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August 31, 2009updated 04 Apr 2017 4:17pm

UK Post Office takes on the banks

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.Commenting on the advantages offered to foreign property owners by the new service Sarah Munro, the Post Offices 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

By EPI editorial

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.

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.

Transfers 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.

Post office property money transfer service

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