Spot transaction: How it works when you’re selling

Dennis Hardman sold his Spanish Villa in October 2010 for €500,000. He wanted to transfer the funds back to his UK bank account.

We agreed an exchange rate of 1.1445, and he instructed his Spanish bank to transfer the €500,000 to World First’s to the euro account we hold in Spain.

As soon as we received the euros, we made a same-day transfer of £436,871, and Mr Hardman had the sterling in his UK account by close of business that day.

If he’d used his Spanish bank for the transfer, the funds could have taken up to seven days to reach his UK account, and had he gone with his bank’s exchange rate, he would have received £3,489 less than he did by working with us.

To find out more, call us on 0800 783 6022, or +44 20 7801 9080. You can also ask us to call you back.

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