LONDON 08/08/2009- Selling or buying an overseas property may have become a little less expensive according to the Post Office who has just launched a new foreign currency money transfer service. The service is targeting those who are bringing money back to the UK after selling an overseas property and those who transfer money with pensions or mortgage payments
The Post office says its new service is aimed at people making repayments on a foreign mortgage, with deposits or costs associated with buying, selling or maintaining a property abroad and those paying utility bills. Other people expected to use the service are those people that are bringing money back to the UK after the sale of an overseas property, people with one off payments such as a wedding venue or emigration and those with regular payments such as transfer pensions, salaries or even school fees
Sarah Munro, Post Office head of overseas money transfers, said. Until now, many users of international bank to bank money transfer services have found it to be an expensive business, with limited options for small transfers,” said “They have often been unable to capitalise on the great rates offered by currency specialists because they weren’t buying in bulk. And they were also at the mercy of volatile currency markets, making it harder to get the most from their money
Nicholas Marr CEO of the overseas property website Homesgofast.com “It’s a fact that many buyers save money using a specialist money exchange broker. Foreign currency brokers can help you get the most from foreign exchange rates when buying overseas property or transferring money abroad. Rates can be booked in advance and you can have your own qualified currency broker to help you through the entire process, fees tend to lower than your high street bank. The fact that the Post Office has entered this market makes it even more competitive which should benefit consumers”
The Post Office Overseas Property Money Transfer service offers customers the ability to fix at a competitive exchange rate, giving them peace of mind for up to a year, which could be real advantage when buying a property abroad
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