We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
Best method for receiving inheritance from abroad

Bugaboo1
Posts: 17 Forumite

Hi
I'm expecting to receive some inheritance from abroad. I'm not sure on the amount yet but I think it's likely to be at least £200k. Is there any reason why I shouldn't just have the money sent directly to my bank account? It's hard to find impartial advice online as all the transfer services obviously want you to use them. I'm with Virgin Money, they charge £7 for a SWIFT transfer from outside the EEA or no charge for SEPA. I realise exchange rates may vary but after the stress of having had to organise a funeral etc from overseas, I really want this to be as simple a process as possible.
I'm expecting to receive some inheritance from abroad. I'm not sure on the amount yet but I think it's likely to be at least £200k. Is there any reason why I shouldn't just have the money sent directly to my bank account? It's hard to find impartial advice online as all the transfer services obviously want you to use them. I'm with Virgin Money, they charge £7 for a SWIFT transfer from outside the EEA or no charge for SEPA. I realise exchange rates may vary but after the stress of having had to organise a funeral etc from overseas, I really want this to be as simple a process as possible.
0
Comments
-
Definitely check what exchange rate your bank will use - with £200K being exchanged, the difference could be quite a bit. Have you looked into one of the specialised services such as Wise?
At the very least, contact your bank and see if you can get an agreed deal (I did this years ago before the specialist services were as available, but not sure if banks would still accomodate this)0 -
MeteredOut said:Definitely check what exchange rate your bank will use - with £200K, the difference could be quite a bit. Have you looked into one of the specialised services such as Wise?0
-
Just to add to the above, I spoke to my bank and they told me that the sending bank would do the currency conversion...0
-
Bugaboo1 said:Just to add to the above, I spoke to my bank and they told me that the sending bank would do the currency conversion...
Google givesVirgin Money's standard foreign exchange rate for international transfers is based on the market rate, plus or minus a currency conversion cost, which varies depending on the payment amount.Here's a breakdown of the currency conversion costs:- £0 - £25,000: 2.50% of the market rate.
- £25,001 - £50,000: 1.70% of the market rate.
- £50,001 - £100,000: 1.55% of the market rate.
- £100,001 - £250,000: 1.20% of the market rate.
- £250,001 - £500,000: 0.95% of the market rate.
- £500,001 - £1,000,000: 0.65% of the market rate.
From the above page:Can you show me an example?
- You send €20,000 from your GBP Virgin Money account.
- Virgin Money converts pound sterling into euros using an exchange rate of: €1 = £1.1050
- This exchange rate deducts a currency conversion cost of 2.5%. For €20,000, this mark-up equals £1.0774.
- The amount of pound sterling converted is £18,563.21.
- A £25 SWIFT transaction fee is applied.
- The total amount taken from your Virgin Money account is £18,588.21.
0 -
@MeteredOut that information applies to payments, not deposits. I can't find any information about deposits other than the £7 for SWIFT/£0 for SEPA I mentioned above and that may be explained by the conversation I just had with an agent who said the sending bank would do the conversion and of course I can't influence the sending bank.0
-
You might want to read: https://wise.com/us/blog/wise-vs-international-bank-transfers0
-
Bugaboo1 said:@MeteredOut that information applies to payments, not deposits. I can't find any information about deposits other than the £7 for SWIFT/£0 for SEPA I mentioned above and that may be explained by the conversation I just had with an agent who said the sending bank would do the conversion and of course I can't influence the sending bank.
EDIT: I've assumed that the inheritance is in a foreign currency worth £200K. Is that the case, or is it £200K held abroad and already denominated in GBP?
If its in a foreign currency, which one (and if EUR, from which country)?1 -
Your assumption is correct and VM told me that the sending bank will exchange to GBP rather than them. I can't influence the sending bank at all as the money will be coming from a government public trustee, I just have to tell them the account details they are to send it to.0
-
It's in the hands of the executor/trustee (in your case).#2 Saving for Christmas 2024 - £1 a day challenge. £325 of £3661
-
MeteredOut said:You might want to read: https://wise.com/us/blog/wise-vs-international-bank-transfers0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 349.8K Banking & Borrowing
- 252.6K Reduce Debt & Boost Income
- 453K Spending & Discounts
- 242.7K Work, Benefits & Business
- 619.5K Mortgages, Homes & Bills
- 176.4K Life & Family
- 255.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards