International money transfers for estates and inheritances

An established Melbourne law firm needed to send cross-border payments on an ad hoc basis.

Traditionally, the law firm would transfer the funds directly via their bank's website. We were able to review the past payments and highlight the total costs associated with the transfers.

On the next transfer, our forex team was able to assist with the cross-border payment of AUD 610,000 (approximately) to Euros. The result was that the beneficiaries received an extra EUR 11,866.65 (nearly AUD 20,000) compared to the retail bank rate on offer.

A client of ours received an inheritance in the UK totalling GBP 140,000.

he client needed to transfer the GBP amount to her AUD account. Traditionally, this transfer would have been undertaken by a UK bank. We were able to offer her a more cost-effective solution to remit the funds to her AUD account. This resulted in the beneficiary receiving an extra AUD 7,011.92 compared to the retail rate on offer from her bank.

The executor of an Australian-based clienat needed to make several cross-border payments covering a variety of different currencies.

We were able to offer a number of payment solutions and options to the executor to make the process as transparent and cost-effective as possible.

Post-transfer, we provided a full report of the transfers to show that the executor had acted in the client’s best interest.

As soon as we have received a copy of your passport and proof of residential address (signed and dated by yourself), we will activate your account on the same business day.

If your transfer exceeds £20,000 (or the equivalent in another currency), we will request a few additional documents.

To get you the best rates, we canvass the market on your behalf, add a small margin to the rates we obtain, and pass that rate on to you. The exchange rates we offer fall between the interbank rate (the truest exchange rate) and the rate offered by high street banks and bureaux de change.

We are able to undercut the high street banks and pass that saving on to you in the form of great rates. While the rates on our site are updated throughout the day, they must be viewed as indicative only.

The rate you see in the media is the interbank rate, which is the rate at which banks trade with each other. We pride ourselves on being transparent and will only quote rates that we are able to give you.

We can transfer funds to just about any worldwide destination. Our most popular destinations are Australia, New Zealand, Poland, South Africa, Canada, the United States and the Eurozone. If your country is not specifically listed as an option on our website, please give us a call or send us an email and we’ll help you out with your transfer.

Once we have received all the necessary documentation associated with the transaction and your funds have cleared in our client account, the converted funds will be credited to your nominated overseas account within one to three working days.

There is no minimum or maximum amount when you transfer money with us. There are, however, certain benefits to transferring larger amounts. To find out more about the benefits of sending larger amounts pop us an email, or give us a call, and tell us how much you’d like to send and we’ll walk you through the process.

Please note: When transferring £20,000 (or foreign currency equivalent) or more in a single currency transaction, or £30,000 (or foreign currency equivalent) in a number of transactions over a 12-month rolling period, Sable International requires proof of “source of funds” as prescribed by HMRC’s Money Laundering Regulations.

We accept internet banking payments and GBP denominated UK debit card payments. Your name and surname must be used as the reference when paying via internet banking. If a name and surname are not supplied, proof of payment must be emailed to us so we can allocate your funds for transfer.

The easiest way to transfer money with us is to use your UK debit card on our website. This process is completely under your control and you don’t need to set foot in a bank or log on to an internet banking portal. As soon as you submit your request online, your money is transferred from your account into ours. As the funds are transferred out of your account, the exchange rate will be secured for your transfer. This is how we ensure the rate you see when you request the transfer is the rate you get.

If you have chosen internet banking as your preferred payment method, you will need to complete two stages to effect a transfer. Firstly, you will need to upload your transfer instruction onto our website. This tells us the amount of money, destination to which and date on which you want the funds to be sent. After this, you will have to log in to your internet banking account and transfer the requested amount to the relevant Sable International client account, using your name and surname as the payment reference.

The appropriate details for our client holding account will appear when you upload your transfer request on our website.

If you are using internet banking, it is imperative that you ensure that your funds will clear under your name and surname. If you use your name and surname as the payment reference, we will know that the funds are from you and we can process your transfer as soon as the funds clear.

If the funds will be clearing under a reference other than your own name and surname, please send an email to forex@sableinternational.com, informing us as to what name the funds should clear under. Following these guidelines will decrease the likelihood of a delay.

The law requires us to monitor any unusual or suspicious transactions of any size taking place where we have reason to believe the money is derived from illegal activity. We will report any suspicious international money transfers to the authorities.

The law also requires us to keep full records of all transactions, together with copies of identification provided. We are unable to process any transaction where this information is withheld. Proof of address and proof of funds may be required in certain cases – please see our “know your customer” guidelines for more information.

Our site uses Secure Socket Layer (SSL) 128 bit encryption to protect your transaction details. This 128 bit encryption is the latest and strongest data encryption technique commercially available for securing information between you, our client, and our website.

SSL works by encrypting/scrambling data from our website to your computer. The data is encrypted on our web server and can only be decrypted/unscrambled by the person with the correct decrypt/unscramble key. You can visually verify our site’s use of SSL in two places: The "s" in https in the site’s web address and by the padlock on the left-hand side of the address bar.