Makig Large Transfers from an N, S and I savings account to Purchase a Property in Spain

WastedWords

Probably worth checking with some of the other currency brokers.
One advantage with this route is that you should be able to lock in an exchange rate in advance.

Leodogger

Swipe said:

Leodogger said:

Swipe said:

If you have another UK bank account with a high street bank, I strongly recommend to transfer via there instead of directly from NS&I. If something goes wrong with the NS&I money transfer, it's going to be a complete disaster unpicking it all.

Why?   I would have thought that N, S &I was a reputable savings account and that it would be safe to transfer from there as much as any other UK bank account.

Yes, it may well be safe but what if something goes wrong? They are notorious for taking weeks or even months resolving some issues. At least you'd get a decent level of customer service with a high street bank.

Yes and a terrible exchange rate from my Santander Bank !🙄   Why do you think people use exchange companies like Currency Exchange?    Anyway as the CE agent told me, Wise who I was going to move my money to, do not have management control of the money when it leaves your Wise account and if it goes missing you are on your own getting it back, whereas Currencies Direct ensure it gets to the right account once you convert and send in Euros.   N, S & I  I have found will allow you to send large amounts but will not transfer the money unless your name is on the receiving account but Currencies Direct have sent me a letter confirming I have an account with them for the money to be transferred to them because my name would not be on the account and in any case I never transfer the whole amount if it is a large sum, before sending over £10 to see if it has reached the right account first, THEN I send the balance as a safety precaution!

masonic

People would generally transfer money to a UK current account in GBP and then use the currency service to send on to a third party foreign currency account.

Leodogger

masonic said:

People would generally transfer money to a UK current account in GBP and then use the currency service to send on to a third party foreign currency account.

Which looks like what I will have to do as I can't sent the payment directly from NS & I to Currencies Direct without removing my current bank account details from NS & I and replacing with Currencies Direct account and then changing it back once the money has been sent !    So they suggested the only other way is to send it back to Santander and as you say, use Currencies Direct to exchange the sterling into Euros and send it on to the recipient.  Only problem is you can only transfer from Santander to Currencies Direct in £25k chunks which means it will take me days to do it !  🙄

masonic

Could you arrange a CHAPS payment to Currencies Direct? Would cost you a few pounds, but probably worth it. Or you can do £100k faster payments by phone (standing orders are apparently also up to £100k).

Leodogger

masonic said:

Could you arrange a CHAPS payment to Currencies Direct? Would cost you a few pounds, but probably worth it. Or you can do £100k faoster payments by phone (standing orders are apparently also up to £100k).

I could but they would charge me £25 for the priviledge and if I needed to do it in one day I would use that service but as I have a few weeks to get the money into Currencies Direct  I will probably set up a new payment from my Santander account and send it in two days in chunks of £25,000.

Hoenir

Leodogger said:

masonic said:

People would generally transfer money to a UK current account in GBP and then use the currency service to send on to a third party foreign currency account.

Which looks like what I will have to do as I can't sent the payment directly from NS & I to Currencies Direct without removing my current bank account details from NS & I and replacing with Currencies Direct account and then changing it back once the money has been sent !    So they suggested the only other way is to send it back to Santander and as you say, use Currencies Direct to exchange the sterling into Euros and send it on to the recipient.  Only problem is you can only transfer from Santander to Currencies Direct in £25k chunks which means it will take me days to do it !  🙄

For clarity with reference to NSI customers living overseas. 

Your NS&I Customer Agreement requires you to keep a UK bank or building society account open to be able to operate an account with us

The account needs to be able to accept monies by bank transfer. The only other alternative is for NSI to issue a cheque (which wil be in sterling).