More UK-Based Homeowners Renting out Overseas Properties

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The Post Office advises overseas homeowners how to save money on foreign money transfers

According to recent research from Savills and HomeAway Holiday Rentals, there has been an increase in UK based owners of overseas property renting out this accommodation to generate additional income. The survey shows that on average, overseas properties generate between £650 and £700 (gross) per let per week, and a third of holiday home owners report that the letting income covers the entire upkeep costs of their property with 13 per cent reporting a comfortable profit.

Over the past year, six per cent of owners say they have begun renting out their property as a direct result of the recession, in order to help cover maintenance. With mortgage and upkeep costs such as utility bill payments requiring regular foreign money transfers, the Post Office is highlighting the importance of getting the best deal on international bank transfers to people frequently sending money abroad.

The Post Office recommends people shop around to ensure they get the best value from any international bank transfer when sending money abroad and to try to avoid typical commission fees that are often incurred by using high-street banks.

The Post Office's Overseas Property Money Transfer service enables customers to make international bank transfers with zero per cent commission. Customers using the Post Office service for foreign money transfers can also be reimbursed for any charges that the destination bank may impose on the international bank transfer.

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