A new survey has revealed that Britons are paying through the nose to move money across accounts and overseas.
Despite being a simple task for banks to perform, many charge high fees resulting in Brits spending an incredible £300 million each year. Global currency provider Travelex discovered this figure as they researched the amount of money British people move around, and the costs involved with such transactions.
The research by Travelex stated that Britons spend around £20 each time a transfer is conducted. In many cases the sum of money is not overtly large, meaning the fee is sometimes a considerable percentage of the amount being moved.
Half of the 6,000 people surveyed stated that they often move around £100 pound between accounts, meaning the charge is a massive 20 percent. David Sear, global managing director of Travelex Global Business Payments said: “The simple fact is that it doesn’t cost banks that much to make an international payment. For too long now, banks have been making an extraordinary amount of money on overseas payments without really improving services in terms of speed or on-time delivery. International payments can and should be far easier and cheaper for consumers. We need far greater transparency around bank fees and charges on international payments and on the crucial element that is often missed, which is how quickly the money actually gets there. Consumers should be able to make a payment for a much more reasonable fee and be confident that it will arrive on time.”
Sending cash abroad via a bank is one of the most expensive ways of moving money around. As an expatriate it’s likely that you will have to send money around on a regular basis, so it’s always wise to investigate all the options available.