Interdean Announce Warnings Over Bank Transfer Charges

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The overseas moving experts at Interdean have shared their concerns over the news that UK expats living abroad are falling victim to poor exchange rates, rising living costs and high fees for transferring funds.

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a total of £228 million is wasted by over 1.5 million UK expats transferring money via UK banks

It has been reported in Expat Forum that a total of £228 million is wasted by over 1.5 million UK expats transferring money via UK banks and thus incurring charges. This equates to an average of around £152 per person per year. However, the costs faced by many UK expats could be considerably higher. The research, conducted by Post Office International Payments also found that when looking into 7 different UK banks, it was not unusual for people to pay at least £9 in bank charges of £500, although this figure could rise to at least £25 per transfer depending on the bank used. This was made all the more concerning by the discovery that 35.3% of expats transferred funds monthly.

Offering a reliable money transfer service, Interdean specialises in all areas of international removals. Committed to educating their readers on the latest industry happenings, the team were keen to respond to the news and a representative has shared their thoughts on how to avoid these charges.

“Moving home can be a financially challenging time, so it is important to make savings where possible. With such a high number of expats transferring funds monthly, it is essential that people are aware of the charges they are faced with. Thanks to our partnership with HiFX, customers can enjoy the best exchange rates throughout the world as well as a safe and secure transfer process.”

Thinking of Moving? Think Interdean

Interdean helps families, expats, backpackers, travellers and students moving overseas. Established in 1958, Interdean provides moving, storage, shipping air freight, excess baggage, visa and immigration, and full overseas relocation services to worldwide destinations. Interdean is FIDI FAIM PLUS accredited and has over 123 offices worldwide.

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Ampreet Sandhu
Interdean
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