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My mother is 86 year-old, belgian citizen and resides in…

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My mother is 86 year-old...
My mother is 86 year-old, belgian citizen and resides in South Africa with a retired visitor permit. She has sold some personal artworks (paintings) to a lady in Switzerland. My mother wants the money (about 20,000 euro) to be transferred to her investment account at Saxo Bank. The problem is that Saxo does not allow transfers of funds from an account which is not in her name. A few years ago, she had an account in Belgium but not anymore. What is her option? Where can she open an account in Euro as a non-resident, and limit the transfer fees to the minimum?
Submitted: 10 months ago.Category: European Law
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Answered in 2 days by:
9/25/2017
Lawyer: GoldLaw,
 replied 9 months ago
GoldLaw
Category: European Law
Satisfied Customers: 1,706
Verified

Hi there and thank you for your question,

I will try to assist you with your legal question but please feel free to ask as many follow up questions in order to clarify your initial question. If you have a new question, you must please open a new thread.

What your Mother *should* be doing is to transfer the funds into a South African banking account and asking her local SA bank to convert the funds into ZAR at the best exchange rate possible on the day.

Your Mother could also open a "Euro based" account in South Africa. The accounts are expensive however, so that might not be the best bet.

Is your Mother's intention to bring the funds into SA, or keep them overseas?

If my answer hasn't provided you with enough clarity regarding your initial question, please send me a REPLY with follow up questions so that I can continue to assist you in this same thread for as long as you need. Let me know if you need more advice - don't just rate my answer as "bad".

If my are HAPPY with my answer then please click one of the STAR ratings or the SMILEY FACES to rate my answer!

Good luck and best regards,

CaseLaw

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Customer reply replied 9 months ago
Thank you for your answer. My mother does NOT want to bring the funds to SA, neither lose money in transfer and exchange fees. The funds are in EURO and must go on her investment account in Euro at Saxo.
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