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Transferring money from house sale in UK

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Hi,

We are in the process on trying to send our life savings to australia so we can purchase our house here however barclays are saying we can only transfer £50,000 a day rather than in one go and we need to visit a branch with Id if we want to change it! Bit of a problem when your 9000 miles away.....

Can anyone offer any wisdom is there any way we can do it in one go?

Thanks for any help stressed is an understatement 🙃 

Xx

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12 minutes ago, A&L said:

Hi,

We are in the process on trying to send our life savings to australia so we can purchase our house here however barclays are saying we can only transfer £50,000 a day rather than in one go and we need to visit a branch with Id if we want to change it! Bit of a problem when your 9000 miles away.....

Can anyone offer any wisdom is there any way we can do it in one go?

Thanks for any help stressed is an understatement 🙃 

Xx

I doubt this works any more, but there was a time when if you faxed the instruction then the payment limits didn't apply.


Chartered Accountant (England & Wales); Registered Tax Agent & Fellow of The Tax Institute (Australia)

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3 minutes ago, Ken said:

I doubt this works any more, but there was a time when if you faxed the instruction then the payment limits didn't apply.

Right now its worth asking however i doubt it will work but thankyou...

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How are you exchanging the money?  You should be using a forex company. You can send the cash in chunks and then trigger the transfer. Tbh some may advise doing it in stages to spread the exchange risk anyway. 
 register with a few forex companies and compare deals.  Look at how many dollars you will end up with, sometimes paying a fee can get you more dollars than a fee free option.

Bank to bank are usually worse deals, it can make thousands of dollars difference.

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48 minutes ago, A&L said:

We are in the process on trying to send our life savings to australia so we can purchase our house here however barclays are saying we can only transfer £50,000 a day rather than in one go and we need to visit a branch with Id if we want to change it! Bit of a problem when your 9000 miles away.....

Can anyone offer any wisdom is there any way we can do it in one go?

I'm amazed that people are still using banks in this day and age - they charge a fortune.

I've been using Transferwise for a couple of years. It's very easy to open an account and to use. You link your UK account to Transferwise so you can deposit funds into your Transferwise account, and then you can transfer directly to an Australian bank account. They tell you what the fees are before you make the transaction. You'll still be limited on the amount you can move from your Barclays account into TW, but personally I'm happier moving it over in chunks. I once transferred £100,000 to the solicitors using online banking, and I could feel the sweat on my palms before clicking 'send'!

Based on todays rates, £10,000 sent with Transferwise will give you $440 more than with Barclays, or $800 more than with NatWest.

image.png.d4d57cb8b36035eb166767524795475e.png

Edited by Wanderer Returns

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I think we've looked at torfx and a couple of others but we need the money here for next week for our mortgage here. ...exchange and completion got held up in uk so it would have been fine had it not been for that! Really not useful when you cant speak to England only India....

Edited by A&L
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9 minutes ago, A&L said:

I think we've looked at torfx and a couple of others but we need the money here for next week for our mortgage here. ...exchange and completion got held up in uk so it would have been fine had it not been for that! Really not useful when you cant speak to England only India....

Can't you push it back this end a week or so until you can get all the money across?

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9 hours ago, A&L said:

I think we've looked at torfx and a couple of others but we need the money here for next week for our mortgage here. ...exchange and completion got held up in uk so it would have been fine had it not been for that! Really not useful when you cant speak to England only India....

Contact @Susan from Moneycorp and she should be able to help

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If you are depressed you are living in the past. If you are anxious you are living in the future. If you are at peace you are living in the present.

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12 hours ago, Ken said:

I doubt this works any more, but there was a time when if you faxed the instruction then the payment limits didn't apply.

Banks won’t accept faxed instructions these days. They probably don’t even have fax machines anymore but wouldn’t anyway.

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For a house purchase they should be able to send large amounts. There is a charge but it can be done. Ring the bank and explain. You won’t be able to do it on line but it should be possible. 

