plumbber

I have sold my property in france 2 weeks ago and the money hasnt arrived in my spanish account yet, can anyone tell me is it 10 working days for money transfers now in france, thank you

amideislas

Normally within 24 hours. But it's a large amount (presumably) so there may be a lot of SOF controls.

Has anyone contacted you to ask for documents?

plumbber

i sold it through an agency, they told me that the money would need proccessing before going through

amideislas

Your first contact should be the agency then.

For any amount over about €20K (technically, €10k) you'd normally need to provide some due diligence - e.g., SOF (source of funds), a contract of sale, etc., to prove the transaction is legitimate.

jackytoo

Sounds a bit dodgy I would never let anyone accept/handle money on my behalf. We have always been paid with bankers drafts. A bank transfer where there is a paper trail has the same timescale if it is 20 or 2 million.

amideislas

Anti-money laundering law has imposed rather strict regulations on the transfer of large sums. Due diligence is always required now.

If the buyers' banker has confirmed the funds' legitimacy and delivered the proper due diligence, then there shouldn't be anything else to do. But there could be delays in the transfer of larger sums, simply due to the number of controls that are imposed by law.

Nonetheless, 2 weeks is a long time... especially without any further communication.

...the buyer could be wasting time, too (likely). For what reason? Maybe unforseen complications on their end, which they aren't inclined to disclose to you.

Good luck. Call the agent.

missile

You handed over the keys without getting the money?

I would be panicking BIG time!

jackytoo

Massive sums are transfered by banks at the touch of a button. Transfers just do not take that long...ever! The whole banking system would collapse.

amideislas

I never said that it takes time for the transfer. The actual transfer should take less than 24 hrs to arrive in his account (from France, anyway). The question is whether the required due diligence has been conducted.

More likely the buyer has some complication delaying the payment.

dmu

Hi, as mentioned on the France thread, it takes time for the Notaire to proceed with all the necessary legal steps to complete a sale after signature.
Since no one on the France forum has responded yet, get back to the Agency who'll give you an idea of how long it normally takes to process.

Domino

except it is Friday afternoon and don't expect any form of sensible answer before or during the weekend

dmu

Not only that, but it's a long weekend in France (8th May being a Public Holiday) and the Agency might be closed on Monday, too.
French OH says that the conditions of payment are mentioned in the "Acte (Compromis) de Vente" that you have signed, so you can check that.

Dick Dasterdly

Most definitely.

There are enough potential risk factors involved in purchasing property without adding another one.

Lets just hope there is no catch in this case and that the funds are transferred soon in their entirety.

scampicat

It took seven days to get our money from Spain to UK. It went in the solicitor's Client Account first, then from there to our UK bank. Sale completed on 25th April, got the money on 3rd May

However, there was a weekend and a Spanish Bank holiday during that time, so not too long really.

scampicat

We handed over the keys the day before completion.