Morning all,
Snow this morning in Wales!
Found a property and offered - any one use a currency exchange company, like the one offered on place in the sun, or similar. Nervous as it is a lot of money to trust to something I haven't used before. Rates quoted are better than my bank offers and no fees. Any advice appreciated.
@susangoldsworthy5 where does the owner of the property live?
Wise is a decent option.
Revolut offers a better rate to exchange GBP to euro..
No matter who you use you will need proof of source of funds
we're also in the process of buying a property.
If the seller has a UK account it makes things a lot easier as you can pay the bulk in the UK without the need for any variable conversion rates or commission. Once the property price was agreed the lawyers and us/seller agreed an exchange rate which is now fixed until we pay the final balance
the €5000 deposit was paid using our Starling account (no commission).
we then have to pay another euro amount which depends on how much seller needs to clear all his taxes etc, this is calculated by the lawyers and written into the contract. This is also paid from our Starling account with no commission.
so no need to use 3rd parties
And yes, as Toon rightly says, the lawyer will need to see proof of where the funds are coming from
@Kevin Thompson
A good option if it's available to the buyer
@Kevin Thompson
Not just proof your own account holding it but where the original sources were too
Yes. We had to show the source of the funds
Further to above, Starling do charge a small currency conversion charge 0.4%
Talk with your bank manager, they can often do a special exchange rate. Thats what happened when I bought my house in Austria. They and the solicitor dealt with the legal stuff about where the money came from, by passing the money laundering investigations.
Hi
Just to say we bought a new build.. used place in the sun.. good rates and secure.
Been here a year now and no problems at all with house, deeds, VAT reduction and residency.
We used a reputable and well respected lawyer from Larnaca. He did the lot for a reasonable fee.
Are we on the same island ?
Steven
XE for big amounts- using then for years and very easy. Wise is a tiny bit more costly Smaller amounts i use Revolut and Monzo to pay for things from UK. Always need lots of options.
Thanks for the replies. Ended up using Place in the sun to send deposit and all went well.
Opening a bank account is one of the first things you'll need to do in Cyprus. Thankfully, the banking system ...
As Cyprus is one of the safest countries in the world, you shouldn't have any worries about raising your kids ...
As Cyprus is a small island, the best way to get around is by car. But is your drivers license valid in the ...
Every year, Cyprus attracts many expats looking to start their venture. The reasons for that are many: from the ...
Although internet speeds are not yet as fast as in other EU countries, in the last few years the internet ...
Cyprus has been through a lot as a nation. Throughout the adversities, its people have developed bravery and ...
