Transferring the funds is rarely a technical problem. From the UK, two things matter: the exchange rate, because you are converting pounds into euros, and organisation, because large amounts, anti-money-laundering checks and a tight timetable don't mix well with improvisation.
Three to four weeks before the signing
- Tell your UK bank or currency provider: a transfer of several hundred thousand pounds triggers internal checks, which are better done in advance.
- Check your transfer limits; online banking often caps them by default at a few thousand pounds a day.
- Gather proof of the source of funds: the deed of sale of a property, savings statements, a deed of gift, a mortgage offer. The Spanish notary and the bank will ask for them.
The week of the signing
The funds must be in your Spanish account several working days before the notary appointment, so the bank can issue the banker's cheque (cheque bancario) or prepare the secure transfer for the day. An international transfer from the UK usually arrives within one or two working days, but large amounts can face extra checks: never leave it to the last 48 hours.
The exchange rate: where the real cost is
On a purchase in euros, a small difference in the GBP/EUR rate can cost thousands of pounds. High-street banks often apply a wide margin; specialist currency providers are usually much cheaper, and some let you fix the rate in advance (a forward contract) so the price in pounds does not move between the offer and the signing. Compare before you commit.
A payment plan prepared three weeks in advance goes off without stress. It is one of the points we always nail down with you.
