Credit Cards & Loans
Expats waste hundreds a year on money transfers
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.
