More Questions.

[Mr Cassandra]

As you will be aware by now I am buying a Yacht in Italy.(silly me). What is the best way of making the final transaction,at the right time,right day ?
A very helpful member of the forum recommends TranferWise I have never used them and wonder how do they access my account ,especially as it is a large to me amount of money.

 

[Tranona]

Use either a currency specialist if you need to buy euros, or if your account is in euros use a bank transfer direct to the seller's (or his broker more likely) account once you are satisfied and have the documents that give you title and possession. Last time I did this I used a debit card sitting in the broker's office with the signed documents on the desk.

 

[Roberto]

You may also use a Euro-denominated bank cheque, not sure of the name but a cheque issued and guaranteed by the bank, not a personal cheque.
It is very common procedure: the seller/broker may call the bank to verify it, the chèque remains in your hands until the paperwork is signed, stamped and counterstamped by all the authorities to your satisfaction.

I remember you having problems with the broker, communications, understanding, etc, I personally would not send money by transfer; I do not know the specific broker you are working with, but remember the broker profession in Italy is *a lot* less regulated than the Uk, and likewise you would have very little legal protection.

 

[Heckler]

You may also use a Euro-denominated bank cheque, not sure of the name but a cheque issued and guaranteed by the bank, not a personal cheque.
It is very common procedure: the seller/broker may call the bank to verify it, the chèque remains in your hands until the paperwork is signed, stamped and counterstamped by all the authorities to your satisfaction.

I remember you having problems with the broker, communications, understanding, etc, I personally would not send money by transfer; I do not know the specific broker you are working with, but remember the broker profession in Italy is *a lot* less regulated than the Uk, and likewise you would have very little legal protection.

I would also make the point, do not transfer dosh until you have the signed sealed and delivered paperwork in YOUR HANDS!
I nearly did a deal a few years ago, the money going to Australia, the "friend" in this country who was handling the deal was supposed to leave the docs and bill of sale in the local chandlers 200 miles away. I checked at close of play on the day before I was supposed to transfer the money. No papers! I pulled out, he called me fit to burn, I said you didnt do your side of the bargain. I still wake up in a cold sweat when I think of what could have gone wrong.
We are used to taking things at face value, DONT! Take a bank draft or cash and sit there until the completed paperwork is in your hands before handing the dosh over !!!!!!!!!

PS A relative bought a car with her debit card, it wasnt an issue, thick end of £30K, let the bank know before hand and when the card is swiped the bank phones up and goes through security to let them know it is you doing it.

 

[Tranona]

I would also make the point, do not transfer dosh until you have the signed sealed and delivered paperwork in YOUR HANDS!
I nearly did a deal a few years ago, the money going to Australia, the "friend" in this country who was handling the deal was supposed to leave the docs and bill of sale in the local chandlers 200 miles away. I checked at close of play on the day before I was supposed to transfer the money. No papers! I pulled out, he called me fit to burn, I said you didnt do your side of the bargain. I still wake up in a cold sweat when I think of what could have gone wrong.
We are used to taking things at face value, DONT! Take a bank draft or cash and sit there until the completed paperwork is in your hands before handing the dosh over !!!!!!!!!

PS A relative bought a car with her debit card, it wasn't an issue, thick end of £30K, let the bank know before hand and when the card is swiped the bank phones up and goes through security to let them know it is you doing it.

Agree with everything you say. One of the advantages of dealing with a pro outfit like I did is that they do this sort of thing all the time. Sometimes difficult with private deals to get the other party to appreciate the importance of doing it properly.

BTW paid both deposit and final payments (similar amount to the one you mention) by debit card with no problem and not even a verification phone call!

 

[Heckler]

Agree with everything you say. One of the advantages of dealing with a pro outfit like I did is that they do this sort of thing all the time. Sometimes difficult with private deals to get the other party to appreciate the importance of doing it properly.

BTW paid both deposit and final payments (similar amount to the one you mention) by debit card with no problem and not even a verification phone call!

This present boat was a private sale but a well known Scottish Beneteau dealer who he was buying a new one off, offered to act as broker for free. To be fair to her she did the biz, made sure all the paperwork was there, organised everything including the negotiating after the survey. I then transferred the dosh to their client account, she paid him and I had all the paperwork.
Superb job done

 

[Mr Cassandra]

You may also use a Euro-denominated bank cheque, not sure of the name but a cheque issued and guaranteed by the bank, not a personal cheque.
It is very common procedure: the seller/broker may call the bank to verify it, the chèque remains in your hands until the paperwork is signed, stamped and counterstamped by all the authorities to your satisfaction.

