Sea and Sand Most Appealing to UK Residents Looking to Invest in Property Abroad

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The Post Office advises overseas property owners how best to manage regular foreign money transfers.

According to recent research from Savills, when it comes to investing in property abroad, securing a sea view is top of many people's list, with 49 per cent of overseas property purchases located on the coast. The UK Second Home Overseas Market snapshot also details how inland rural locations are second most popular, accounting for 30 per cent of purchases.

With website Primelocation experiencing a 138 per cent year-on-year increase in searches for property abroad by UK residents, the Post Office is encouraging overseas homeowners to explore their options when sending money aboard for property purchases or maintenance. Many UK-based overseas property owners regularly use international currency transfer services to make mortgage payments, and cover bills and other upkeep costs on a residence abroad. However, these overseas bank transfers can prove costly, as many UK high-street banks may apply commission fees on foreign money transfers. Furthermore, overseas destination banks may also levy a fee for handling international bank transfers.

However, UK customers can avoid these international bank transfer charges when sending money abroad by shopping around. For example, the Post Office's Overseas Property Money Transfer service offers 0 per cent commission for customers sending money abroad. Customers using the Post Office service for foreign money transfers will also be reimbursed for any charges that the destination bank may impose. It also offers the option of fixing the exchange rate on regular foreign money transfers for up to a year, allowing people to set their international bank transfer payment when they feel the exchange rate is most competitive.

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