I don't have a debit card with them so I wouldn't see limits that only apply to payments. What I think we can say is that the OP should be able to use Wise for the transfer from Germany to the UK should that be the chosen method.

What_time_is_it

Thanks all for the responses to my original question.
If setting up a Wise account, would this be done by the recipient (my partner) or the sender of the money (her mother)?
And would the money stay in the account as Euros? Or be converted to Sterling?

Sorry if this is really basic stuff!

Marchitiello

What_time_is_it said:

Thanks all for the responses to my original question.
If setting up a Wise account, would this be done by the recipient (my partner) or the sender of the money (her mother)?
And would the money stay in the account as Euros? Or be converted to Sterling?

Sorry if this is really basic stuff!

Either options are feasible but I would think it makes more sense for your partner to set up the wise account herself and I would also create a Euro account within the Wise app. You can then supply the Wise IBAN for your wife account (Belgium Based) to your mother in law and receive the amount in Euro. You can then decide when to convert it to GBP (there was a small surge today of the Euro vs GBP so myself I am waiting to confer some Euro I received until the Euro drop a bit (last week was slightly more favourable rate). 

What_time_is_it

Thanks.
Looks like Wise charge 0.4% annually on their Euro account. Is there another bank that does the same thing but doesn't charge?

Daliah

What_time_is_it said:

Thanks.
Looks like Wise charge 0.4% annually on their Euro account. Is there another bank that does the same thing but doesn't charge?

You could try Fineco Bank https://finecobank.co.uk/public/banking/. 

Bad idea, in any case, to leave large sums of money in Wise or CurrencyFair etc for more than a few hours, as they have no deposit protection. Even a few hours is risky.

Fineco Bank comes with the Italian equivalent of the FSCS protection, i.e. up to €100,000 would be covered.

robatwork

+1 to sent more than £10,000 to a SEPA account. As to receiving - no experience but their website shows 

mona92

Hello there,

Glad I found this thread as I have a similar situation. @What_time_is_it do you mind me asking whether this has worked for you? Or does anyone else have any further tips?

Thanks so much!