Cyprus-Forum.com

[Crivens]

With any luck I should be moving to Limassol in the next couple of months. I hope to buy an apartment out right. My parents did this a little while back, and I am lucky enough to be in a situation where I can too.

However, when my parents moved they had a few problems transferring the money from their Lloyds account in the UK to buy the place. Eventually they got it sorted (although loads of hassle), but ended up with a bill of several thousand GBP to transfer to the lawyer's account with a bank in Cyprus. According to my parents, this wasn't currency conversion, but actual bank costs to transfer. Think it was something like £4kGBP for about a £109kGBP transfer.

Now obviously I want to keep my costs down. So does anyone have any advice or experience with this? I mean is it a global thing, so I'm stuffed and will have to pay thousands to transfer my own money, or is it just a Cypriot thing, in which case would opening a Cyprus bank account be a good idea (I know there are branches in London for example)?

Cheers

[Hazza]

I have an account with the Bank of Cyprus in England and an account with the Bank of Cyprus in Cyprus. Unfortunately, they are 2 seperate companies so you still pay the transfer costs. I left some money in the UK and gave my dad Power of Attorney. Anyhow, when I needed the money, he tried to transfer the money from my account in the UK to my account in Cyprus. Would you believe the bank refused? They said the only way they can do it is if I was there to do it myself. In the end, he had to do it through his account at the Laiki bank. He told them the situation and they couldn't believe what the BOC UK had said, so in short, forget the bank of Cyprus in the UK. They are useless, especially the Palmers Green branch.

I did get charged "transfer fees" as well as losing money in the conversion.

[Crivens]

Thanks for that. How much was the transfer fees?

Cheers

[anastasiaC]

thats weird
maybe its legal fees and not bank fees
I sent some money two weeks ago by internation transfer from Australia to Cyprus

they charged me $28.00 for the transfer......

[miltiades]

The best method is the commercial route , you get the best rate , spot market rate , and charges are minimal.
Email me for details .

[Svetlana]

Hi crivens

I think there is a misunderstanding here somewhere; the very most a bank will charge to transfer from UK£ to CY£ is 1% - and for the sum your parents moved it would be .5%.

So to transfer from a UK commercial bank to Cy£ in a Cypriot bank would be say £30 for the transfer +.5%

The best method is to use a currency exchange company; after registering as a client, it is very easy to do.

Lana

[Radio]

Use a currency broker such as:

www.xe.com

(I have no connection with this company)

Do a search for currency brokers, talk to them and make your choice.

A good broker will get you an exchange rate up to @ 4% better than a high street bank.

[simonwjones]

Ive been advised to use MoneyCorp?

[Dadalushe]

I've always used Moneycorp. They were recommended by an agent in Cyprus who has business interests in UK and Cyprus, so transfers quite large sums. We have transferred money on several occasions through them, and they have always made it quick and easy. Have a look at their website, and then decide.

[simonwjones]

I've always used Moneycorp. They were recommended by an agent in Cyprus who has business interests in UK and Cyprus, so transfers quite large sums. We have transferred money on several occasions through them, and they have always made it quick and easy. Have a look at their website, and then decide.

Whats the charge involved dealing with them?