Selling and how to get the funds to the UK?

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symbiosis
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Re: Selling and how to get the funds to the UK?

Postby symbiosis » Thu Jun 27, 2019 12:21 pm

Interesting to hear Kathleen.

Mine has also completed (ish) however my buyer had the funds in a Greek bank and so I was unable to get a bank transfer (mores the pity). I accepted a bankers draft from the Greek bank which I paid into barclays in the UK and is currently being cleared (4-6 weeks)

Fingers crossed!!

moggieman
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Re: Selling and how to get the funds to the UK?

Postby moggieman » Thu Jun 27, 2019 4:33 pm

symbiosis
But doesn't this flout Greek transfer laws. ??? OR is this a way around them. ???

Keltz
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Re: Selling and how to get the funds to the UK?

Postby Keltz » Thu Jun 27, 2019 5:22 pm

My understanding is that monthly withdrawal limits for individuals has been slightly relaxed in the last year or so but paragraph 17 of the attached is clear:

https://www.nbg.gr/english/news/Documents/QA_HBA.pdf

moggieman
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Re: Selling and how to get the funds to the UK?

Postby moggieman » Thu Jun 27, 2019 5:57 pm

Kelts
From symbiosis

Mine has also completed (ish) however my buyer had the funds in a Greek bank and so I was unable to get a bank transfer (mores the pity). I accepted a bankers draft from the Greek bank which I paid into barclays in the UK and is currently being cleared (4-6 weeks)


Really cant understand how this can be done unless i am missing something especially with see below. Im sure a bank draft paid into a U.K bank would be against the transfer rules. ???




So reading Paragraph 17 so how is symbiosis going to get the bank draft cleared ????
Last edited by moggieman on Thu Jun 27, 2019 8:21 pm, edited 1 time in total.

Kathleen
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Re: Selling and how to get the funds to the UK?

Postby Kathleen » Thu Jun 27, 2019 6:07 pm

No flouting of Greek financial laws as far as my and the buyers lawyers were concerned. I have provided copy bank statements for both accounts to prove receipt, this was a condition written into the contract.

Nomad too did well for me. I shipped six boxes, including a large Cretan pot with them. All arrived safely and I was able to collect them from Peterborough on Monday without a problem at a cheaper price than I expected.


As an update to my Nomad comment, opened my Greek pot today in the dryer weather, despite being packed with bedding,towels and cushions with loads of bubble wrap, it is a write off! Huge disappointment since it was specially made to commemorate my marriage to my late husband. Nomad' s comment has been that I should have checked it on collection from their depot. How were they to know it was their fault, it was not rattling when it arrived! After a drive of over 200 miles to get there I wanted to get back on the road before the predicted bad weather arrived and it certainly was not rattling when it was carefully placed in my car by one of their staff. :(

Kathleen

symbiosis
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Re: Selling and how to get the funds to the UK?

Postby symbiosis » Wed Jul 03, 2019 7:23 pm

Well its not done as yet and a lot of palava

I brought the draft back from Greece and paid it into my local UK Barclays account and they sent it off to their foreign department to process it as a collection. They then sent the draft back to Greece for verification and to request the funds.

As I understand it, this is an inter bank request for payment (ie Barclays requesting payment from NBG) SO it comes under the business level transfer controls as they are paying the bank (not me). Barclays should then receive the funds into their holding account which they then transfer to my personal account

Will let you know!

I'm a amazed that Katleens buyer was somehow able to transfer the lot to her immediately from NBG to transferwise as that definitely was against capital controls (both NBG and tansferwise told me it was not possible) - any ideas Katheen? If I had thought that was even remotely possible I would have gone that route!

moggieman
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Re: Selling and how to get the funds to the UK?

Postby moggieman » Thu Jul 04, 2019 6:12 am

symbiosis

From Kathleen's post

"The final sum is to be transferred from the Netherlands to my UK account".


As the funds were transferred from the Netherlands so the money doesn't come under Greek capital control. And never came into Greece.

symbiosis
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Re: Selling and how to get the funds to the UK?

Postby symbiosis » Thu Jul 04, 2019 7:44 am

Kathleen wrote: The final payment by the buyer was made into a TransferWise 'Borderless' account from his account with the National Bank of Greece. It cleared within 24hours

Kathleen


Not quite as Kathleen says it was transfered from his nbg account, not from the Netherlands

moggieman
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Re: Selling and how to get the funds to the UK?

Postby moggieman » Thu Jul 04, 2019 8:09 am

Also says

The final sum is to be transferred from the Netherlands to my UK account.

Kathleen
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Re: Selling and how to get the funds to the UK?

Postby Kathleen » Thu Jul 04, 2019 8:46 am

A correction to my earlier posting on the subject. The buyer chose to pay the settlement figure from his National Bank of Greece account, not directly to me from the Netherlands.

Despite the capital controls which are shown under information freely available from NBG, the final payment, well in excess of 100000€, was made in full to TransferWise using a Borderless Account which I had set up. From there I was able to pass it on to my UK account with a massive saving on charges.


Kathleen

symbiosis
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Re: Selling and how to get the funds to the UK?

Postby symbiosis » Thu Jul 04, 2019 9:05 am

Well done Kathleen, wish I could say the same as I'm having to jump through hoops! I wonder if that is because the money in the nbg account originated from the Netherlands rather than from capital generated in Greece?

I have queries this with my situation and nbg as I believe I should be in the same position

Kathleen
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Re: Selling and how to get the funds to the UK?

Postby Kathleen » Thu Jul 04, 2019 9:21 am

Sent you another PM Symbiosis!

Kathleen

Kilkis
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Re: Selling and how to get the funds to the UK?

Postby Kilkis » Sat Jul 13, 2019 1:38 pm

According to ekathimerini it looks like all remaining capital controls may be removed soon. It is only a proposal from the governor of the Bank of Greece, Stournaras, but he is very close to ND, having been Minister of Finance in Samaras' government so I would guess that it carries some weight.

Warwick

ros21m
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Re: Selling and how to get the funds to the UK?

Postby ros21m » Sun Jul 14, 2019 12:21 am

NO COMMENT! How strange ND want to abolish Capital Controls! And yes, before anyone states the obvious.......

Kilkis
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Re: Selling and how to get the funds to the UK?

Postby Kilkis » Sun Jul 14, 2019 11:16 am

I have no idea what any of that post means, ros21m?

Warwick


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