|

Bank customers paying too much for overseas transfers

If you had needed to send money in different currencies, or indeed to some extent bought foreign currency, you just know that the 0% commission just does not add up.

The reason being is that the majority of High Street Banks may not charge commission for a currency sale and purchase, but will have some very wide margins on the cost of the sale and purchase of the currency.

However, new entrants to the market may give the customer some better options. Azimo has developed an online service, that enables customers to send money to 125 countries worldwide, direct to bank accounts, mobile phones or cash collection at 150,000 global locations. Azimo fees will be between 1% to 2%, which compares favourably with the banks at around 8%. Thus on a transfer of say $5,000 you would save $300.

Better in your pocket than theirs I always say.

Another new player in the market CurrencyFair reckon that the cost of converting £5,000 to Euros could cost up to £235 with the big UK high street banks, against their fee of £30.

It does near some consideration!

 

Disclaimer: Any information or related news item displayed on this site  is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed or as advice in anyway and all users should seek independent advice before relying on any information or comment expressed within the site. All expressions of opinion reflect the views of their respective authors as of the date of publication and are subject to change. Use of Links (hyperlinks) to or from other internet sites may be included at times for the convenience of the user. Synergi Europe and its affiliates assume no responsibility for the content of any linked site. The fact that such links may exist does not indicate approval or endorsement of any material contained on any linked site.

Similar Posts