Research reveals increasing demand for advice on debt management from UK nationals living in eurozone

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The Post Office encourages UK expats to investigate cheaper alternative options when sending money abroad

The Consumer Credit Counselling Service (CCCS), the UK's leading debt charity, has seen an increase in calls to its helpline from UK nationals living abroad who struggling to pay back debts. So far this year more than 500 people many of whom are living in Eurozone, have already contacted the CCCS this year, a 33 per cent increase on 2009.

The decreasing value of the pound against many types of foreign currency including the euro has increased costs for UK expats and making it increasingly expensive when sending money abroad, raising the overall cost of living and debt repayments.

The Post Office is advising expats who may be counting pennies that they can significantly save on some costs when sending money aboard. Typically, some banks charge as much as £42.50 per international bank transfer transaction. However, to lower costs of international money transfers, the Post Office has introduced a service that can help people save costs on international bank transfers.

The Post Office Overseas Property Money Transfer service enables customers to make international bank transfers with zero per cent commission and no hidden charges. The online international money transfer service reimburses customers for any charges that the destination bank may impose, meaning that customers can save significant amounts when sending money abroad.

As well as one-off payments, the Post Office service is ideally suited to making monthly international bank transfers, such as foreign mortgage payments. Customers can choose to send regular payments at a fixed foreign exchange rate when sending money aboard, giving them peace of mind for up to a year.


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