Post Office launches new international Money Transfer service

Country:  UK

5 August 2009

Transferring money between UK and overseas bank accounts is set to become easier following the launch of the new Post Office Overseas Property Money Transfer service

Overseas property money transfer service

The new service enables customers to fix at a favourable rate of exchange for up to a year, giving valuable protection against volatile currency fluctuations. The Post Office is one of only a few providers to offer this service online.

Competitive exchange rates

The Post Office says that its Overseas Property Money Transfer service offers competitive exchange rates, with 0% commission and no hidden charges, plus it will reimburse customers for any charges that the destination bank may impose.

Sarah Munro, Post Office head of 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. 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.

“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 is a real advantage in current markets. We calculate that with 0% 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.”

Money gram service

For those wishing to make a cash money transfer abroad the Post Office continues to offer the MoneyGram service – offering cash transfers to over 176,000 destinations worldwide from any one of 11,500 Post Office branches.

Benefits of the exchange rate service

Anyone needing to transfer money to an overseas bank account can benefit from the service. It’s ideal for:

• Repayments on a foreign mortgage

• Deposits or costs associated with buying, selling or maintaining a property abroad and paying utility bills

• Bringing money back to the UK after sale of an overseas property

• One off payments such as a wedding venue or emigration

• Regular payments - transfer pensions, salaries or even school fees, removing the hassle and expense of frequent individual transactions from a bank.

See Also:   Currency, Marc Da-Silva, Post Office