Paying balance for resale contract from UK

[MarcW83]

Hi, I’ve been researching this til I am blue in the face but cannot find any definitive info. I have read numerous posts here and elsewhere.

I’m funding a purchase currently at the ROFR stage with savings. I want to use Revolut as I already have lots saved in USD there but everything I read says the title companies don’t allow ACH payments which is what Revolut uses.

I have also read a lot of people saying they did use ACH payment but had to speak to the title company’s bank for extra info to be able to do this.

can anyone advise if they managed to pay the closing balance on completion using Revolut? The title company I am using is Magic Vacation title though I spoke to the broker and they say I can change this if I know a title company who do accept ACH.

thanks a lot

marc

 

[RoseGold]

I want to use Revolut as I already have lots saved in USD there but everything I read says the title companies don’t allow ACH payments which is what Revolut uses.

Ask Revolut what title company they want you to use. You have to resubmit to ROFR if you change the payment terms, so probably should have asked them before the offer.

 

[MarcW83]

Ask Revolut what title company they want you to use. You have to resubmit to ROFR if you change the payment terms, so probably should have asked them before the offer.

Surely revolut wont have any idea they are an online bank. I’m waiting to hear back from the title company but thought I’d people had recent experience they could advise who they used for APH transfer.

I was planning on using US finance until I found out that it’s a pain to sign the documents from abroad so decided to switch to using savings which is why I never spoke to them previously.

 

[RoseGold]

Surely revolut wont have any idea they are an online bank.

I've used three timeshare title companies, and all of them required wire or check. If your bank can't handle those simple transfers, then you should ask them what they want you to do. Obviously, the bank will have encountered this problem before if they don't have the normal formats of paying for things.

 

[MarcW83]

I've used three timeshare title companies, and all of them required wire or check. If your bank can't handle those simple transfers, then you should ask them what they want you to do. Obviously, the bank will have encountered this problem before if they don't have the normal formats of paying for things.

My bank can handle wire transfers, all banks can but as per my original post, my $ funds are already in revolut. I’m not going to convert back to £, then transfer to my UK bank for them to convert back to $ at a shocking rate then sting me for transfer fees.
I appreciate your replies but you dont seem to have encountered my specific problem so I will wait and hope someone who has comments.

 

[77NWD]

Hi Marc, I purchased a AKV resale contract last year, and like you my plan was to pay with Revolut. The closing company was Mason.

However no matter what we tried we couldn’t get the payment to go through the ACH route. In the end I used used XE to wire the funds and then used the revolut $’s to pay for dues etc. Hopefully you can find away around it.

 

[macman123]

I would use Wise.com - I tried paying through Revolut and the Title Co wouldn't accept it.

Dont go via the bank - they charge way too much.