Best/cheapest way to transfer larger sum for buying property abroad.

Alex9384

Hi all!

My good friend is looking to buy a property with her BF in Portugal and she asked me if her Revolut is the best way to transfer a large lump sum to pay for her part. Not sure how much exactly, but let's say £50,000 .

I think Wise might be a tiny bit cheaper, but aren't there some brokers who specialise in this kind of transactions? What's the best way to do it in 2024 ?

eskbanker

50000 GBP - EUR | Monito

Alex9384

eskbanker said:

50000 GBP - EUR | Monito

I've tried that one already.
I was just hoping for some personal input, maybe experiences of various forumites.
Or maybe why you would or wouldn't use such and such method.

eddddy

Who will the destination bank account in Portugal belong to?  For example, the Notary, your friend, her BF, the seller?

(In one European country, the standard practice seemed to be that you transfer the money to the Notary's account in advance. In another, the standard practice seemed to be that you signed the documents in the Notary's office, then transferred the money direct from your account to the seller's account. Then the keys are handed over.)


If the money goes to the Notary's account, for example, your friend needs to find out what is acceptable to them from an 'Anti Money Laundering' checking perspective.

For example, if you use a broker called 'ABC Brokers', the Notary's bank account won't show your friend as the sender, it will show 'ABC Brokers' as the sender.

And by default, the payment reference will be 'ABC Broker's' choice of reference, rather than the Notary's choice of reference. (But some brokers let you specify the reference you want.)


(A friend had big problems with AML checks by a UK solicitor, when money was received by the solicitor from an account which wasn't in their client's own name.)


If the docs are signed, and then the money has to be transferred to the seller before the keys are released, you probably want a service that will transfer the money very quickly.

retiredbanker1

IMO for transfers of this sum and nature - cheap should not come into the equation.

You need to use someone with a proper back office team to investigate should anything go wrong.