In most European countries the usual method is for the buyers’ lawyer to send the agreed purchase amount to your lawyers account, or present a bankers cheque at the Notary’s office. Once your proceeds of sale are safely in your lawyers’ account, either through bank transfer or cleared cheque, your lawyer will then deduct the agreed fees such as real estate agency fees, their own service fees, and any other known deductions (such as certain taxes or outstanding bills). From here, you would usually provide your home bank account information to you lawyer for them to forward on the balance proceeds, but if your home currency is different to the country you sold this property, then your lawyers bank shall apply the exchange rate (usually at a very unfavourable rate) and may even charge a transfer fee on top.

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This therefore is the least cost-effective way of repatriating your proceeds of sale.

The Solution

At Send Money Overseas, we offer a streamlined solution to this common challenge. By opening an account with us, you gain access to named accounts in your desired currencies, providing added security and control over your funds.

Instead of providing your lawyer with your home bank account details, you would provide them with your bespoke EUR account details with us, bypassing unnecessary fees and unfavourable exchange rates by your lawyers bank, and putting you in control of your funds and your exchange rate.

As a currency exchange specialist, we can confidently say that our rates will significantly be better than your lawyer’s bank. By entrusting us with your currency exchange needs, you can rest assured that you’re getting the most out of your money. Whether your need immediate access to your funds at home or prefer to wait for a more favourable exchange rates, we provide personalised guidance every step of the way.

The Process

If you are therefore selling a property overseas and will have needs of currency exchange services, simply:

1.     Register online for a free, no-obligation account with us.

2.     Verify your identity by providing a copy of your passport and recent utility bill.

3.     Connect us with your lawyers, allowing us to provide them with your bespoke bank details and share necessary documentation.

4.     We will then call you to give you a quote for your currency transfer and give you some market insight so you can decide to go ahead and lock in the rate then, or wait for the market to improve.

5.     When your euros arrive in your account with us, you will be notified automatically by e-mail.

6.     If you have agreed an exchange rate and told us where you would like your home currency sent to, then your payment will go almost immediately out. (You will be notified by e-mail.)

7.     If you decide to wait for the currency market to improve, we will hold your euros on your secure segregated account, and keep you informed of any significant changes (for or against you) in the market, so you can make an informed decision.

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If you would like more information on our currency exchange services then get in touch with us on +44 (0)203 923 3351 or info@sendmoney-overseas.com