PO launches new international bank to bank money transfers

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Post Office launches new international bank to bank money transfers

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04/08/2009


0 per cent commission, competitive rates and no hidden fees
• Ability to fix exchange rate for up to a year giving peace of mind
• Fast and secure regular payments service saving consumers £100’s a year

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

The new service offers customers peace of mind by enabling them to fix at a favourable rate of exchange for up to a year, giving valuable protection against volatile currency fluctuations.

And because the Post Office is one of only a few providers to offer a money transfer service online, people can transfer money from the comfort of their own home to wherever they need it to be in the world.

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.

The Post Office Overseas Property Money Transfer service offers competitive exchange rates, with 0 per cent commission and no hidden charges, plus it will reimburse customers for any charges that the destination bank may impose, meaning that customers can expect to save hundreds of pounds a year*.

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."

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.

Find out more about Post Office Overseas Property Money Transfer by visiting http://www.postoffice.co.uk/moneytransfers" onclick="window.open(this.href);return false; or by calling 0800 180 4702. Transfers must be a minimum of £500 and are limited to £10,000 online. There is no transaction limit for transfers made over the telephone.

Ends

For further information please contact:
Hayley Fowell
Royal Mail Press Office
hayley.fowell@royalmail.com


Notes to Editors


The Post Office Overseas Property Money Transfer service is provided by HiFX PLC.

*Based on a monthly transfer of £700 over a year customers could save £528 by going to the Post Office: