Expats Overspending on Overseas Transfers

Overseas bank transfers and fees cost the average Expat £20 per transaction and overall Expats are estimated to be wasting £300m per year on bank transfers.

London, UK (Pryce Warner International) April 27th, 2011 - According to a recent study over a third of Expats are transferring money up to four times per year. The majority of these transfers are done through high street banks, who often charge who charge up to £25 per transaction.

The study also found that 50% of people were making transfers of £100 or less, meaning they paying an extortionate amount for a simple overseas transfer.

Many Expats also revealed that they feel unsure about the security of these types of transactions, particularly as these transfers are often used to pay for upkeep on overseas property or to help a family member in crisis.

Life abroad necessitates a certain amount of transferring of funds and assets and there are many options available to minimise the cost.

A great way for Expats to do this is to set up overseas pensions or accounts like a QROPS or QNUPS, as these allow much more freedom when transferring money overseas, as well as reduced costs.

David Harra, a Senior Market & Investment Analyst with Pryce Warner International Group, a Respected Financial Services Group who are specialists in the Provision of Pension Plan & Asset Management for Expatriates Worldwide commented: “Expats often have to transfer money and assets overseas and the cost of this can he very high when done through high street banks. The reason so many people are overpaying on transfer costs is that they are perhaps unaware of the other options available. Pryce Warner International Group always take great care when working with clients to ensure that any and all accounts set up abroad can enable minimal or no transfer costs.”

Pryce Warner International Group provide International Asset & Investment Management, Independent Financial Advice & QROPS Overseas Pensions.

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By: Aneil Fatania
Financial Editor
Pryce Warner International Group
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