Re: Moving Money
 

Thanks everyone, some interesting facts I didn't know about.....

Steve

Re: Moving Money
 

Im currently doing a similar thing (yesterday).

Moving a large sum from the UK to Belgium.

Once the money is accepted into my account then I have full freedom. I'm guessing that money laundering checks (and tax liability checks) are similar across the EU.

However the bank wont accept it without a load of info, and as Im not great with admin, its a big headache. E.G Proof of source of funds. The 'gatekeeper' is therefore the receiving bank, and they are scared 'to hell' about the rules (I could have used another word :). ).

So I have work to do to convince the bank. They've already told me what they need from a preprinted list, and its considerable and in advance Ive given some of it. Today or tomorrow when the money lands, I'll learn exactly what else they will need. They will pass on any relevant information to the authorities, and I expect no problems there.

BTW I once tried to transfer €20k to Deutsche Bank. Many years ago. Not a 'mega' amount ...

Because they were convicted previously - and had a huge fine imposed on them, (as a result) they implemented Draconian rules. Like wanting to see 7 years of tax returns!!!!

I found another way to get the dosh!

I'm guess that every bank will have to complete a guaranteed minimum of checks... Then each bank adds on whatever they feel is appropriate to them.

BTW If you have a Wise account you can see their requirements on their site. .. if I recall they say the list is not all-encompassing and they might ask for less or more.....

No fun, especially as this is 100% legal. You can bet the uber-rich have no such issues..... !!!

Jon

Re: Moving Money
 

Hi Jon,

Thanks for the information. So far, in 7 days, I've transfered (through Wise) 3 × £5000 from Barclays UK to Sabadell Spain which has been accepted each time without question. I've decided to do it in set amounts so i can take advantage of the good exchange rates, which are still getting better daily!! I'll give it a break for a short period then transfer more.

Steve

Re: Moving Money
 

Don't overthink it, if you have nothing to worry about you have nothing to worry about. I moved enough to buy a house and as long as I could prove the source and the intended use, there was no problem. KYC check took a couple of days (of extreme nail biting). Sometimes you have issues bringing money from outside of the EU to the EU, but if all inside EU then it's fine. Wise has crappy KYC and so no receiving bank will trust it.

Anything less than 10K USD usually passes no problem. Over 10K USD all banks will flag it (to internal compliance) and report it (to government/central bank).

Re: Moving Money
 

But maybe soon it will have good KYC https://www.wise.jobs/role/4796466-e...ring-lead-kyc/

Re: Moving Money
 

Re: Moving Money
 

Ive been moving money via wise for nearly four years and have moved various amounts from €80,000 for the purchase of the flat, €18,000 for the Moke and my pension every month for the past three years. Not an issue.
They split the €80k into smaller amounts in the same day but that was because the bank may question the movement in one lump (not Wise the BANK).

I transfered in US$, AU$, £ and at least five other currencies and never had one issue with them...

You can also use them to pay DD in most Eu countries with the Belgium IBAN you get for the account.
I have the Debit card and use it here and will be using it in Australia later this year, the money will be added to my € balance and converted as we go.
And then if anything is left when we get home I can use this without charge..

Ive also got into the habit of moving my pension a month in advance and leaving it in the € account.
I got just over one € last month which all helps with the charges to move the money..

Ive used other currency movers and had issues with different exchange rates from the posted ones, taking nearly a week to pay to an account and giving me no reason.
And in one instance the transfer was cancelled by the currency company and returned to me, as they thought I was not a 'real' customer. They held onto my money for two days and then upon repayment charged me for the privilege..

Re: Moving Money
 

Agreed Barriej :goodpost:

Re: Moving Money
 

On a parallel point, and obviously you've got your own reasons for moving the cash, but I've just reinvested into a two year bond in the UK at 5.2% for two years with Chartered Savings Bank, fully covered under the FSCS etc. Where on earth does one get anything decent as an interest rate in Spain? Can it be done?

Re: Moving Money
 

Thats fine if you reside in the UK ….. unless Charter offer an expat rate ?

Re: Moving Money
 

Wise are offering interest at 3.71% on savings in their interest accounts which is calculated daily.

Steve

Re: Moving Money
 

I was going to say the same. You need to be a UK resident for their savings accounts- as far as I can see. I had this problem with HSBC.

Re: Moving Money
 

My point is to highlight the difference between what is available in the UK and what is available in Spain. Years ago fixed rates or plazos fijos were a standard part of the financial offer on savings in Spain. They have just simply dried up and sounds like more collusion between the Spanish banks. Market savings rates in the UK are 4.5 to 5.2% for 2-3 year deposits, what can you get here?

To answer your point, Charter don't offer new accounts to expats. With all the banks I usually look at their policy on "moving abroad". Charters terms include this:

Becoming a non-UK resident in a country other than those stated above after opening an account means you’ll still be able to hold your account with us however, it may mean that how you’re able to operate your account will change. You won’t be able to open any new accounts with us.

In my case I'm still a UK tax resident and will be for 2023, I've been early closing my ISA's into higher interest fixed term bonds in the UK. Living off savings is an option leaving the funds in the UK, whereas the returns here are all market based often solely offering to guarantee your capital! I just don't like the financial products available in Spain at the moment. I'll take two or three years of interest income in the UK and then decide about reinvesting when the time comes.

There is no shortage of UK banks and building societies that offer Expat savings accounts for non UK residents, and most of those offers seem better than anything here.

Re: Moving Money
 

Agreed there are some pretty reasonable deals surfacing in the UK at the moment (certainly compared to the recent past)

Must admit I’ve never looked at investing in Spain beyond property so wouldn’t have a clue what’s available.

Re: Moving Money
 

Yep, probably one of the few options that expats have if they don't have the option to use UK institutions. It still isn't as good as the mainstream UK rates though although clearly better than anything Spain offers.

Going back to an earlier point I made which got lost in the discussion about money laundering, I have the interest paid into my Santander UK account, and spend for my day to day living expenses either through ATMs and a credit card. The exchange rate is brilliant with no charges. Clearly NOT money laundering and if anyone choose to bring that up I will happily ignore it!