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!


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