transferring money abroad.

humbug

humbug

Striker
Contributor
i'm just after a bit of help/advice and in a bit of a dilemma.
i'm pretty naive when it comes to banks/finance and that sort of thing and quite distrusting.
me and mrs humbug are planning on buying a house in portugal and have had an offer accepted on one. we're flying out this afternoon for a few days to sort things out.
we'll need to pay a deposit perhaps when we are there or when we come back. i've seen the bank and we can do an international transfer which seems straighforward enough. the estate agent over there has mentioned we could use a currency exchange company that they always use as it would save money and be cheaper, i think it was gcen. to my mind it seems as though we would be paying from the bank to gcen and they pay the recipient? seems as though it's just using a middle man? their rate is a lot better than the bank though.
anyway, does anyone on here know if this is pretty common/legit/to be trusted and of any dangers? seems a bit too easy and too good to be true if you know what i mean. we've no reason to doubt the estate agent.
thanks in advance for any replies, even sarky ones:)
it's a huge step for us and quite f***ing scary but i hope it works out.
 


humbug said:
i'm just after a bit of help/advice and in a bit of a dilemma.
i'm pretty naive when it comes to banks/finance and that sort of thing and quite distrusting.
me and mrs humbug are planning on buying a house in portugal and have had an offer accepted on one. we're flying out this afternoon for a few days to sort things out.
we'll need to pay a deposit perhaps when we are there or when we come back. i've seen the bank and we can do an international transfer which seems straighforward enough. the estate agent over there has mentioned we could use a currency exchange company that they always use as it would save money and be cheaper, i think it was gcen. to my mind it seems as though we would be paying from the bank to gcen and they pay the recipient? seems as though it's just using a middle man? their rate is a lot better than the bank though.
anyway, does anyone on here know if this is pretty common/legit/to be trusted and of any dangers? seems a bit too easy and too good to be true if you know what i mean. we've no reason to doubt the estate agent.
thanks in advance for any replies, even sarky ones:)
it's a huge step for us and quite f***ing scary but i hope it works out.
Click to expand...
I use TransferWise mate, completely legit and very good rates. Just Download the app and piece of cake to transfer.
 
My advice would be using a middleman, I'm due to be very rich after sending my personal details to several ambassadors across the world. It's such a simple process, they need a trusted English person so they can transfer funds of 100+ million and they will give you 1% once cleared. Anytime now..
 
You've said the bank are fine with it but depending who you bank with the branch staff can't pre-emt (no idea how to write that word down) whether or not the transfer gets stopped for checks or a text is sent to you about it.

My advise, make sure you have your online banking ready and your mobile at hand when you're doing the transfers!
 
Cult of Personality said:
You've said the bank are fine with it but depending who you bank with the branch staff can't pre-emt (no idea how to write that word down) whether or not the transfer gets stopped for checks or a text is sent to you about it.

My advise, make sure you have your online banking ready and your mobile at hand when you're doing the transfers!
Click to expand...

cheers, thanks for that.
 
humbug said:
i did see what the bank were doing earlier and it was only 1.083 (lloyds)
gcen are 1.1209
seems a huge difference. is there not a catch?
Click to expand...
No catch at all mate. What’s the deposit and I’ll tell you how much it’s be? Pm if you don’t want to post it on here.
 
humbug said:
i did see what the bank were doing earlier and it was only 1.083 (lloyds)
gcen are 1.1209
seems a huge difference. is there not a catch?
Click to expand...
Transferwise give you the actual repo rate and not the ones given by banks etc. They do add their fees on top though. I'm in the same boat as you and will be buying a property in Cape Town next week and fully intend using Transfer Wise. Just go to their website and all is explained there.
 
Wicksy said:
Transferwise give you the actual repo rate and not the ones given by banks etc. They do add their fees on top though. I'm in the same boat as you and will be buying a property in Cape Town next week and fully intend using Transfer Wise. Just go to their website and all is explained there.
Click to expand...
Don't get murdered marra.
 

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