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Expats waste hundreds a year on money transfers

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British expats are wasting hundreds of pounds a year just on transferring money abroad, according to a report by Lloyds TSB International.

On average, expats waste £15 per international money transfer, by failing to shop around for a provider who doesn’t charge a fee for the service.

38% of expats surveyed also did not know how much they were being charged at all.

Richard Musty, expatriate banking director at Lloyds TSB International, said: “Expats often have to transfer money frequently to and from the UK, and our research shows that transfer fees can quickly add up to a big annual cost.

“Going with a provider that charges no fees can save hundreds of pounds a year, while they should also look out for competitive exchange rates.”

Customers are being advised to look around for providers who do not charge for the service.

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