Money Transfers

by George
(Lebanon, CT)

Hi,

My name is George and we will be moving there in about 11 months. Any ideas regarding the transfer of funds to buy a place in Cuenca?

Assuming you pay cash for a condo in Cuenca, how long it will take to finish the process?

Thank you.

*****

Hi George.

The simplest (but not always the easiest way) to transfer large sums is by wire transfer. But many US banks won't send money here unless you can prove that you have a good reason to do so.

So you'll likely need a signed sales contract for a condo or house (called a "promesa de compraventa"), which will need a deposit, before your bank will wire funds down. Yes, even though it's your money.

I'll assume that your question about the time to complete the process refers to a home purchase. If everything works out, it can be finished within a month of the initial paperwork. If everything is really clean (title, etc.), it could be less than 10 business days. That's a best-case scenario though. Plan for at least 30 days and you won't be disappointed or upset.

And don't be surprised if it takes longer than 30 days. Not likely, but it happens.

Jeff