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So many wineries ......so little time :yes:

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25 minutes ago, rammygirl said:

For a house purchase they should be able to send large amounts. There is a charge but it can be done. Ring the bank and explain. You won’t be able to do it on line but it should be possible. 

Based on our recent experience with large transfers, ask your bank for an International Transfer Form / RTGS. 

Our bank use these, they will transfer a large sum of money for you, in one transfer, and the transfer can be done in hours. Yes, there is a fee as rammygirl states, but it's only a nominal amount.

 

 

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 Perth WA  / UK / Queensland

 

 

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Hello A&L 🙂

I had the same issue when I needed to bring a chunk of GB£ over here too - I found that different banks have different daily limits: Halifax and Lloyds were prepared to up it to whatever I needed (for 24hours) then it reverted back to whatever their regulated daily limit is.
Same with Santander.
Nationwide would only let me do £10,000 max online (as many times as I liked).

Once they know the reason for your transfer, I've found all the major UK banks or building societies will authorise.
Sometimes you have to fill out a Chaps or TT form and email it back to them - other times they will ID you over the phone and do it that way.

Also -  at Moneycorp we hold all of our accounts with Barclays too, so it would just be an internal transfer at Barclays from your account to ours which should make it even simpler for them; we'll do the rest for you - no transfer fees and preferential rates of course for Poms in Oz clients!

Give me a call if I can help!
Our Sydney office number is: 0414 838586

 

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Thank you for all your replies...

Sadly after an hour on the phone (thank god for skype) Barclays are refusing to help in any way that's their policy we either go to branch (in UK) or do the daily limit of £50,000 they mentioned if we were premier account holders they would do £100,000 a day but were not allowed to change account...

Banked with Barclays for 25 years had mortgage and everything with them so once moneys out everything will now be emptied and closed!

Also there's a so called lockdown in the UK so why are they telling us to go to the bank 🤬!

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21 hours ago, A&L said:

Also there's a so called lockdown in the UK so why are they telling us to go to the bank 🤬!

That's frustrating. Lots of companies appear to be using 'the virus' as an excuse for the poor service that they've been providing customers for decades!

By all accounts, lockdown deux is nowhere near as severe as the first one, and most businesses are operating normally with safeguards in place (apart from pubs, restaurants, etc which are all closed).

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1 hour ago, Wanderer Returns said:

That's frustrating. Lots of companies appear to be using 'the virus' as an excuse for the poor service that they've been providing customers for decades!

By all accounts, lockdown deux is nowhere near as severe as the first one, and most businesses are operating normally with safeguards in place (apart from pubs, restaurants, etc which are all closed).

It doesn’t appear that the bank is using the virus as an excuse for poor service.  Their service isn’t poor, they have procedures in place for large sum money transfers and they’re following them. Those procedures have probably been in place for a long time. 

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23 hours ago, A&L said:

Also there's a so called lockdown in the UK so why are they telling us to go to the bank 🤬!

Nothing to do with lockdown. Banking is an essential service so why would they not tell a customer to visit the bank to carry out a transaction they cannot do otherwise 🤷‍♂️ 

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2 hours ago, Tulip1 said:

It doesn’t appear that the bank is using the virus as an excuse for poor service.

I didn't say that they were in this case, but there are a lot of companies that are. For example, no longer accepting phone calls because 'staff are working from home', so business can only be done via email. Fine, just as long as it isn't urgent.

Edited by Wanderer Returns

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Difficult situation,  I would ask yourselves whether you really need all the money immediately, just because there are services like transferwise that are 3% to 5% cheaper for transferring money so if Barclays offer an alternative way to authenticate you will be paying a hefty price for the speed.

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For example, HSBC were able to setup instant transfer with very high limits for me, which is great but they have hidden fees of 3% (on the total balance) so i leave it for emergencies only

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On 25/11/2020 at 15:59, A&L said:

Hi,

We are in the process on trying to send our life savings to australia so we can purchase our house here however barclays are saying we can only transfer £50,000 a day rather than in one go and we need to visit a branch with Id if we want to change it! Bit of a problem when your 9000 miles away.....

