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Looking to buy a property in Portugal and was wondering if the STW forum has any views on the most cost effective way to get the money from the UK to the vendor or our own Portuguese account?
There was a thread recently I think threw up:
Transferwise
Currencyfair
Your own bank if operates in multiple countries
Revolut
Thanks, I check them out.
I can recommend TransferWise but it was only for £3-4k. Pretty slick service and much cheaper than a bank.
Gentle brag about a holiday home, I’m sure your legal representation would have told you this.
This post goes against STW didn’t you know holiday homes are frowned upon
Another vote for Transferwise, I've used them to move a decent chunk of money and it ended up significantly cheaper than any alternative I could find. Also they just rebranded to wise.com for some reason.
In the grand scheme of things the cost vs effort / risk probably isn’t worth looking past your main bank. Probably charge you about £30 for a priority payment. If it’s a particularly large amount of money ask them if they could book you a preferential spot rate rather then just the standard customer rate. Depending on the bank they might be able to do that for you.
If you go elsewhere concentrate on the fx rate / margin for gbp to eur (assuming you don’t have euros already)rather than the payment cost itself.
Just be aware that some overseas banks are levying higher charges to receive payments from U.K. financial organisations / banks than pre-Brexit. There’s no real reason for this other than profiteering as far as I can make out. It won’t be costing them anymore to receive a payment then from anywhere else. Spanish and German banks seem to be the worst offenders.
This post goes against STW didn’t you know holiday homes are frowned upon
Surely everyone on here has at least one?
There are companies that do this for you and play the exchange rates to make you money go as far as possible. Well regulated and safe
Mate of mine at school set up Currency Index and, I think, now also has A Place In The Sun Currency (officially aligned with the TV programme). Designed for exactly what you are asking.
He drives a Ferrari and lives in a mahoosive house so he is either very good at what he does or very good a fleecing people, or both.
Bitcoin 😉
As above, Transferwise (now just called Wise). A lot easier than banks and with fewer fees and limits.
I believe that, traditionally, the money should be taken out as cash, kept in a hardshell briefcase and transported by hand to the receiving party.
Ok, that is tradition for certain parts of Spain, but you have to keep the dream alive. I understand that the €500 note is today's note du choix for the discerning "buyer" in southern Europe.
Hawalah, no I’d or paperwork required.
I can make an intro for 2%
Unfitgeezer, no brag, had to quit work (working in a leisure industry and being immune suppressed wasn't a risk I wanted to take), sold up in UK, and moved to Portugal in October, just agreed purchase on our only home. We are close to Pe do Negro and Ponte de Lima bike parks...... that may be a brag though! 😁
For larger sums (>10k) I've used my own bank and held accounts in the foreign currency and transferred one to the other on negotiated rates... though not done it for a while.
Awesome braga, beautiful part of the world I was lucky to be taken to many years ago by a Portuguese girlfriend - otherwise never would have even considered it.
Would love to go back. Somewhere around there we went to a chocolate festival, there was a restaurant up in the hills which was amazing and did a set menu of ~40 small plates, and Viana do Castelo was another beautiful place not far away.
Boombang, yes it is beautiful, not been down to Braga yet, we're half way between Valenca and Ponte de Lima. Went to Viana today to see the gastro consultant at the hospital (all good). Have walked up to the church and around the town a bit but a lot more to explore there.
Ok, that is tradition for certain parts of Spain
Was that and a bank issued cheque when I did it yonks ago 🙂
I’ve been using revolut to shuffle small sums and it’s pretty good.
For all that lovely cheap french an german bike shop stuff 🙂
(26 quid for a 34 quid panaracer gravel tyre.)