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I have some inheritance coming, it is enough for me to want to avoid the banks taking a percent or two.
Does anyone know if solicitors have a fixed method of transferring funds, or if I have any choice in the matter? And if the later what would be the best method?
Wise.com
Used to be transferwise...
I've used it a few times for 6 digit sums with no problems, transferred same day.
Take a look at mse website for some suggestions
https://www.moneysavingexpert.com/banking/foreign-currency-exchange/#larger
I seriously doubt if transfer via a solicitor would be the best value option
how large is large? dont answer that.....but if its more than about £20k (cant remember the exact threshold) then use revolut, you'll need to pay their yearly fee (think its about £70) as a one off charge, but after that the exchange/trasnfer itself is at interbank rates (as long as you buy/sell the currency on a weekday) with no futher commission at all - ie nothing based on a % of what you are transferring, I dont think you can beat it.
I've used it to transfer quite a lot (6 figures) into euro accounts over the years and its been good.
If its a transfer to you from europe in euros, then you "open" a euro account on the revolut platform, which will give you a bic and iban number, the other party then just does a normal bank transfer from their euro bank account to your revolut euro bank account (at no cost) , once the euros have landed in your account you can then either just leave them as euros (eg if you think the fx rate is going to improve in a years time ), or sell them for GBP with no commission at interbank rates. once they're in GBP you can transfer to your normal bank account just like any other bank transfer - again with no costs
WHen I say "open" a euro account, you just open a revolut account and then from there you can create multiple bank accounts in practically any currency you like and use them to send/receive in that currency.
Be very clear about what currency the transfer is done in. I lost money when the solicitor transferred in NZ dollars to a GB pound account.
And don't trust solicitors to get it right. As above make sure they transfer it to a gbp account (if the source is gbp of course) and then do the exchange yourself. Make sure you already have the gbp account in the uk of course :). We've had gbp sent to us in Belgium and then the bank just automatically opened a gbp account for us which is a pain.
I've used wise before for this but I'm liking the sound of revolut as well. I'll need to look into that
Was about to ask the same.
Sold our house in the uk and will probably transfert money to France.
6 figures amount.