As increasing numbers of Brits sell their overseas properties and move back to the
Sending the proceeds of an overseas property sale back to the
Generally, if you are selling abroad, funds from the sale will initially be lodged with a local notary. The worst thing you can do is ask for money to be transferred directly back to your UK bank – as you lose all control over the exchange rate applied. It will come as no surprise that your bank will probably convert your funds automatically at an uncompetitive rate, which could cost you a small fortune.
Before lodging funds in your own overseas bank account, do make sure that you will have the facility to give transfer instructions from the
To avoid the problems of transferring funds directly to your bank either overseas or in the
Currency brokers will also help you to avoid local charges in countries you are sending money back from. For example, Spanish banks will try to charge you up to 0.5% for a Euro transfer to the
With the Pound starting to recover in recent months, it is also worth knowing that you can fix and thereby guarantee an exchange rate for up to 2 years ahead. If you have exchanged on an overseas sale, but are yet to reach completion, check the latest exchange rates and consider fixing to protect the sterling value of your sale. As before, a reputable currency company will be able to talk you through all the options for your currency transfer to the UK.
Are you looking to buy property in UK ? Hurghada , Scotland , Istanbul , Sahl Hasheesh , Dubai
Are you looking to rent property in UK ? London , Manchester , Reading , Leeds , Cardiff
Author
Nick Marr
I am an internet entrepreneur with a passion for driving big audiences and a love for real estate. I have had plenty of ups and downs which has given me the experience to help others launch their own businesses. I enjoy projects that save consumers time and money, challenge convention and add real value to peoples lives.