If you have an American investment house to sell or perhaps you want to sell a flat that you purchased whilst working in Australia, the costs involved in making overseas property sales can be very high. Once you have made the sale and you want to transfer profits on properties sold overseas back to the UK, there are a few ways you can do so.
Getting funds back to the UK after an overseas property sale can be a hassle. The money involved is large which means that even a small difference in the exchange rate can have unwanted consequences.
This guide will take you through the most frequently used ways to transfer your funds back to the UK. We will consider the pros, cons and of course the costs of each method.
The three most used ways to transfer profits on properties sold overseas back to the UK
Although we’ve listed it here you should always try to avoid this way if at all possible. If you are given a cheque in a foreign currency and you bring it back to the UK to convert it, you will encounter some unwanted difficulties. You are very limited as to where you can get the cheque converted. Only banks and a few other financial institutions will provide the service of converting it into sterling. If your bank does provide this service, not only will they charge you a wide range of fees for doing so, they will also give you a comparatively unfavourable exchange rate. On top of that, a lot of banks will take weeks to complete the conversion and release the funds.
Send the money direct to your UK sterling bank account.
Another one to be avoided! This is because you will be charged through the nose fees-wise. Furthermore, you will receive an uncompetitive exchange rate and you will also likely have a long wait for the funds to be available.
Using a money transfer specialist.
If you don’t have the time to research every option on how to transfer profits on properties sold overseas back to the UK, a trusted money transfer company is always going to be the most affordable way to make the exchange. At The Currency Shop, you will find information about the easiest and most affordable ways to make international money transfers.
Eric has lived and worked in Sydney for a number of years. Since he has got a new job in his hometown of London, Eric wants to make the move permanent. As such, he sold his flat in Sydney in order to fund the purchase of a home in London.
Eric needs the funds to be available quickly and he wants to avoid hefty fees which may eat into the amount he has available to purchase his new home. Hence, he decides to use a money transfer specialist. This ensures that the funds are available quickly. Also, he is able to take advantage of a competitive exchange rate and keep the fees to a minimum.