Originally Posted by delbut (Post 12386205)

Hi, can't speak for other providers but for Moneycorp:


Open an account and when you are ready to transfer money, phone them and get the best deal you can get that day. When we phoned they offered slightly over the advertised rate but obviously a little less than they can get if for.


Once you agree the amount you are buying and the rate, they will fix that for you and you then need to send them the money in Stirling. E.g 10,000 euros may cost you £9000.So you send them £9000. (They give you a reference number to make sure it goes to the right account). They will hold the euros in that account until you are ready to transfer it.


It was a simple matter of an on-line transfer of Stirling from our bank to Moneycorp account. Job Done.

Originally Posted by FranE (Post 12386191)

I am 100% with you on this, being totally risk-averse. Not sure amideislas' suggestion would work as I believe the Notary will want to see the money change hands at completion,. That's what happened on our purchase, copies of the drafts are attached to the escritura.


Our lawyers handed over three separate drafts: to the estate for his fees, to the seller's bank to clear the mortgage (balance as at day of completion checked and confirmed in writing), and the balance to the seller LESS


the amount of our lawyer's fees to clear the mortgage off the title just in case the seller didn't attend to it (which he did and it was then refunded to him);


and


the 3% retention as the seller was not Spanish.


The estate agent's fees were deducted from the balance and paid direct to him at the request of the estate agent, and agreed by the seller.


Although handled in a different way, those are the sort of issues also dealt with at completion in the UK, especially where mortgages are concerned.

Originally Posted by Uksp (Post 12386268)

Thanks.... how long can they hold it for you? Is it secure, ie separate client account?

Originally Posted by Uksp (Post 12386268)

Thanks.... how long can they hold it for you? Is it secure, ie separate client account?

Originally Posted by bolton wanderer (Post 12386689)

If you're buying property you'll need a Spanish bank account for Moneycorp or any other transfer company, (do shop around!) to transfer the money to.

You can usually fix the exchange rate & transfer funds when you think you'll get the best rate. Do make sure you have the funds available in your Spanish bank account and arrange to collect your bank draft before going to the notary.

Originally Posted by Uksp (Post 12386747)

So do I need to physically go to Spain to open an account first before exchanging into euros? Are the accounts free? I haven’t found a property yet but want to exchange the money ready whenever the rate is at it’s best