Unexpected cash transfers cost overseas owners

Emergencyfunds often have to be sent overseas to deal with local council taxes, sharedmaintenance fees for the upkeep of communal areas and central heating bills.

97% sendthese funds overseas via an international bank transfer and, says the UK PostOffice, they are wasting money doing so.

Because of“fluctuating exchange rates and international currency transfer fees charged bysome banks, overseas homeowners could be paying an extra £510 annually to coverthese maintenance costs” says the Post Office.

Accordingto Sarah Munro, the Post Office head of international payments, “overseasproperty owners can be stung with higher bills due to being charged fees forsending money abroad.”

“It isessential for overseas homeowners to use foreign money transfer services whichdo not apply any additional charges.”