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.”