Hi, We intend to move from the UK to European country (Not made our minds up yet between the costa's or Rhodes) in 2007 can anyone give us some advice on the best route to go down as far as transfer of money from UK to ???.
I.E. are we better to open a seperate A/C in UK for Euros or open an A/C in the country we hope to retire to.
As everyone does we are looking for the cheapest safe option not the quickest.
Banks in the Uk do seem to charge silly rates to transfer money.
Tried to open an A/C with UK bank that offers better rates than tourist rates but they have got to no everything about you (what's in your sandwich,how many sugars in your tea etc).

Having a local bank account has many advantages.

Where abouts on Rhodes are you looking?

We hope to buy land and have a house built between Afandou & Archangelos,

I knew your name looked familiar

I'd keep an account in every country <g>. Comes in handy.
Our mutual friend in Scotland is getting ready for The Big Move, I believe.

You will absolutely need to open a bank account in the country you are buying the property in (whatever their currency).

Not only is this convenient but it is essential.

It is not surprising that the UK banks want to know everything about you, this has been normal practice throughout mainland europe for a long time, and is designed to prevent money laundering, avoidance of taxes, etc.

For moving money around, the currency brokers such as Currencies Direct are very good for moving large sums of over say 5,000 - they don't charge a fee and you can buy currency ahead.

Always remember that with any property you are buying overseas, the price will be quoted in local currency and that sterling is not fixed against that currency. So, the price you think you are going to pay when you sign the prelim contract could be much more or much less when it comes to completion.

Hope this helps a bit?