Outlook good for UK second home seekers in Spain

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Post Office Overseas Property Money Transfer provides competitive exchange rates for mortgages

Property in Spain and overseas money transfers could be back on the agenda for UK sun-seekers looking to buy second homes abroad. While Spain remained the number one location for UK residents' second homes despite the recent weakness of sterling against the euro, property prices have dropped considerably. Some developers have suggested that prices may have fallen by 20 to 30 per cent.

Post Office has recently launched an Overseas Property Money Transfer service which offers competitive exchange rates to those in the UK who may be looking for a second property abroad and need to transfer money. Ideally suited for overseas money transfers such as international transfers to repay a foreign mortgage or a house deposit, the Post Office Overseas Property Money Transfer service offers competitive exchange rates, 0 per cent commission and no hidden charges.

The money transfer service also reimburses customers for any charges that the destination bank may impose on money transfers.

Sarah Munro, Post Office Head of Money Transfers, said: "Our international Property Money Transfer service offers customers the ability to fix at a competitive exchange rate, giving them peace of mind for up to a year, which is a real advantage in current markets. We calculate that we can help customers save a serious amount of money if they've just sold their house or are paying a deposit on a new property, when compared to similar services offered by UK banks."

For those wishing to make cash money transfers abroad the Post Office continues to offer the MoneyGram service - offering international transfers to over 176,000 destinations worldwide from any one of 12,000 Post Office branches.

Money transfers undertaken through the Overseas Property Money Transfer service must be a minimum of £500 and are limited to £10,000 online.

There is no transaction limit for money transfers made over the telephone.

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Melanie Seasons

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