Post Office launches overseas money transfer service
A new international money transfer service launched this week by the Post Office aims to make overseas money transfers “significantly easier”.
The Post Office Overseas Property Money Transfer provides protection against fluctuating currencies by enabling customers to fix the exchange rate on money transfers for up to 12 months.
Money is exchanged at competitive rates with 0% commission and no hidden charges, the Post Office said.
In addition, the Post Office will reimburse any charges imposed by the destination bank.
“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 Sarah Munro, Post Office head of money transfers.
“They have often been unable to capitalise on the great rates offered by currency specialists because they weren’t buying in bulk.
“We calculate that with 0 per cent commission and our competitive exchange rates we will be saving customers a serious amount of money if they’ve just sold their house or are paying a deposit on a new property.”
Customers can use the service to make repayments on a foreign mortgage, to pay for costs associated with maintaining a property, for regular payments such as a salary or pension, or for one off payments such as a wedding venue or emigration.
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