Clé France

Expats are wasting £100s a year in bank charges

With Exchange Rates the way they are these days it is even more important to get the best deal when exchanging between currencies. This is especially important when moving large sums of money for a property purchase but also if you move smaller amounts of money regularly your losses or savings can add up very quickly indeed.

Ex-pats who transfer money overseas on a regular basis are throwing away hundreds of pounds a year by paying high bank charges, this is according to independent research conducted by Post Office International Payments.

What the recent independent survey found -

The independent research company, which surveyed six UK banks and a FX Company, found that the difference between using a high street bank versus a good Foreign Currency Exchange company would save you 9-10% by using the FX Company. The highest bank charge - £25 per transaction charged by Nationwide - means that monthly transfers of £500 would cost £300 a year.

These additional monthly charges are not welcome especially at a time when many Ex-pats are facing higher euro-zone living costs, which in recent times have risen steeply by around 15 per cent compared with 12 months previous.

The independent research company are therefore urging people transferring money to 'shop around to make sure they get the best rates for their transfer' or to use a service that does not charge such as our partner, FC Exchange becasue there are No Fees & Commission - Saving you money every time you use the service. 

Many Ex-pats are sending hard-earned cash down the drain simply by paying charges to transfer funds via their bank when there is no need to.

Depending on which bank they use and how much you transfer, you are risking losing hundreds of pounds each and every year that could help offset the increased living costs due to the exchange rates. There is no need for you to endure that loss.

Do you want more information ?

So if you need to buy or sell sterling and would like to be kept up to date with all the latest data releases and exchange rate movements then feel free to contact myself Ben Amrany. If you are buying or selling a house in France we will make sure your monies are in the right place at the right time, we work hand in hand with you and Cle France.

The main reasons our customers choose FC Exchange are:

No Fees & Commission - Saving you money.

Security – We’re authorised by the FCA as an Authorised Electronic Money Institution (FRN: 900205).

Speed – You can set up an account, buy and send currency with us on the same day.

Service – Amazing service is our priority. Over 50% of our customers have come recommended.

Exchange rate savings – We offer a Best Exchange Rate Guarantee.

So what to do now?

Create an account via the FC Exchange website.

If you have not used a currency trader before then read our article Using a Currency Trader: The basics.

We all want to get the most Euros for our Pound but how do you do this? read our article on How do I get the best Exchange rate deal?

Blog submitted by: Alex for The French Property Network - Cle France.

For everything you need to know about French property visit www.clefrance.co.uk