Money Transfer.

[isitjustme]

I need to transfer money, from the sale of my house, from UK to Cyprus. Can anyone advise me of the cheapest method please?

[bednobs]

how much is it?

[isitjustme]

Why does that matter?

[bednobs]

well, if it's say £9000, it might be cheaper to hop on a cheap flight and take it there. If it's 100's of thousands, you probably wouldn't want to be doing that!

[isitjustme]

It is the latter.

[KJN]

Cheapest is not always the best and safest, also if you are transferring 100s of thousands as you state best and safest way is to obtain the details of the Bank account in Cyprus to which the funds have to be sent then go to your Bank in the U.K. and ask about the cost of transfer for the funds to be sent by Electronic Transfer to the Bank in Cyprus cost depends on how much being sent as it is based on a sliding scale.

[pretty_snowdrop]

Your bank should be able to arrange an electronic transfer for you. Prices vary depending on the bank, but are about £30.

[isitjustme]

KJN, Thank you for your response. As I understand it the transfer ,using banks, incurs charges from both banks and can be quite high. Have you, or anybody else, had dealings with Sterling Exchange? .

[dacortin]

On the assumption you want to transfer Euros. I was in a similar position some five years ago. I transferred the GBP to Currencies Direct who exchanged it and transferred the Euros to my overseas account. Costs were Transfer from UK Bank GBP 20. Cost from recipient bank C: 0.2%

[isitjustme]

dacortin,
Thank you very much for your help, I will certainly look into that one.
Thanks again.

[KJN]

Hi, In answer to your question . I have worked in a European Bank for over 40 years and just recently took early retirement. I personally would agree a rate of exchange with the Bank here in England ask them to transfer the Euro equivalent sum by electronic transfer and pay the charges for this transaction (agreeing a rate for the charges with them), as you are crediting a Bank account in Cyprus in Euros there should be no charges at the Cyprus end just to credit the account,(However some small Banks do make a charge but this is minimal)You ask about Sterling Exchanges, , if you transfer Sterling to a Euro based Bank then you will get charged for the credit of the account in Cyprus then have the problems over there of agreeing a rate into Euro, Send Euro not sterling, At the end of the day due to the sum being transferred it is all down to the rate of exchange, the Banks charges maybe slightly higher than some other organisations but the rate is the most important thing to concenrate on.

[KJN]

Sorry forgot to say No I have not had dealing with Sterling Exchange and If I was not an ex bank employee I would still go down the Bank way to transfer ,all these Companies must some how make money out of the clients, as I said maybe it is in the rate?

[isitjustme]

KJN, Thank you once again for taking the trouble to respond. I will , in light of your experience , look at all the options mentioned by you, and others.
Thank you all for your help.