How to pay the final balance on a resale contract

[Disneyfan1983]

We're in the process of buying a resale contract and we received our closing documents yesterday.

The final balance needs to be paid via Fedwire and not ACH. I have no idea what the difference is and not sure if I can use the international payment option offered by Lloyd as it doesn't state if it's Fedwire or ACH.

For those who have gone resale how did you pay the final balance and what services would you recommend? The lower the fees the better

 

[JackosinDIS]

We bought our first contract a couple of weeks ago, and I spent quite a bit of time trying to figure this out as it’s not as simple as it should be for us in the UK!

in the end, we set up a U.S. dollars account with Wise. It was very easy to do online. You then add £ from your UK bank account and convert to dollars. The exchange rate is very good (whatever the going rate is, less a fee which equates to about 0.5% of the total amount being converted).

You can then send a wire transfer from the US account you have set up (it is clear from the website whether you are doing a wire transfer as opposed to ACH payment when you go through the steps). There is a small fee of about $7 for doing it (depending on the amount you are sending I suspect)

The transfer arrived with the title company within a few hours, and there was a link to track the payment so that you could see exactly when it landed.

Overall, it was MUCH cheaper than sending via Lloyds as they charge around 3.5% I think plus the exchange rates they offer are significantly lower.

Hope that helps!

 

[Disneyfan1983]

We bought our first contract a couple of weeks ago, and I spent quite a bit of time trying to figure this out as it’s not as simple as it should be for us in the UK!

in the end, we set up a U.S. dollars account with Wise. It was very easy to do online. You then add £ from your UK bank account and convert to dollars. The exchange rate is very good (whatever the going rate is, less a fee which equates to about 0.5% of the total amount being converted).

You can then send a wire transfer from the US account you have set up (it is clear from the website whether you are doing a wire transfer as opposed to ACH payment when you go through the steps). There is a small fee of about $7 for doing it (depending on the amount you are sending I suspect)

The transfer arrived with the title company within a few hours, and there was a link to track the payment so that you could see exactly when it landed.

Overall, it was MUCH cheaper than sending via Lloyds as they charge around 3.5% I think plus the exchange rates they offer are significantly lower.

Hope that helps!

Thanks for this. Really helpful information

 

[Salokin]

Thanks for this. Really helpful information

Hi did you use wise in the end? I’m in a similar position and looks like it’s best to avoid high street bank whilst I’m not sure about revolut so am considering wise. Thanks.

 

[JackosinDIS]

Hi did you use wise in the end? I’m in a similar position and looks like it’s best to avoid high street bank whilst I’m not sure about revolut so am considering wise. Thanks.

I’ve used Wise many times over the last few months. Always gone very smoothly and wire transfer get to the recipient same day if you send the funds in the morning.

 

[Salokin]

I’ve used Wise many times over the last few months. Always gone very smoothly and wire transfer get to the recipient same day if you send the funds in the morning.

Sounds like Wise it is, thanks very much for your help.

 

[Salokin]

I’ve used Wise many times over the last few months. Always gone very smoothly and wire transfer get to the recipient same day if you send the funds in the morning.

Ok daft questions! Just setting up the agent as a recipient in Wise, I presume when it asks for address it means the banks and not the agent? Also, when can you add a reference to a payment? Thanks!

 

[JackosinDIS]

So I always put the address for the closing company not the bank.

Have you made sure to select ‘wire’ from the options on the first page?

The reference comes right at the end just before you confirm the payment (I think it is the last page before it asks for your password again. (Optional box at the bottom)

 

[Salokin]

So I always put the address for the closing company not the bank.

Have you made sure to select ‘wire’ from the options on the first page?

The reference comes right at the end just before you confirm the payment (I think it is the last page before it asks for your password again. (Optional box at the bottom)

Phew not such a daft question after all! I’ll amend the address to the company and yup, set up as wire. Thanks also for clarifying reference aspect.

 

[Noodlez]

Hi did you use wise in the end? I’m in a similar position and looks like it’s best to avoid high street bank whilst I’m not sure about revolut so am considering wise. Thanks.

I bought a small contract recently and just used my HSBC global money account (which I was able to add online as I already have an account). We checked other methods and there was very little difference. There's nothing wrong with using Wise, but I think some of the high street banks are a lot better than they used to be.

 

[Salokin]

I bought a small contract recently and just used my HSBC global money account (which I was able to add online as I already have an account). We checked other methods and there was very little difference. There's nothing wrong with using Wise, but I think some of the high street banks are a lot better than they used to be.

Thanks so much for your advice, really grateful. I used Wise in the end which was pretty straight forward, only nerves really with this being my first resale purchase.

 

[myrheille]

Just wanted to say that this thread was very helpful for this Canadian DVC resale buyer, so thanks everyone!