View more on these topics

Firm slams banks on cash transfers

Brits with a dream home in the sun are being overcharged by banks when transferring money regularly from the UK, says Currencies Direct.

Whether for making payments to cover foreign mortgages, covering living expenses and bills or transferring UK pensions, the reasons for using regular transfers are many.

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 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 among customers living in Spain revealed that many felt transferring funds regularly via their bank was expensive, typically carrying a minimum charge of 25 for the smallest amount.

Customers are repeatedly subjected to poor rates because of their need to transfer smallish sums of money. In an attempt to combat these problems many feel 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.

“Most people want regular monthly transfers from their UK bank accounts but they don’t want to be – and should not be – penalised by their banks for the privilege.”

Recommended

1st launches fourth version of Adviser Office

1st, the supplier of integrated technology solutions for financial advisers, today launches the fourth major version of its adviser software solution Adviser Office 4: Accelerating E-Business. This version of Adviser Office has been developed in close conjunction with intermediaries, with the focus of the product on providing increased simplicity with an easier user experience based […]

Brokers want IHT scrapped next year

Inheritance Tax is clearly unpopular among brokers, with most Mortgage Strategy Online readers calling for it to be abolished. This week’s straw poll reveals a massive 71% want the tax to be scrapped in next year’s Budget, compared with 29% who hope Gordon Brown keeps it. This week Mortgage Strategy asks: “Do lead generation firms […]

The Mortgage Mole

Drama Queen Mole has learned that Mortgage Strategy newcomer Luci Mylward has been hiding an acting past. Seems our hackette auditioned for the role of Izzy in glossy teen soap Hollyoaks, known for its kinky on and off-screen dramas. “I could be a celebrity right now and have my own calendar,” Mylward sighed to Mole. […]

A third of people don’t save, says B&B

The Savings Report from Bradford & Bingley shows that only a third of people of people save regularly, with a fifth admitting they never save. A further 11% also confess that they prefer to buy the latest clothes and gadgets or go on nice holidays rather than save. While 27% of people cite the lack […]

Passport - thumbnail

Thinking of expanding overseas?

Whether you’re a small company or an established larger employer, expanding overseas into emerging markets can be an extremely attractive prospect for growing your business. However, with this comes a duty-of-care requirement to any staff based overseas.

Newsletter

News and expert analysis straight to your inbox

Sign up