Best method for receiving inheritance from abroad

Bugaboo1

JGB1955 said:

It's in the hands of the executor/trustee (in your case).

Ok, thanks. I guess that makes it simpler even if not ultimately the most cost effective solution for me!

MeteredOut

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.

Yes, thanks, missed that, but I'll be very surprised if they don't charge an additional premium (via a diluted exchange rate) to receive a foreign currency (assuming the sender does not do the currency exchange).

MeteredOut

Bugaboo1 said:

MeteredOut said:

You might want to read: https://wise.com/us/blog/wise-vs-international-bank-transfers

Again, this is for sending rather than receiving. There's loads of info out there about sending but receiving is much harder to find!

Apologies, pasted wrong link: https://wise.com/gb/pricing/receive?targetAmount=1000&payInMethod=BANK_TRANSFER&track=false

But if the have no control over how its being sent, and its being sent in GBP, then the £7 into your VM account is probably your simplest option.

ColinGala

You should contact the sending bank to try and find out their charges and rates for converting into GBP and sending across to the UK. If it's excessive then the only option would be to open a bank account in the 'sending' country and have the money sent there in the local currency. Then you could organise the transfer of the funds to the UK using Wise.  

Bugaboo1

ColinGala said:

You should contact the sending bank to try and find out their charges and rates for converting into GBP and sending across to the UK. If it's excessive then the only option would be to open a bank account in the 'sending' country and have the money sent there in the local currency. Then you could organise the transfer of the funds to the UK using Wise.  

Thanks, but I'm not resident in that country so I doubt I'd be able to open a bank account there. I also have no oversight of who the bank is as it's all being managed through a public trustee/executor. I think, on balance, the challenges (especially with large time difference involved) would negate any benefits so I may have to just suck it up!