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London, 31 October 2005
Brits with a dream home in the sun are being overcharged by the banks when
transferring money regularly from the UK, according to Currencies Direct,
specialists in foreign exchange for overseas property.
Emigrating or having a second home abroad is increasingly common, with over
208,000* people moving overseas last year alone and, as a result, the
requirement for transferring money regularly to support a life in the sun has
increased. In direct response to this trend, Currencies Direct has made its
Overseas Regular Transfer Plan completely 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
even the smallest amount. Customers also reported they 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 to
pay for ongoing expenses.
“Money worries don’t evaporate on receiving the keys to your dream home in
the sun,” said Neil Redcliffe, managing director of Currencies Direct.
“Juggling house maintenance, mortgage payments and even 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 is completely free
and 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 £1000 you could end up paying as much as £60 in
receiving charges.
Based on a typical bank charge of £25 per monthly transfer, Currencies Direct
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.
An example of how the Overseas Regular Transfer Plan works:
A couple own a property in Spain and need to transfer £1,000 from their UK
bank account to cover the mortgage payments on their dream home in the sun.
If they were using their bank (assuming currency rate of 1.4344) to transfer
their money every month it would cost them £45 in fees and commissions and
they would receive only £1,434.40. However, by using Currencies Direct (based
on an exchange rate of 1.4750), they will save £45 in fees and commission and
receive £40.60 more every single month.
--ENDS--
*Office for National Statistics – Total International Migration Report for
2004 (Published October 2005)
**Based on a typical bank charge of £25 per monthly transfer.
About Currencies Direct
Currencies Direct is the UK’s leading commercial foreign exchange company and was the first
company in the UK to offer commercial exchange rates to private individuals.
Every year Currencies Direct provides thousands of individuals with unbeatable
exchange rates for moving of money abroad, and whether an individual is
transferring savings for a new life in the sun, investing in high value goods
or making regular transfers, Currencies Direct can provide a simple, reliable
and cost-effective alternative to high-street banks.
By dealing directly with the currency markets, Currencies Direct is able to
offer its customers real cost savings and its credentials are second to none
– it was recently found to be the best exchange rate provider by the
Financial Mail on Sunday. It also offers customers free transfers (over
£5,000), no commission and has a minimum transfer amount of £2,000.
If you would like more information on how we can help you with your
currency transactions when buying properties here in Spain please call
34
952818655
or
contact
currencies direct
by
clicking on the logo below.
For an up date on press releases
from the news room on money matters and on buying you home overseas, please
click on link below.
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