UK Property

  • UK Property currency transfer

Things to consider

Buying or selling property in the United Kingdom when your funds are not already denominated in pound sterling (GBP) or if you wish to repatriate all or part of the sale amount back to your country of residence, can be problematic.

Many banks don’t fully explain the process and charge you more than they should for what could be considered a significantly inferior ‘product’.

We advise our clients and partners early on to establish the mechanics of having funds transferred into the UK, especially if buyer or seller is committed to a rigid time schedule; and to allow sufficient time after completion to have funds transmitted out of the UK; this type of guidance forms just part of the assistance we provide as standard.

Consider that seller’s agents, particularly those in London, charge broadly 2% fees.  If we can improve the rate of exchange by that margin or more then the seller, if they are sending funds out of the UK, has offset the cost of using an Estate Agent in the purchase process.

Many foreign banks arbitrarily apply a margin of between 2 and 5% to foreign currency payments coming into the UK; this can have significant implications for buyers who need to achieve a specific GBP amount for their purchase.

CrossbarFX can receive funds directly from UK solicitors should foreign domiciled clients request it; likewise we comply fully the anti-money laundering and ‘Know Your Client’ requests from firms to whom we are sending funds for completion.  

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