Research finds UK interest in buying overseas property is on the increase

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The Post Office advises potential overseas property owners they can avoid costly international bank transfer fees

Recent research from Primelocation International has found that overall UK interest in buying international property is up 138 per cent on this time last year. Some 23.7 per cent of those surveyed were interested in buying a holiday home, with 12.4 per cent looking for an investment property overseas. Of all those surveyed who were interested in buying a home overseas, one-third were looking to emigrate from the UK permanently.

The Post Office is advising those UK residents looking to purchase a home or move permanently overseas of the typical charges many high-street banks charge when making overseas bank transfers. Purchasing a home overseas typically means sending money abroad to cover monthly mortgage payments, bills and other regular household payments. Many high-street banks charge commission fees on international money transfers, which could leave customers regularly sending money abroad every month significantly out of pocket.

Furthermore, some destination banks impose a fee for receiving international currency transfers. When considering making regular international bank transfers to cover typical monthly upkeep costs, these charges could prove costly for UK-based owners of overseas property.

However, the Post Office reminds people that there are options to avoid these charges when sending money abroad. For example, its Overseas Property Money Transfer service is offered with 0% commission for making overseas bank transfers, allows customers to fix a favourable rate of exchange for up to a year, and can even reimburse customers for any charges destination banks may impose when sending money abroad. The service also offers customers a fast, easy and convenient method of conducting international bank transfers, as customers can conduct international currency transfers over the phone or online.

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