# Money transfer puzzle...



## Overandout (Nov 10, 2012)

So, I seem to be in a bit of a situation with getting my savings from the UK to Spain... something which should be easy, but unless I am missing something, it is not....

So I appeal to you all to see if anyone can come up with a bright idea to get around my problem:

I have money in a UK savings account with a notice period for withdrawal. I used to have a current account with the same bank, but they closed it due to inactivity.

Now they are telling me that they can only transfer the money from the notice account to another account in my name. In principle this has to also be in the UK, but as I don't have one, they have offered to send the money to Spain when the notice period is over.

The problem for me is that the notice period will not be over until after the EU referendum and we have no idea what exchange rate would be applied to this transfer, so I don't want to accept this.

I asked the bank if they would send the money to a relatives account in the UK, but they refuse. Opening another current account in the UK from abroad seems almost impossible. I have asked the bank if they would transfer the money to a foreign exchange service such as Transferwise, but they refuse. I have asked the bank if they will accept the notice advice, but keep the funds until I instruct the international transfer, but they refuse that also.

Anyone have any idea how I can get the money into Spain (taking into account that I am not in Spain either) without being subject to a random future exchange rate at the expiry of the notice period?


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## davids0865 (Apr 12, 2016)

Overandout said:


> So, I seem to be in a bit of a situation with getting my savings from the UK to Spain... something which should be easy, but unless I am missing something, it is not....
> 
> So I appeal to you all to see if anyone can come up with a bright idea to get around my problem:
> 
> ...


Speak to Adam at TORFX and explain your predicament, you may be able to buy the rate forwards, ie fix it now, pay for it later, anyhoo, I'm sure he will find a solution for you.


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## snikpoh (Nov 19, 2007)

I'm not sure I understand. You say;


> The problem for me is that the notice period will not be over until after the EU referendum and we have no idea what exchange rate would be applied to this transfer, so I don't want to accept this.


If you have a notice period, then you have to wait unless you are trying to avoid this period and forgo any interest etc.


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## snikpoh (Nov 19, 2007)

I'm not sure I understand. You say;


> The problem for me is that the notice period will not be over until after the EU referendum and we have no idea what exchange rate would be applied to this transfer, so I don't want to accept this.


If you have a notice period, then you have to wait unless you are trying to avoid this period and forgo any interest etc.


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## Overandout (Nov 10, 2012)

davids0865 said:


> Speak to Adam at TORFX and explain your predicament, you may be able to buy the rate forwards, ie fix it now, pay for it later, anyhoo, I'm sure he will find a solution for you.


I will try, thanks. But the problem will probably be the same as I have experienced with other such service providers:

They require that the amount is transferred to them by bank transfer in GBP, and I have no way of doing that...


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## Overandout (Nov 10, 2012)

snikpoh said:


> I'm not sure I understand. You say;
> 
> 
> If you have a notice period, then you have to wait unless you are trying to avoid this period and forgo any interest etc.


I am not trying to avoid the notice period, that is impossible, but I am trying to control the exchange rate that will be applied when the money is transferred.

For example, if I send the notice today, the period will run for 40 days, meaning that the transfer would be made 5th August. But if the exchange rate on 5th August is 1.01 EUR to 1 GBP, I will not want to make the transfer on that day. 
But I have no way of knowing what the exchange rate will be on that day (or any other) and no way of holding the money in the UK until an acceptable exchange rate is applied.


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## Chopera (Apr 22, 2013)

Open an account with currency fair and transfer the pounds into there. You can hold them there for a few months and then convert them to euros when you want. Alternatively you can open an account in pounds in Spain.


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## Overandout (Nov 10, 2012)

Chopera said:


> Open an account with currency fair and transfer the pounds into there. You can hold them there for a few months and then convert them to euros when you want. Alternatively you can open an account in pounds in Spain.


Unfortunately, when you open an account with Currency Fair (or any others like them that I have spoken to) the actual bank account that you have to transfer the money into is not in your name, it is in the organisation's name. 
They do not create individual bank accounts for each client (understandably).

My bank will only transfer my savings into another bank account in my own name. So this is not possible.


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## Chopera (Apr 22, 2013)

A pounds account in your name in Spain might be the way to go then? I'm sure a few banks still do them.


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## Overandout (Nov 10, 2012)

Chopera said:


> A pounds account in your name in Spain might be the way to go then? I'm sure a few banks still do them.


That was one of my first thoughts also, but our current bank will not open one for us, and any other bank requires us to be physically present to open an account and I don't think I will be in Spain for at least a few months yet...

This is very frustrating, but I have not yet lost hope!!


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## Chimaera (Aug 12, 2015)

I believe that it might be possible to open an offshore account in GBP via the website of Nationwide. It would be domiciled in the Isle of Man and certified copies of identification etc would be required to be posted to them, but I do not believe they require attendance in person at a branch in the UK. It might be worth a try? Good luck!


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## Overandout (Nov 10, 2012)

Chimaera said:


> I believe that it might be possible to open an offshore account in GBP via the website of Nationwide. It would be domiciled in the Isle of Man and certified copies of identification etc would be required to be posted to them, but I do not believe they require attendance in person at a branch in the UK. It might be worth a try? Good luck!


Thanks you! Shortly before your reply I discovered a service provided by Barclays which is similar to the one you describe but allows Expats to have an on-shore UK current account and does not require you to be present to open it!!!

I am currently completing the application for the account. :fingerscrossed:


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