Interesting Strory from
www.scotsman.com
Ease pain of transferring money to Spanish account
Q WE ARE purchasing a property in Spain. Is there a cost-effective way to transfer sterling to euros, directly to our Spanish bank account? The sum involved will be about £450 per month. Our banks charges for transferring money are ridiculous.
NT, Edinburgh
A ONE of the selling points of the euro was supposed to be easier and cheaper bank transfers, but I have yet to see the benefits. Even when you have euros in a British bank, the charges for moving money to a bank in Spain can be frighteningly high, particularly if, for example, they involve regular payments. Typically, you could lose £20-£40 a time.
A few businesses have sprung up to undercut the banks. Take a look at Currencies Direct ( www.currenciesdirect.com , a specialist currency trading firm which buys euros in bulk and passes on the benefit of better exchange rates as well as undercutting bank charges.
Q I INVESTED in an NDF bond through advisers Chase de Vere and as I am 80 I opted to draw a regular income with, at worst, little loss to my original capital. I have received the annual income of just over 10 per cent as promised, but the loss to my capital is more than 65 per cent.
EJ, Edinburgh
A YOUR investment is what we now call a "precipice bond". The high income was financed by taking a steep risk with your capital, which was linked to a basket of foreign shares. When they fell, the value of your investment dropped like a stone. Chase de Vere has been fined £165,000 by the Financial Services Authority for issuing misleading advertisements, which failed to spell out the risks. But that offence involved just one sales promotion and it may not affect on the advertisement you answered.
A crucial point is that if you answered an advertisement, the rules say that you made the decision on your own. However, if Chase de Vere advised you in any way, by letter or phone for example, then its responsibility is far greater. Complain to Chase de Vere that you do not believe the risks were made clear. If your complaint is rejected, ask the advisers to put you in touch with the Financial Ombudsman.
Q I HAVE found a United Friendly insurance policy among my late fathers papers. The office address I have no longer exists. Do you know where this company is now?
OA, Glasgow
A THE United Friendly name still exists, with offices at Royal London House, Alderley Road, Wilmslow, Cheshire SK9 1PF. However, United Friendly is now owned by Royal London, whose head office, should you need it, is at 55 Gracechurch Street, London EC3V ORL.
Write, concisely please, to Cash Clinic, The Business Scotsman, 108 Holyrood Road, Edinburgh, EH8 8AS. Names and addresses should be included, though these will not be published. We believe the advice given is accurate and pertinent, but do not accept legal responsibility
business.scotsman.com/index.cfm?id=460532004
