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How To Avoid Being Charged For Your Foreign Money Transfers
By admin | October 4, 2011
Hidden fees and bank charges often claim far too many of your precious pounds, and in the current economic climate that’s not always something you can afford. Whether it’s a result of overdraft fees, late payments or bank transfers, fees and charges can be the bane of our lives.
Some of the biggest, and most avoidable, charges are those incurred by the dreaded foreign transfer; simply sending money from an account in one country to an account in another.
If you’ve transferred money abroad in the past then there’s a good chance you were charged for it. Most banks charge between £10 and £40 per transfer! So if your bank was to charge you £25 for a monthly transfer you’d be paying £300 a year just for the privilege of moving your money around. With Barclays it could cost up to £540.
This creates a problem for all sorts of people. Studying abroad and receiving an allowance from home? That’ll cost your parents or guardians. Sending some birthday money to a relative? That’ll cost you. You have a holiday home which you rent out and you need to transfer money to and from your foreign account on a regular basis? Expect big charges.
But the worst thing about this is how unnecessary the charges are. Essentially you’re paying a lot of money so that someone in an office can press some buttons on a computer. But it’s fine because you know the charges are inevitable, so you just get on with it!
But whilst Barclays charge £25 (plus ‘overseas delivery charges’) for a standard transfer or £45 (plus ‘overseas delivery charges’) for a priority transfer, and whilst Halifax charge between £9.50 and £19.50, there are companies who’ll charge you nothing.
Companies such as Currencies Direct say that you shouldn’t have to pay for the privilege of transferring your money abroad, and we agree. All they charge is the rate of currency exchange, the same rate that you’d pay when changing your holiday money, on which they offer the best rates. Smaller transfers may be subject to tourist rates, but if you make regular payments then they’ll give you commercial exchange rates to make the most of your money. They’re a reputable company and one of the few who still offer free foreign money transfers.
It’s surprising how many people pay their banks huge fees to transfer their money abroad without realising they can avoid it. Whether you’re a student studying abroad or a holiday home owner, transfer charges can be a thing of the past.
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