Brits with a dream home in the sun are being overcharged by the banks when transferring money regularly from the UK, says Currencies Direct.
Emigrating or having a second home abroad is increasingly common, with over 208,000 people moving overseas last year. As a result, the requirement for transferring money abroad has increased. In direct response to this trend, Currencies Direct has made its Overseas Regular Transfer Plan free saving customers 300 per year on charges alone.
A recent focus group held by Currencies Direct amongst its customers living in Spain revealed that many felt transferring funds regularly via their traditional bank was expensive, typically with a minimum charge of 25 for the smallest amount.
Customers are repeatedly subjected to poor rates because of their need to transfer lower sums of money and in an attempt to combat these issues many were being forced to make one-off lump sum transfers two or three times a year from funds in the UK.
Neil Redcliffe, managing director of Currencies Direct, says: “Money worries don’t evaporate on receiving the keys to your dream home in the sun. Juggling house maintenance, mortgage payments and the weekly shopping bill is very hard without having the ability to dip into UK funds at least on a monthly basis.
Most people want regular monthly transfers from their UK bank account but they don’t want to be, and shouldn’t have to be, penalised by their banks for the privilege.”
Whether it’s making payments to cover a foreign mortgage, covering living expenses and bills or transferring a UK pension, the reasons for using regular transfers vary.
The Overseas Regular Transfer Plan from Currencies Direct enables customers to make monthly payments to an overseas bank account through a direct debit.
Currencies Direct is able to offer a 150 monthly minimum for regular transfers as it deals directly with the currency markets on a daily basis, enabling it to pass real cost savings onto its customers.
In addition, when sending money overseas many homeowners are often faced with the additional cost of receiving fees charged by overseas banks. However, with agreements in place with many of these banks, Currencies Direct is able to ensure their customers aren’t left short changed.
Receiving fees can often add a significant amount onto the cost of transferring money. For example, if transferring EUR1000 you could end up paying as much as EUR60 in receiving charges.
Based on a typical bank charge of 25 per monthly transfer, Currencies Direct says it can save customers 300 per year on transfer charges alone.
This is without taking into account the highly competitive exchange rate offered by Currencies Direct in comparison to most high street banks.