Transferring money abroad - Any tips?

[juk]

We're thinking of buying a Chalet or Apartment in France.

Any tips for avoiding getting too screwed on commission / exchange rates?

In fact any tips from those who have bought property in France greatly appreciated.

[Hughesie2]

Big sacks of cash



Get your bank to do it for you, get the recipiants IBN

International bank account number (i think) and do it as a transfer that way !!

[ZR1cliff]

I have been transferring reasonable sums to the USA recently using my bank,OK there is a charge but if there are any mistakes the bank is liable.

[JMGS4]

Do it via IBAN and BIC BUT negotiate with your bank BEFOREHAND what ALL charges are to be, you don't wnat the recipient paying double the charges and then coming back on you about it.
And don't forget any transfer over €12500,- must be notified to the tax-office (EU drugmoney anti-washing legislation)

[catso]

My bank (business account) charges me £39.00 to do an international transfer, whilst that can be significant for a payment of just a few hundred £'s, it is not bad when paying thousands, as they have guarantees etc.



>> Edited by catso on Thursday 28th July 14:00

[silverfox]

You can use

www.xe.com/fx/

A few friends of mine have used it for foreign transactions.

[ZR1cliff]

catso said:

My bank (business account) charges me £39.00 to do an international transfer, whilst that can be significant for a payment of just a few hundred £'s, it is not bad when paying thousands, as they have guarantees etc. >> Edited by catso on Thursday 28th July 14:00

Ive been sending sums up to $2k at a time,NatWest offer a standard charge of £25.
Just a guide.

[HarryW]

How traceable is this practice from the UK .

I only ask as a friend of a friend.... is getting divorced and it turns out her husband has been putting circa £50K a year into an offshore account. Whilst pleading poverty when it came to pay for family things, tight bstrd, hence the divorce .
Having trouble at present to find out exactly how much has gone over the years .
Only chance phone call from the bank confirming a transfer and 'would she let her husband know' has opened up this line of enquiry .

H

[wedge girl]

It's worth noting the inheritence laws are slightly different in France. If you are not married you will need a clause 'Tontine' otherwise the property automatically goes back to the state when you die if you have no children.

If you are married with children then on death the property doesn't go to the surviving spouse it goes to the eldest child.

[juk]

Thanks for all those.

Had an idea about some inheritance quirks but thanks for reminding me - I'll chase that one up.

[GasBlaster]

HarryW said:

How traceable is this practice from the UK . I only ask as a friend of a friend.... is getting divorced and it turns out her husband has been putting circa £50K a year into an offshore account. Whilst pleading poverty when it came to pay for family things, tight bstrd, hence the divorce . Having trouble at present to find out exactly how much has gone over the years . Only chance phone call from the bank confirming a transfer and 'would she let her husband know' has opened up this line of enquiry . H

Hiya, I bet you didn't know that just because you suspect that the husband may have been salting money away offshore (and you may speculate as to the reasons he does it), if you do not now inform the authorities of your suspicion you could be personally in breach of anti-money laudering legislation. Just a thought.