â¢ Travelex Launches Send Money Now, new 99p Transfer Service.
â¢ Easter Revealed as one of the Most Popular Times to Make an Overseas Money Transfer.
Brits are being needlessly charged over GBP300 million a year in bank fees and charges when transferring money overseas, according to a report published today by Travelex.
The global currency provider commissioned the report ahead of the launch of Send Money Now, Travelex's brand new overseas money transfer service which is up to 25 times cheaper than the high street banks.
Feedback from over 6,000 people reveals that over 15 million Brits are paying an average of GBP20 per transaction when sending money overseas, which equates to over GBP300 million per year. Over a third of those questioned (35%) transfer money as often as four times per year.
Fees and charges
Three fifths (59 per cent) of those questioned as part of Travelex's study cited that transferring money abroad is currently too expensive, and nearly two fifths are not confident of getting the best deal with existing providers (38 per cent). Nearly half of all money sent overseas (43 per cent) is sent via the high street banks, which can charge customers up to GBP25 for a 5 day transfer.
With over half of the respondents making transfers of GBP100 or less, the research revealed that Brits are paying up to a quarter of the transaction value in fee charges every time they send money overseas. For 9 in 100 respondents, it is likely that the cost of the transfer was more than the amount of money being sent abroad.
David Sear, Global Managing Director of Travelex Global Business Payments, comments that Travelex launched Send Money Now following extensive customer feedback: "Brits who want to send money overseas have traditionally been forced to pay up to GBP25 each time - it's about time that they had another option. When our customers told us that they wanted a simpler and more cost effective way of sending money abroad, we came up with Send Money Now. A transfer costs as little as 99p and we also guarantee delivery. It's safe and secure, and with no registration required, money can be transferred anywhere around the world in four easy steps."
Lost or missing payments
Nearly four in ten (37 per cent) of those questioned are concerned that their money could get 'lost in the system'. Nearly one in ten (9 per cent) have transferred money abroad which has failed to arrive with the recipient.
In response to these concerns, Travelex has launched the Travelex Delivery Promise, which guarantees payment delivery within either a 2 day or 5 day timeframe. In the unlikely event that the payment does not arrive on time, Travelex will refund the cost of the transfer.
Brits sending money to America, France Spain and Germany are worst affected
Brits sending money to America, France, Spain, Germany and Italy were revealed as the worst affected, accounting for over half (51 per cent) of all the money sent abroad every year. Paying for a gift was cited as the most common reason for making a money transfer overseas, with Easter and Christmas identified as the most common occasions.
One in ten (10 per cent) of those questioned had sent money to help a friend or family member in an emergency and five in one hundred people questioned revealed they transfer money to pay a mortgage or for the upkeep of a property overseas.