The Post Office launches overseas property money transfer service
15 August 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 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.”
“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 could be real advantage when buying a property abroad.