Property Sale
#1
Forum Regular
Thread Starter
Joined: Sep 2015
Location: London
Posts: 61
Property Sale
Our property will soon be going on the market, once sold we will have the proceeds from the sale into our account. Has anyone got any suggestion on the most cost effective to transfer/convert house sale proceeds.
Regards
Andy & Keryn
Regards
Andy & Keryn
#2
Account Closed
Joined: Mar 2008
Posts: 0
Re: Property Sale
We did ours with HiFX many moons ago. Don't use a bank as the charges will be astronomical.
#3
BE Forum Addict
Joined: Jul 2007
Location: bottom of the world
Posts: 4,533
Re: Property Sale
Yep, what bigstix said
We used HiFX, very easy
We used HiFX, very easy
#4
MODERATOR
Joined: Oct 2011
Location: Wellington - I miss Castles, the NHS & English school system
Posts: 9,077
Re: Property Sale
same here for HiFx, we bought it over over a couple of transfers
#5
Re: Property Sale
We use Moneycorp. We also had an account set up with HiFX at the time but Moneycorp's rate was slightly better so we went with them and stayed with them. Used the service about half a dozen times with no problems. Also not incurred any charges from the UK bank or NZ receiving bank. The only fees we pay are in commission to Moneycorp but this is built in to the exchange rate you agree...it works out about 0.05% or thereabouts....or at least it did the last time we did it a few months ago.
We have the proceeds of our house sale sat in the UK waiting to be transferred by them as soon as we like the exchange rate.
We have the proceeds of our house sale sat in the UK waiting to be transferred by them as soon as we like the exchange rate.
#7
BE Enthusiast
Joined: Jan 2016
Location: Suffolk
Posts: 744
Re: Property Sale
We have used TransferWise for small(ish) amounts.
They seem very good and prompt with a decent exchange rate as well.
Never tried them with seiously large amounts, though.
They seem very good and prompt with a decent exchange rate as well.
Never tried them with seiously large amounts, though.
#10
Forum Regular
Thread Starter
Joined: Sep 2015
Location: London
Posts: 61
Re: Property Sale
Thanks for everyones ideas/suggestions on this, we are assuming that everyone converted into NZD. Did anyone transfer their GBP into an offshore account with a New Zealand Bank?
#11
Re: Property Sale
We used ASB Commonwealth Bank. There were no fees, as we transferred over a certain amount, may be different now, that was 10 years ago. We did it all in our local bank in the UK the day before we flew. The day after we arrived in Auckland went to the specified ASB Branch & activated the account. All cards etc. were ready and issued to us.
#12
BE Enthusiast
Joined: Jan 2016
Location: Suffolk
Posts: 744
Re: Property Sale
We used ASB Commonwealth Bank. There were no fees, as we transferred over a certain amount, may be different now, that was 10 years ago. We did it all in our local bank in the UK the day before we flew. The day after we arrived in Auckland went to the specified ASB Branch & activated the account. All cards etc. were ready and issued to us.
Mainly because a lot of UK banks etc. offer "fee free" foreign exchange, then you realise they are shading the exchange rate to build in the fees.
#13
Re: Property Sale
I remember we got a better rate than we expected, but to be honest we weren't that bothered as it was almost $3.2 to the pound then & it was so simple to do with them knowing everything would be ready when we got there. It was the top recommendation in the Immigration pack at the time, so we went with it.