I remember you having problems with the broker, communications, understanding, etc, I personally would not send money by transfer; I do not know the specific broker you are working with, but remember the broker profession in Italy is *a lot* less regulated than the Uk, and likewise you would have very little legal protection.

Yes,I think that will be the correct course of action. for interest the broker is Vacanze A Vela yachts. Verona.

 

[Portofino]

There’s always going to be an element of trust from both sides .
What does the broker suggest , has you asked him how the transaction day is going to work ?
Broker looks reputable from the website .

When I bought mine , I got on well with the broker , we agreed some works to be done in 3 week period between viewing and the deal and handover .
He organised a lift at a yard and the works , i was to fly in on the Friday .
He sent pics of the work s .
He emailed the bank details of where to wire the € and how much , it was the owners “ sister “ .
I,d seen the paperwork at the viewing / seatrial and been e mailed copies after I paid the deposit to the broker .
So I had pics of the broker .
I new where he lived ( as needed to switch cars with his wife on the way back from the airport )
I had a paper trail of € paid thus far and where .
I new the yards address Infact Aprea Mare factory .
I had pics with identifiable yard staff crawling over it .
So on the Wednesday before transferred the bal , just a quick £30 same day within the hr job .And adiviesd the broker .
On 1st name terms now .
Thursday broker calls me by phone to confirm monies have been received and what else I need to bring and the pick up time from Naples airport - so he can come and pick up .

So I thought if he did a runner on say Wednesday pm , the “ sister “ disappeared- well if I went to the police .
I have enough to give them .
Of course stud on the concourse at Naples airport Fri am I was relieved when he sent a couple guys in Black 7 series dressed like the blues brothers to pick me up - and my mate who makes Vinnie Jones look like a pussy cat

One got out - opened the rear door and said Mr [ my name ]” get in “.

Very soon we arrived at the yard , and there was the boat already put back in , with the broker putting the final touches on .
Anifouled
New anodes
New riser s
New anchor chain + much more .

And a “ friend “ to act as Del skipper we were off to Cannes Sat Am .
All I had negotiated was to fund the skippers flight back from Nice —— all part of the deal .

There has to be an element of trust
If it’s a con I don,t think you can do much other than stay in bed and don,t risk a thing .

Went to pay the yard bill —- imagine walking into say Princess or Sunseeker factory site to the office .
Girl prints off the bill , I get my card out she says
“There’s two prices a white price on paper and another with cash “
Oh indecently enquire? —- she knocks 30 % off .
Broker runs me and my mate to bank cash point - I return and settle up .
Next up tanks nearly empty .
Broker suggest his “ cousin “ who turns up 8 pm dark in a little Piagio tanker that gets down the jetty .
Proceeds to fill up
You know what’s coming next —-
“ there’s two prices the white price €1.70L or another price - no paper “
I paid cash €1 / L not far off 2000L

Any how enjoy for hand over day :encouragement:
“

 

[Mr Cassandra]

It would appear that HSBC do not do foreign exchange bank drafts/cheques anymore.

 

[garvellachs]

As you will be aware by now I am buying a Yacht in Italy.(silly me). What is the best way of making the final transaction,at the right time,right day ?
A very helpful member of the forum recommends TranferWise I have never used them and wonder how do they access my account ,especially as it is a large to me amount of money.

I use Transferwise a lot and only have praise for them. You open an account with them beforehand - usual checks, no money yet. Then choose when to buy your currency and make the transaction online. They ask for the account details the proceeds are to go to in the foreign country. Then they ask for the currency to be paid for, typically by transfer from your own account into their account. Once that's done the transaction proceeds. Takes seconds to pay them, but can be slow to arrive in the foreign account due to local restrictions nothing to do with Transferwise. The fees are light and the rate is good. But none of that helps with the risks of buying a boat in Italy of course.

 

[jordanbasset]

I use Transferwise a lot and only have praise for them. You open an account with them beforehand - usual checks, no money yet. Then choose when to buy your currency and make the transaction online. They ask for the account details the proceeds are to go to in the foreign country. Then they ask for the currency to be paid for, typically by transfer from your own account into their account. Once that's done the transaction proceeds. Takes seconds to pay them, but can be slow to arrive in the foreign account due to local restrictions nothing to do with Transferwise. The fees are light and the rate is good. But none of that helps with the risks of buying a boat in Italy of course.

Plus 1 for transfer wise, bought my boat in Greece using them, hassle free, very good service. As it was quite a large amount I did shop around and it was the best deal I could find at the time in terms of overall costs and exchange rate

 

[Mr Cassandra]

Plus 1 Used them yesterday for the first time to pay a surveyors bill, paid within 6 hours ,remarkable service ,when i showed the assistant in HSBC she was gobsmacked by the rate .