Transferring funds to the uk

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patriciatait
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Joined: 25 Sep 2016 18:20

Transferring funds to the uk

Post by patriciatait » 29 Apr 2019 01:38

I have recently sold my property in Cyprus & am wondering what is the best way of transferring the money back to my bank in UK



Nigel Howarth
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Re: Transferring funds to the uk

Post by Nigel Howarth » 30 Apr 2019 11:40

Hi Patricia and welcome to the forum.

I suggest you use one of the currency transfer companies to transfer the proceeds from your sale to the UK. If you look for currency transfer reviews on the Internet, I'm sure you'll find the one most appropriate to your circumstances.

The banks here (or at least one of them) charge like wounded bulls. Last year one of the banks charged a friend more than €500 to transfer his money to the Isle of Man.

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howardinuk
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Re: Transferring funds to the uk

Post by howardinuk » 24 May 2019 19:52

As an example I use HIFX now known as XE Currency. I have used them for 14 years with no problems.

I am currently residing in Uk but have a Cyprus Bank account and debit card.

I go online (you need to register) and use my debit card to conduct the transaction.

If, having sold your house it is a trade in the 100000 plus region it is better to ring the company (register) and then conduct the trade by phone with a trader live.

He will also tell you the best way to actually transfer the funds via your Cyprus Bank to them. XE will pay the money into your nominated UK bank account.

My online trades take 10 minutes and the money arrives in my UK bank within 24 hours. Often less.

Good luck.



patriciatait
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Re: Transferring funds to the uk

Post by patriciatait » 24 May 2019 23:38

Thank you i have been recommended an exchange company. But won’t the bank then charge me to transfer to them? Pat



Nigel Howarth
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Re: Transferring funds to the uk

Post by Nigel Howarth » 25 May 2019 08:00

patriciatait wrote:
24 May 2019 23:38
But won’t the bank then charge me to transfer to them?
Yes - the bank will charge. But it will be an order of magnitude less than the bank will charge to send you money to the UK.

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Nigel Howarth
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patriciatait
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Re: Transferring funds to the uk

Post by patriciatait » 25 May 2019 10:46

I have online banking with bank of Cyprus so would I still incur a large charge? Sorry to keep asking but am finding this all very confusing pat



Nigel Howarth
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Re: Transferring funds to the uk

Post by Nigel Howarth » 25 May 2019 12:48

Hi Patricia

You can find the BoC charges online at https://www.bankofcyprus.com.cy/globala ... l-2019.pdf - page 6.

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Nigel Howarth
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patriciatait
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Re: Transferring funds to the uk

Post by patriciatait » 25 May 2019 13:44

Oh thank you that is so helpful. I seem to go round in circles myself pat



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Re: Transferring funds to the uk

Post by Nigel Howarth » 25 May 2019 20:49

You're welcome Pat.

I've been doing this job for so long I can remember how to find all sorts of information :-)

Regards


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The Bear
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Joined: 09 Jan 2016 20:09

Re: Transferring funds to the uk

Post by The Bear » 19 Jul 2019 13:00

Nigel Howarth wrote:
25 May 2019 20:49
I've been doing this job for so long I can remember how to find all sorts of information :-)
Unfortunately, links can suffer from 'digital rot' over time. This seems to be the webpage from which the current equivalent document (for 'physical persons' and wef 01/06/19) may be downloaded:
https://www.bankofcyprus.com.cy/en-gb/r ... in-effect/

I'd look into splitting a large transaction into tranches of no more than 50k euro to control charges at BoC-end and, subject to transaction costs at your preferred exchange outfit, would consider a number of smaller tranches over time to achieve some averaging of exchange rates rather than put all eggs in same basket and hope the exchange rate at your chosen moment wasn't unusually adverse.

When converting sterling to euro via Moneywise a few years back I made sure that each tranche worked out at under 10k euro to avoid annoyance of petty BoC charges for incoming transfers and to achieve some pound-cost averaging. Worked for me but requires some attention to detail and keeping on top of trends, etc..

Ed: Please don't advertise companies - there are many FX companies and you should do your research before deciding which one to use. This is Money is a good place to start - reviews are independent and you can then look into each of the companies yourself.

(Please refer to point 6 of the terms of membership at https://www.cyprus-property-buyers.com/ ... hp?f=1&t=4 about advertising.)


Thanks for the update on BoC rates. They should have redirected the original link to the new link - lazy I guess.



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