Property Sale

Old Jan 27th 2016, 5:44 am
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Default 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.


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Andy & Keryn
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Old Jan 27th 2016, 7:22 am
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Default Re: Property Sale

Originally Posted by AndyWatson1970 View Post
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
We did ours with HiFX many moons ago. Don't use a bank as the charges will be astronomical.
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Old Jan 27th 2016, 7:30 am
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Default Re: Property Sale

Yep, what bigstix said

We used HiFX, very easy
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Old Jan 27th 2016, 8:38 am
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Default Re: Property Sale

same here for HiFx, we bought it over over a couple of transfers
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Old Jan 27th 2016, 8:46 am
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Default 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.
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Old Jan 27th 2016, 11:12 am
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Default Re: Property Sale

We used IFX.
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Old Jan 27th 2016, 5:22 pm
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Default 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.
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Old Jan 27th 2016, 7:01 pm
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Default Re: Property Sale

Moneycorp here as well. V. happy with service.
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Old Jan 28th 2016, 12:29 am
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Default Re: Property Sale

Used XeTrade for 10 years or so, to 5 countries, and very good to date.

Peter
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Old Jan 28th 2016, 5:50 am
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Default 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?
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Old Jan 28th 2016, 9:03 am
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Default 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.
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Old Jan 28th 2016, 9:12 am
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Default Re: Property Sale

Originally Posted by mickey_d View Post
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.
Out of interest, did you check the exchange rate offered? Standard inter-bank rate?

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.
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Old Jan 28th 2016, 9:46 am
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Default Re: Property Sale

Originally Posted by LittleGreyCat View Post
Out of interest, did you check the exchange rate offered? Standard inter-bank rate?

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.
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.
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