Managing a large bank transfer

[Mel.b]

Later this year i will need to transfer a large sum of money from my house sale to my Australian account. I’m familiar with money corp/transferwise etc so that isn’t an issue. My issue is that my bank (which is in the Republic of Ireland, not the UK,  but hoping others may have come up against a similair issue) only lets you transfer a max of €10,000 a day (and thats €5000 done online and another €5000 if you call them). I’ll have multiples of that to transfer. Has anyone come up against this before and how did you manage it? Obviosuly i’d prefer to transfer it all in one go both for convienence and to avail of a hopefully better exchange rate for transfer a large amount at once.

 

 

[Marisawright]

Banks will often allow a single large transfer if you notify them in advance.  

If that's not an issue, then the only solution I can see is to make several transfers into your Moneycorp account until it's all been moved out of your Irish account.  Then you can transfer the whole lot in one transaction into your Australian account.

There is no problem with leaving money in the Moneycorp account for extended periods of time.

[rammygirl]

Talk to the bank. Large sums can be moved, it just needs permission and usually a fee to pay. After all people sell and buy houses all the time. 

[can1983]

Yep i did a bank transfer into 6 figures into moneycorp sterling account (euro for you of couse)

Once the funds arrive you can switch it all to dollars when you choose the time you're happy to pull the trigger. Then move to mainstream aus account.

There are small fees for bank transfer to moneycorp but its so much better than direct retail bank to bank

Cant say it wasn't stressful though! I actually moved £50 first to check the account numbers (cost me £20 fee for the conference )

[Marisawright]

9 hours ago, can1983 said:

Yep i did a bank transfer into 6 figures into moneycorp sterling account (euro for you of couse)

Once the funds arrive you can switch it all to dollars when you choose the time you're happy to pull the trigger. Then move to mainstream aus account.

There are small fees for bank transfer to moneycorp but its so much better than direct retail bank to bank

Cant say it wasn't stressful though! I actually moved £50 first to check the account numbers (cost me £20 fee for the conference )

I'm surprised there would be fees for the bank transfer to Moneycorp.  It is an ordinary bank transfer like any other, so it should cost exactly the same as you're normally charged for a transfer to someone else's bank account.   It's not an international transfer.

[can1983]

15 minutes ago, Marisawright said:

I'm surprised there would be fees for the bank transfer to Moneycorp.  It is an ordinary bank transfer like any other, so it should cost exactly the same as you're normally charged for a transfer to someone else's bank account.   It's not an international transfer.

I suppose you can avoid the fee, but its 2-3 hours and fully tracked for GBP20 fee. If you do a normal transfer its 3-4 days to clear and if it 'goes missing' the bank then investigates what has happened which can take a little while to sort out.

When you are talking about a quarter of a million quid I wanted it to appear as cleared funds as soon as possible and be fully tracked all the way

[NicF]

1 hour ago, Marisawright said:

I'm surprised there would be fees for the bank transfer to Moneycorp.  It is an ordinary bank transfer like any other, so it should cost exactly the same as you're normally charged for a transfer to someone else's bank account.   It's not an international transfer.

To transfer large amounts you usually have to do a CHAPS transfer, or similar.  These attract a fee.

OP - we also had to transfer a large amount in one go and arranged it with our bank from Australia.  It's been a while since we did it but if I remember correctly there were security checks we had to go through and we had to send through a fax with our signed authority on.  Speak directly to your bank about arranging a transfer and see what they can do.

[SPRINTER]

 

 

We recently had to transfer a large amount from our UK bank to our Aussie bank and the only way to transfer it in one go was to go to the UK branch in person and arrange the transfer, (hardly convenient as we live in Aus) so we were stuck with multiple daily transfers until all had been transferred.

[Marisawright]

On 18/06/2019 at 10:04, NicF said:

To transfer large amounts you usually have to do a CHAPS transfer, or similar.  These attract a fee.

OP - we also had to transfer a large amount in one go and arranged it with our bank from Australia.  It's been a while since we did it but if I remember correctly there were security checks we had to go through and we had to send through a fax with our signed authority on.  Speak directly to your bank about arranging a transfer and see what they can do.

If that's the case, then it might actually be less hassle to transfer it to Moneycorp (or equivalent) in small chunks, one a day, until it's all transferred.  Plus you'd avoid all the fees.   I know it would take some time, so I guess it depends if you're in a hurry to receive it at the Australian end. 

Edited June 19, 2019 by Marisawright

[can1983]

4 minutes ago, Marisawright said:

If that's the case, then it might actually be less hassle to transfer it to Moneycorp (or equivalent) in small chunks, one a day, until it's all transferred.  Plus you'd avoid all the fees.   I know it would take some time, so I guess it depends if you're in a hurry to receive it at the Australian end. 

A CHAPS is only 20 or 25 quid I think. I wouldn't mess around with little bits at a time. what happens if the rate gets worse between the first transfer and the last? you could lose out on thousands of dollars.

This whole process is very difficult to call. In the end we rushed everything over as quick as we could after settling the uk house sale. The exchange rate fell after that day and only recovered above what we got after we have completed on our Australian home. In that regard we could not have done better but we were very lucky.