Money transfer

edited December 1969 in General
My wife and i are shortly moving to Madeira. We are planning to have a house built, my question is, does anyone have experiance in sending money (installments in stages for house build) to Madeira the best and the least costly way to avoid getting ripped off. We would appreciate any help in this matter.Thanks in advance.

Comments

  • HI ROVER I opend bank A/C with TOTTA bank in Madeira then transferd £ money from halifax to totta in london they cnverted it to € and transfered to Madeira got good rate. KIND REGARDS ALAN F
  • ROVER you better buy the house all ready built, it will save you lots of money, and a divorce, and none stress.
  • I DUN KNOW MAC MY WIFE MADE GOOD HOD CARRIER
  • Actually ...jan...

    Did you have citizenship etc to open the account with the bank?

    I am trying to setup a bank account on that side also, before moving over...

    Any suggestions??
  • WE GOT OUR FISCAL STUFF WITH HELP FROM ESTATE AGENT HE ALSO HELPED WITH THE BANK.HOW FAR HAVE YOU GOT WITH BUILD AND LAND PURCHASE???
  • that`s more like it frost, relax go with the flow!!
  • Purchased a property with stage payments. Sent money both direct to contractor and to my bank direct from the UK using HIFX in London. Basically you apply for an account and once approved then you phone a dealer and get quoted a price. (eg: you want say €50,000 and they quote a UK£ price and contract number which includes fees at both ends, you pay within a week and as soon as cheque cleared funds sent with no deductions). They will also e mail you daily the daily euro rate so you can choose when to send funds as the euro varies slightly against the pound - over last year has varied between 1.50 & 1.43 so if you do not like the rate quoted you do not have to enter a verbal contract. Their web site is hifx.co.uk. and phone number 01753 859159. Once you have an account number you can via the internet you can check the progress of our transaction and previous transactions. I have found them to be competative. They also offer a fixed rate for 12 months for regular payments (euro mortgage/pension) which is 5.0% - 7.5% less than the current rate but fixed for a year.

    Hope this is a help.
  • Thanks for your info on money transfer, very helpful. Hifx sounds like one of the best deals around from what i have heard, and your information backs this up.
    Thanks again
    ROVER
  • Check out Barclays Bank. They have a package called 'Portugal solutions' - basically you need a Barclays account in the uk and they now have 2 branches in Funchal (Avenida do Infante)- they do money transfer with no fee and you can a future 'FIX' the exchange rate
    www.barclays.co.uk/buying abroad (I think)
    vicky
  • Barclay Bank is on the list of possible take over or maybe even bankruptcy

    subprime junk is loaded into it something like 50:1

    that what I have read

    maybe I am wrong

    do your own DD
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