Consumers warned about money transfer charges
Oct 25, 2006
New figures show a large discrepancy in the amount that consumers pay to send money abroad.
Research from PayPal found that consumers sending £100 from the UK to the US through a high street bank could be paying as much as £25 for an international money transfer. Meanwhile, using one of the main money transfer services to send the money could cost up to £21 in fees, compared to PayPal's charge of £4.10 for the same service.
The chief executive at PayPal.co.uk said that when consumers were sending money overseas, it was usually for a good reason and they did not want to be hit with higher rates.
There were now more and more occasions when money needed to be sent overseas, he added, including deposits for holiday rentals, sending cash to families abroad and paying bills for overseas homes. With transfer fees and everyday costs eating away at savings, some consumers may choose to use personal loans to fund home improvements for UK and overseas homes.
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