The Post Office has launched new international bank to bank foreign exchange rate money transfers offering 0% commission, competitive rates, no hidden fees and the ability to fix foreign exchange rates for up to a year.

The new Post Office Overseas Property Money Transfer foreign exchange service enables customers to make international bank to bank money transfers. It offers competitive foreign currency exchange rates, with 0% commission and no hidden charges. The service reimburses customers for any charges that the destination bank may impose and anyone needing to transfer money to an overseas bank account can benefit from the online service.

Sarah Munro, Post Office 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 in foreign currency. They have often been unable to capitalise on the great foreign exchange rates offered by foreign currency specialists because they weren’t buying in bulk. And they were also at the mercy of volatile foreign currency markets, making it harder to get the most from their money.

“The Post Office Overseas Property Money Transfer service offers customers the ability to fix at a competitive foreign exchange rate, giving them peace of mind for up to a year, which is a real advantage in current markets. We calculate that with 0% commission and our competitive foreign exchange rates we will be saving customers a serious amount of money if they’ve just sold their house or are paying a deposit on a new property.”

The Post Office is already a major player in the foreign currency exchange sector, boasting a service online, or through its branches. Called Travel Money, it claims to be the best foreign exchange provider, offering 0% commission, over 70 foreign currencies, home delivery or collect in branch, and, free home delivery on orders over £500.

And for two years, the Post Office has been voted the best foreign exchange company at the British Travel Awards (BTA).

The Post Office is also a provider of the Travel Money Card (TMC) which is one of the easiest and safest ways of taking your money abroad. There’s no purchase fee and it can be used in millions of shops and restaurants worldwide.

Buy a euro, US Dollar, or Sterling TMC, and benefit, say the Post Office, from:

• convenience – unlike travellers cheques you don’t need ID to make a purchase or withdraw money;
• flexibility – withdraw cash 24/7 from millions of ATM machines worldwide;
• security – completely separate from your bank account, helping to protect your identity;
• control – load the card from £50 – £2,500 and top up by phone, or in a branch;
• immediate help – if your card is lost or stolen your money is protected; a replacement card4 can be requested 24/7.

Guest Article by Neil Camp