Receiving inheritance money in Euros

borderline

Hi,
soon I’ll be getting about €100,000 in inheritance money from Spain.
not sure the best way for me to get the money .
I bank with HSBC and I have a global money account too. But understand I can also open a current account in Euros and I could ask to send the euros there and then transfer to my global money account and finally onto my sterling current account ?? Not sure if transfer free or with high commission?

but it’s this the best option for me or will I be better off with a specific money transfer company?
I don’t want to lose a chunk of money in fees and exchange rates.

and I don’t need to tell HMRC, right , it’s below £325,000 or whatever it is 

thank you 

El_Torro

The main thing to look out for is the exchange rate used. If you open an HSBC Euros account they might still give you a bad rate when you switch the money from Euros to Pounds.

Wise are often cited as a bank that uses a good exchange rate. I haven't used them for some years though so there may be better options out there. 

Ayr_Rage

Open an account with WISE, in that account open a EURO account and get the funds sent in EURO to that account.

Convert to GBP when the rate is favourable and then transfer from your GBP balance to your UK bank account.

Compare how the fees for the above with HSBC.

Exchange rates with WISE are normally near the mid-market rate, HSBC may not be the same.

People often baulk when they see the WISE fees but these are often outweighed by the difference in exchange rates.

gt94sss2

You can send EUR funds directly to a HSBC Global Money account and it will remain in Euros until you spend or convert it. 

There is now no longer a need to open a HSBC currency account unless it is a cheque.

HSBC's rate will be competitive but it is worth looking at other firms especially if you want to convert it to GBP immediately.

borderline

gt94sss2 said:

You can send EUR funds directly to a HSBC Global Money account and it will remain in Euros until you spend or convert it. 

There is now no longer a need to open a HSBC currency account unless it is a cheque.

HSBC's rate will be competitive but it is worth looking at other firms especially if you want to convert it to GBP immediately.

I’m still confused with the global account . I opened it thinking I could use their debit card abroad  but it seems I can’t unless there is money on that currency on my account 

but it seems this global account focuses more in sending and spending rather than receiving??
What would be the need of a euro current account if you could just receive the same money on the Global account ? This where I get confused 

borderline

Ayr_Rage said:

Open an account with WISE, in that account open a EURO account and get the funds sent in EURO to that account.

Convert to GBP when the rate is favourable and then transfer from you GBP balance to your UK bank account.

Compare how the fees for the above with HSBC.

Exchange rates with WISE are normally near the mid-market rate, HSBC may not be the same.

People often baulk when they see the WISE fees but these are often outweighed by the difference in exchange rates.

I used the wise calculator and they would take about €400 in fees .

I don’t know where to look how much HSBC would take 

Ayr_Rage

borderline said:

Ayr_Rage said:

Open an account with WISE, in that account open a EURO account and get the funds sent in EURO to that account.

Convert to GBP when the rate is favourable and then transfer from you GBP balance to your UK bank account.

Compare how the fees for the above with HSBC.

Exchange rates with WISE are normally near the mid-market rate, HSBC may not be the same.

People often baulk when they see the WISE fees but these are often outweighed by the difference in exchange rates.

I used the wise calculator and they would take about €400 in fees .

I don’t know where to look how much HSBC would take 

Again, see my last sentence regarding fees v rates !

gt94sss2

borderline said:

gt94sss2 said:

You can send EUR funds directly to a HSBC Global Money account and it will remain in Euros until you spend or convert it. 

There is now no longer a need to open a HSBC currency account unless it is a cheque.

HSBC's rate will be competitive but it is worth looking at other firms especially if you want to convert it to GBP immediately.

I’m still confused with the global account . I opened it thinking I could use their debit card abroad  but it seems I can’t unless there is money on that currency on my account 

but it seems this global account focuses more in sending and spending rather than receiving??
What would be the need of a euro current account if you could just receive the same money on the Global account ? This where I get confused 

You can use the HSBC Global Money card in the UK or overseas as long as there is any currency loaded on it.

If it's not the currency you are spending in, it will automatically convert the relevant amount to the "right" currency from your balance.

When Global Money first launched, you couldn't pay a non Sterling amount into it from outside HSBC but can now do so  - hence no longer needing to open a euro current account.

If people want to deposit/withdraw physical cash or pay foreign cheques in at HSBC, they would still find a foreign currency account useful though as Global Money is only for electronic transactions, card payments or ATM withdrawals 

borderline

When Global Money first launched, you couldn't pay a non Sterling amount into it from outside HSBC but can now do so  - hence no longer needing to open a euro current account.

If people want to deposit/withdraw physical cash or pay foreign cheques in at HSBC, they would still find it for a foreign currency account useful though as Global Money is only for electronic transactions, card payments or ATM withdrawals 

Ok so this money could be directly transferred to my global account .., or to a wise account if worth it .
i would prefer HSBC so all it’s in one place and less hassle but let’s see 

friolento

borderline said:

Ayr_Rage said:

Open an account with WISE, in that account open a EURO account and get the funds sent in EURO to that account.

Convert to GBP when the rate is favourable and then transfer from you GBP balance to your UK bank account.

Compare how the fees for the above with HSBC.

Exchange rates with WISE are normally near the mid-market rate, HSBC may not be the same.

People often baulk when they see the WISE fees but these are often outweighed by the difference in exchange rates.

I used the wise calculator and they would take about €400 in fees .

I don’t know where to look how much HSBC would take 

It is an annoying feature of HSBC, and most other banks, that they make it really difficult for you to find out how much you get bottom line in GBP.  Wise is fare more transparent but they are not a bank so you get no FSCS protection and although the risk of them going bust is very small, I would not leave much money with them for more than a day. You are well advised to fully verify your Wise account before you start using them, to avoid any hold ups, and like for all transfer methods, you should be prepared to show proof of the source of your money.


Wise have a useful guide for inheritance abroad, with links to the relevant HMRC pages:   https://wise.com/gb/blog/receiving-inheritance-from-abroad

borderline

friolento said:

It is an annoying feature of HSBC, and most other banks, that they make it really difficult for you to find out how much you get bottom line in GBP.  Wise is fare more transparent but they are not a bank so you get no FSCS protection and although the risk of them going bust is very small, I would not leave much money with them for more than a day. You are well advised to fully verify your Wise account before you start using them, to avoid any hold ups, and like for all transfer methods, you should be prepared to show proof of the source of your money.


Wise have a useful guide for inheritance abroad, with links to the relevant HMRC pages:   https://wise.com/gb/blog/receiving-inheritance-from-abroad

What do you mean by fully verify  my wise account ??