International Money Transfer from Overseas

I'm looking for some advice. I'm originally from Ireland and I Mum past away in early 2021. The estate recently settled my siblings and I have ended up sizable amounts each.

The solicitor dealing with the estate in Ireland specifically requested of me:
"Any Beneficiaries looking for an electronic transfer should send us a copy of the top part of their Bank Statement showing the BIC and IBAN and also showing that the Account is their Account. This should include the name and address of the Bank. We require this information in writing but cannot accept it by email due to internet fraud."

Now I could simply give them my high street bank details but then the transfer is going to incur high transfer fees. I was wondering if there are any other options?

I tried Revolut but they cannot provide what I need so I can't use them.

Comments

  • HSBC allowed me to open a GBP account at the same time i opened my AUD account. funds are not shared between accounts. i don't know if that would incur any transfer fees.

    We require this information in writing but cannot accept it by email due to internet fraud."

    they probably accept fax lol

  • Do you still have your own bank account(s) in Ireland that you could accept it into first?

    • No unfortunately

  • +2

    wise.com

    • I don't; have any account with them yet. Had a look at the site but it's not clear if they offer a Europe account that comes with a Bank Statement showing the BIC and IBAN and also a name and address of the Bank for the EUR account.

      Do you know if they have that?

      • Not sure if this helps, I do have a Wise account, but not currently logged in (and need to use the APP but phone is flat). Found this in their help section: https://wise.com/help/articles/2897238/which-currencies-can-…

      • +1

        From in my wise Euro account.

        inside EU

        outside EU

        Is that what you need?

        • That could work idroid thanks, can't seem to get it from revolut. Will wise allow you to print a statement with a home address as well? (don't obviously just let me know if you can)

          • +1

            @paulj13: +1 for Wise. You can't beat their fees or rates.
            You can print a pdf statement with your name and address - example.
            I can't say that I have ever used them for a large amount, so not sure what AML/KYC hoops you may need to jump through.

  • If you have a Commonwealth Bank account (and internet banking), they let you open foreign currency accounts almost in real-time online. You can get the details the lawyer wants from Netbank once you open the account.

  • Keep in mind we don’t use IBAN in Australia, and the BIC is the SWIFT code.

  • send us a copy of the top part of their Bank Statement showing the BIC and IBAN

    The year is 2022 and people still want bank statements with SWIFT numbers is so 😭.

    • +1

      Tell me about it, the solicitor that is the one holding this up. They also want the details "in writing" as email is not secure enough, 2022 indeed.

      • +1

        Tell the dinosaurs to fire up ZOOM so that you can give them proof of life over magical wires.

        • +1

          They'll be shouting at me "BURN THEM THEY"RE A WITCH!!!" if I suggest that.

  • +1

    If it is a sizeable amount, have you asked if you can attend in person to authorise transfer via other means? Eg could you authorise a transfer via wise etc that way?

    You should also do some research on offerings from other banks. Comm Bank for example have options to open accounts in certain other currencies including Euro (though unsure of any fees etc). The benefit of keeping it in Euro is you can then transfer slowly in to AUD over time, averaging out currency fluctuations (if you want the money in AUD and have no immediate need for it).

    • The benefit of keeping it in Euro is you can then transfer it slowly into AUD over time,

      The EURO is dying.

      The best thing to do is damp the 💩 coin for a stronger fiat.

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