Selling and how to get the funds to the UK?

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symbiosis
Posts: 14
Joined: Sun Apr 21, 2019 10:51 am

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

Postby symbiosis » Sun Aug 11, 2019 4:59 pm

So, thought I would conclude this post with the outcome for anyone in the future.....

It turned out that the buyer and agent were not strictly honest in leading me to believe that the funds for the purchase were being transferred from Australia. In fact they were but sent to the buyers Greek sister, who then used her Greek business account to pay me - why? I can only assume some kind of tax dodge or benefit. The upshot of this to me was that the funds in my possession WERE Greek money and had been in the account from before the incoming capital controls and therefore liable to them......

I had to send the bank a copy of the contract and evidence of my UK residential status, because I provide this, they authorised the entire transfer to my UK based Euro account. The whole process took about 8 weeks and I paid about 250 euros in fees for the transfer from Greece.

I then transferred the funds to my transferwise account and from there to my individual sterling accounts at the very nice rate of 1.06

So, I'm happy and if your buyer is Greek and is using funds that come under the controls then it seems this is the way around them if you can prove UK residency

Kilkis
Posts: 11639
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

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

Postby Kilkis » Sun Aug 11, 2019 7:20 pm

If news reports are correct it shouldn't be a problem much longer. Greece is proposing to remove capital controls completely in September, although it is subject to agreement from their creditors.

The feeling is that there would no longer be massive cash outflows and it could result in Greece's sovereign debt rating being raised. It is currently mainly at junk status, although one agency has it one step above junk. Getting a higher rating would result in lower yields and also allow it to participate in the next massive round of QE from the ECB. Currently it is excluded.

It looks like governments in all developed countries are about to start going all-in on Modern Monetary Theory, i.e. governments can spend an infinite amount of money on anything they want because they can print an infinite amount of money. Should be interesting to see how that works out for them? Greece won't get any of the new free money unless it can get a higher rating on its debt.

Warwick

Kilkis
Posts: 11639
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

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

Postby Kilkis » Mon Aug 12, 2019 9:40 am

Further to my previous post, this is an extract from an article in ekathimerini today, my highlight in red:

    ... and lifting the remaining capital controls.

    Regarding the last action, Staikouras sent a letter to the European Commission last week including the draft text of the relevant ministerial decision abolishing all controls, which he said he wants to implement in September. The creditors are expected to approve the timeline.

Warwick

Kathleen
Posts: 455
Joined: Sat May 12, 2007 8:46 pm
Location: North East UK/ex Rethymnon

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

Postby Kathleen » Mon Aug 12, 2019 10:05 am

Glad you finally got sorted, the drop in exchange rates has, no doubt, compensated for all the hassle!

Kathleen

symbiosis
Posts: 14
Joined: Sun Apr 21, 2019 10:51 am

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

Postby symbiosis » Mon Aug 12, 2019 1:05 pm

Thanks Kathleen and yes it certainly helped!!


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