View more on these topics

Scheme to assist in money transfers abroad

Currently offered exclusively to clients of Hove-based CFS, the UK&#39s leading overseas mortgage broker, the scheme has been launched in response to the needs of Britons moving abroad or buying property for investment or personal use.

Many such buyers are finding that the size and regularity of money transfers between the UK and overseas, for overseas mortgage payments for example, is leaving them out of pocket due to the fluctuations of the currency market and costly transfer fees.

Under the agreement, Moneycorp pledge to provide CFS with fixed exchange rates for between six and 24 months (so fixing the sterling value of their payments against adverse exchange rate movements) at the most competitive commercial exchange rates available.

The service is designed to avoid unnecessary intervention or stress for CFS clients.

Nick Bull, marketing manager of Moneycorp, says: “The regular payment plan we have established with CFS is simple to set up and use, and will benefit those who have to transfer sums overseas regularly. Over recent months, we have been working closely with CFS to ensure their customers get the best deal and that we have the right systems in place to support them effectively.

“Under the plan, regular payments are paid by direct debit to Moneycorp and we then arrange for transfers to be made to an account and on a date that the client specifies. The only charge for the service is a £4 transfer fee which compares favourably with the £25-40 charged by high street banks.”

The decision to work with Moneycorp followed an extensive investigation of the market.

Simon Conn, senior partner at CFS, says: “Having decided to look for a currency exchange plan, we spent time researching the best products and services available and decided to team up with Moneycorp. We have dealt with them for over three years for lump sum transfers and are confident that their extensive knowledge and expertise will help ensure that the new scheme to offer our clients significant financial benefits.”

Recommended

L&G helps IFAs understand employers&#39 issues

Legal & General is helping IFAs understand how social and legislative issues are placing increased demands on employers. High rates of absence from work, stress management, rising employment costs, changes in pension provision, legislation such as the Disability Discrimination Act and health and safety rules mean employers are faced with an increasing range of challenges […]

Trustguard receives official authorisation from the FSA

Nick Battersby, group compliance director, says: “We&#39re delighted to receive this permission from the FSA. “Our network will be very small compared to some of the other players in the market, but we&#39ve put a lot of effort into this, and to see this hard work rewarded is good news for us and for our […]

TMB denies it plans to slash packager panel

The Mortgage Business has denied rumours that it is to slash the number of packagers it uses. Since TMB&#39s slow relaunch into the market at the beginning of the month the packaging community has been alive with rumours that a reduced packaging panel was a given, with many attempting to discover more details on the […]

Liverpool Victoria raises commission on Exweb

The commission has risen from five to 10 lautro points as a result of the high volumes of business that The Exchange generates on Exweb. The Exchange has recently announced that it has processed 100,000 transactions via Exweb. Rye Mills, director of the intermediary division at Liverpool Victoria, says: “The Exchange&#39s quote and transaction volumes […]

9 October thumbnail

Johnson Fleming set to host webinar on auditing auto-enrolment schemes

With 23 auto-enrolment compliance notices issued by the Pensions Regulator, and an evolving legislative landscape meaning previously compliant schemes may now be in breach of regulation, now is the time to think about auditing your auto-enrolment scheme. Johnson Fleming is hosting a webinar on 9 October at 11:00 on how to audit your scheme to ensure compliance, avoid breaches and fines and overcome data issues.