How Expats Can Avoid High Money Transfer Fees | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 20/01/2021

UK-based banks have been closing bank accounts owned by British expats living in Europe since the start of 2021, leaving expats facing increasing costs to transfer their money into European bank accounts.

Some customers of banks and building societies such as Barclays, Lloyds and Nationwide Building Society, who live within European Union (EU) countries have found that since the UK’s exit from the EU was completed on the 1 January 2021 their bank accounts have been closed. As such, these customers are having to transfer their money into European bank accounts, but some customers have found that the rates for transferring funds from a UK-based bank to a European one has also increased.

One way that British expats can get around paying higher transfers fees when sending their money abroad is doing it through an international money transfer service. These will normally charge a lower fee for transferring money from a UK-based bank account to a European one, as well as offering a secure and reliable service. To find out more about using international money transfer services read our guide on how to find the best international money transfer service.

How much can you save using an international money transfer service?

When transferring money from a UK bank account to a European one, some of the money may be eroded due to foreign exchange fluctuations. Apart from the exchange rate, many international money transfer service companies do not charge a fee when customers send money from a UK bank account to a European one. For example, if an xe.com customer was transferring £10,000 from a UK bank account to one in Spain they would not be charged a fee to do so. Those transferring funds using a European bank account could, however, be charged significantly higher fees per transaction.

Before sending any money, British expats should check the terms and conditions of the international money transfer service to ensure they will be charged low or no fees, as well as comparing it to the transaction fees charged by their European bank account to ensure they get the best deal possible.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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