Sending money overseas.

[Quattromaster]

I need to pay an inheritance bill of 94,600 euro to a Spanish account before 11th November and wondered what’s the best option.

I’ve used WISE for a couple of yrs but only ever for small amounts, ie 500-1000 euro.

Playing about with WISE app it was just over £80,000 last week, today it’s under £79500, plus £205 in fees. This is of course all down to the exchange rate.

The Spanish solicitor also expects me to pay it to an agent, who will then pay the Spanish tax authorities, I was kind of hoping I could pay them direct but seems you can’t. Is this correct.

So, any suggestions, and days of the week get a better exchange rate, I can but hope.

All pointers welcome.

[Martin_MUC]

Check what your monthly transfer limit is. Mine is 80,000€ per month meaning anything over this I have to make two payments, one in one month and the next the following month. It’s a bit of a pfaff but works. In your case if you have a monthly transfer limit you need to make one payment this month so that you are free to complete on the 11th Nov.

[Beggarall]

Doing this in reverse I was able to transfer over €200K to UK using Revolut. It meant getting a Premium account and going through some money laundering hoops first but I think the currency exchange rate is better and charges are less than Wise. However, Wise was easier transferring money from the US.

[Blue_star]

I use wise for transfers.

Revolut has good feedback as well.

Recently Monzo announced news for foreign currency accounts but havent tested yet.

[Martin_MUC]

Beggarall said:

Doing this in reverse I was able to transfer over 200K to UK using Revolut. It meant getting a Premium account and going through some money laundering hoops first but I think the currency exchange rate is better and charges are less than Wise. However, Wise was easier transferring money from the US.

I spoke with Wise about this as I had the necessary funds in my account but they wouldn’t / couldn’t budge. 90k gbp from Europe had to be transferred to a UK bank account in two batches in seperate months. Money laundering was their reason for the limit.