# Transferwise transfer of 280k Euros for property purchase



## andyviola (Aug 11, 2018)

I dont have to make this transfer till end of May but want to preempt any nasty surprises. So forgive the naive worries as i have only transferred 2k max overseas in the past.
I have signed up to transferwise so do i need to simply go though the process (yes i know large fee) or should i somehow firstly be warning my UK bank that 250k sterling will be leaving my account?! As they terribly cautious these days and might block it?


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## Lynn R (Feb 21, 2014)

Are you transferring this amount to your own account in Spain, or direct to a lawyer's client account? If it's to your own account, check that the bank won't apply any charges to receive it - transfers of up to €50k don't attract charges under SEPA, but larger sums might. It's not a bad idea to split larger amounts into separate smaller transfers anyway when using fx companies, to minimise risk.


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## andyviola (Aug 11, 2018)

It will be to Spanish account. Thanks for the tip on their charges..what about UK bank. Do large payments trigger a block if i haven't pre informed them?


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## Lynn R (Feb 21, 2014)

andyviola said:


> It will be to Spanish account. Thanks for the tip on their charges..what about UK bank. Do large payments trigger a block if i haven't pre informed them?


Don't know, tbh. Wouldn't do any harm to ring your bank and check, but they may not be best pleased if you're not using their services to make the transfer.


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## andyviola (Aug 11, 2018)

Poo..nothing simple


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## DonMarco (Nov 20, 2016)

andyviola said:


> I dont have to make this transfer till end of May but want to preempt any nasty surprises. So forgive the naive worries as i have only transferred 2k max overseas in the past.
> I have signed up to transferwise so do i need to simply go though the process (yes i know large fee) or should i somehow firstly be warning my UK bank that 250k sterling will be leaving my account?! As they terribly cautious these days and might block it?


Breake it down into several payments, I got stung by Santander as anything over 100k attracts fees.


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## andyviola (Aug 11, 2018)

Thanks! Last thing id expect but world of finance mystery to me. Santander being the TO not the FROM? Is one or two day intervals between each successive transfer ok or is there another rule punishing that?


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## DonMarco (Nov 20, 2016)

andyviola said:


> Thanks! Last thing id expect but world of finance mystery to me. Santander being the TO not the FROM? Is one or two day intervals between each successive transfer ok or is there another rule punishing that?


I'm afraid I don't know.


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## Nomoss (Nov 25, 2016)

I had an unpleasant surprise when I found my UK bank has a maximum amount for online transfers within the UK. I had arranged the purchase of Euros with the exchange company for a specific date, but left the transfer until a day or two before.

This meant that I had to make transfer in smaller amounts over several days, and incurred penalty interest charges through not meeting the contract terms.

So best check with your bank on their limits for online transfers, unless you are arranging the transfer in person in your bank.


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## Barriej (Jul 23, 2012)

Nomoss said:


> I had an unpleasant surprise when I found my UK bank has a maximum amount for online transfers within the UK. I had arranged the purchase of Euros with the exchange company for a specific date, but left the transfer until a day or two before.
> 
> This meant that I had to make transfer in smaller amounts over several days, and incurred penalty interest charges through not meeting the contract terms.
> 
> So best check with your bank on their limits for online transfers, unless you are arranging the transfer in person in your bank.


HSBC and Nationwide have a £10,000 limit unless you arrange. I did ours by CHAPS and it cost £20.00


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## andyviola (Aug 11, 2018)

Yes it would be max 75k for my bank tsb so am going to use transferwise and fortunately we had some flexibility with contract end date completion or whatever Spanish call it agreed with seller


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## Barriej (Jul 23, 2012)

andyviola said:


> Yes it would be max 75k for my bank tsb so am going to use transferwise and fortunately we had some flexibility with contract end date completion or whatever Spanish call it agreed with seller


You may also have an issue with a large single transfer to a Spanish bank account as well.

We used XE and they split the transfer into €25000 chunks as Spanish (and others countries I assume) charge for large deposits. I can't say if this is true but its what XE did on our transfer and there were no charges either way.


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## andyviola (Aug 11, 2018)

Thanks..do you know whether i could do such small.transfers say only an hour apart?


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