Around 800,000 UK households own a second property abroad, a
major market which the UK Post Office is targeting with the launch
of its Overseas Property Money Transfer service (OPMT) in
conjunction with UK foreign exchange specialist HiFX.
Highly innovative, the OPMT service can be accessed online and
offers consumers with foreign property considerable benefits,
including cost savings and the ability to fix exchange rates for up
to a year.
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Commenting on the advantages offered to foreign property owners by
the new service Sarah Munro, the Post Office’s head of money
transfers, said: “Until now, many users of international bank to
bank money transfer services have found it to be an expensive
business, with limited options for small transfers.”
She added that many foreign property owners have also been at the
mercy of volatile currency markets and had not benefited from
advantageous exchange rates currency specialists secure by
transacting in large volumes.
Adding further to the OPMT services appeal, the Post Office does
not charge commission on transfers and will reimburse customers for
any charges that the destination bank may impose.
According to the Post Office, customers using the new service can
expect to save hundreds of pounds a year. Indicatively, compared
with costs of bank to bank transfers an OPMT service user
transferring £700 ($1,150) per month will save a total of up to
£528 over a full year.
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By GlobalDataTransfers using the service must be a minimum of £500 and are
limited to £10,000 online. There is no transaction limit for
transfers made via telephone.