Can anyone offer any wisdom is there any way we can do it in one go?

Thanks for any help stressed is an understatement 🙃 

Xx

@A&L where is the money now?   If you haven't received it yet, can you change the bank account you've nominated for receipt of the funds?

If so, you can direct them to pay the money directly into your Moneycorp account (which has a BSB and account number like any British bank), then you can transfer it from there easily.


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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6 hours ago, Wanderer Returns said:

I didn't say that they were in this case, but there are a lot of companies that are. For example, no longer accepting phone calls because 'staff are working from home', so business can only be done via email. Fine, just as long as it isn't urgent.

You may not have actually stated they were but to respond to the OP comments with ‘that’s frustrating, lots of companies are using this virus as an excuse to provide poor service’ would suggest you were including her bank in that group otherwise mentioning it would have been irrelevant.  As for companies using the virus as an excuse to provide poor service. I do know it can sometimes be annoying if you can’t ring somewhere and have to send an email. The problem with many companies is that they require calls to be recorded and this can’t happen if someone is taking a call at home, they simply don't have the system set up that they have in the office.  With email, there is always a trail. The companies are following the government guidelines though which is to work from home if it is at all possible. So, whilst we may need to wait a little while to get our emails replied to, I’d like to think that these companies are doing the best they can to help save many lives in these unprecedented times rather than using this horrific virus as an excuse to provide poor service. 

Edited by Tulip1

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Assuming you started transferring 50K each day on Wednesday when you first posted this, you'll could have 1.5 million in your Moneycorp account by Christmas (that's assuming you don't convert any of it to AUD beforehand). When do you need to settle on the house you are buying?


Chartered Accountant (England & Wales); Registered Tax Agent & Fellow of The Tax Institute (Australia)

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57 minutes ago, Tulip1 said:

You may not have actually stated they were but to respond to the OP comments with ‘that’s frustrating, lots of companies are using this virus as an excuse to provide poor service’ would suggest you were including her bank in that group otherwise mentioning it would have been irrelevant.  As for companies using the virus as an excuse to provide poor service. I do know it can sometimes be annoying if you can’t ring somewhere and have to send an email. The problem with many companies is that they require calls to be recorded and this can’t happen if someone is taking a call at home, they simply don't have the system set up that they have in the office.  With email, there is always a trail. The companies are following the government guidelines though which is to work from home if it is at all possible. So, whilst we may need to wait a little while to get our emails replied to, I’d like to think that these companies are doing the best they can to help save many lives in these unprecedented times rather than using this horrific virus as an excuse to provide poor service. 

Fair enough. I did imply it, and I stand corrected. Banks understandably have very strict procedures, although it seems strange that in this day and age that they still need someone to visit a branch in person, when their identity can easily be verified over the phone.

Recording phone calls isn't a requirement. It solely for the benefit on the company. "This call is being recorded for quality and training purposes", is how it's usually described. "Keeping a record of what the customer said so we can use it against them in a dispute", is how I would describe it. Sorry if it seems like I'm getting cynical in my old age!

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On 25/11/2020 at 05:43, Wanderer Returns said:

I'm amazed that people are still using banks in this day and age - they charge a fortune.

I've been using Transferwise for a couple of years. It's very easy to open an account and to use. You link your UK account to Transferwise so you can deposit funds into your Transferwise account, and then you can transfer directly to an Australian bank account. They tell you what the fees are before you make the transaction. You'll still be limited on the amount you can move from your Barclays account into TW, but personally I'm happier moving it over in chunks. I once transferred £100,000 to the solicitors using online banking, and I could feel the sweat on my palms before clicking 'send'!

Based on todays rates, £10,000 sent with Transferwise will give you $440 more than with Barclays, or $800 more than with NatWest.

image.png.d4d57cb8b36035eb166767524795475e.png

Can I ask what tool did you use for the price comparison?

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