UK residents show increased interest in overseas property outside eurozone

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The Post Office advises overseas property seekers on ways to save money on foreign money transfers.

According to a recent statement from Rivermead Global property, there is increasing interest from UK residents in overseas property outside of the eurozone, where prices are often cheaper than in countries which have adopted the euro. The report shows that the company's sales have increased compared to this time last year, with locations such as Turkey and Egypt proving especially popular.

The increased interest in overseas property could mean that more UK residents will be sending money abroad and arranging regular foreign money transfers to cover mortgage payments, bills and other upkeep costs for their overseas property.

The Post Office reminds potential overseas homeowners that UK high-street banks can typically charge unfavourable rates of exchange and apply commission fees on international bank transfer transactions. Furthermore, overseas destination banks may also levy a fee for foreign money transfers.

The Post Office recommends people shop around to ensure they are getting the best deal when sending money abroad, and offers advice on how to avoid additional bank charges and pitfalls in their regular overseas bank transfers.

For example, the Post Office's International Payments service enables customers to make international bank transfers with 0 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, and have the option of fixing regular foreign money transfers at a favourable rate of exchange for up to a year.

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