Travelex Calls for Greater Transparency Over Bank Fees and Charges When Sending Money Overseas

By Travelex, PRNE
Sunday, April 17, 2011

Brits Waste Over GBP300 Million in Bank Fees and Charges Annually

LONDON, April 18, 2011 - Brits are being needlessly charged over GBP300 million a year in bank
fees and charges when transferring money overseas, according to a report
published today by Travelex.

The global currency provider commissioned the report ahead of the launch
of Send Money Now, Travelex's brand new overseas money transfer service which
is up to 25 times cheaper than the high street banks. (

Feedback from over 6,000 people reveals that over 15 million Brits are
paying an average of GBP20 per transaction when sending money overseas, which
equates to over GBP300 million per year.[1] Over a third of those questioned
(35%) transfer money as often as four times per year.

Fees and charges

Three fifths (59 per cent) of those questioned as part of Travelex's
study cited that transferring money abroad is currently too expensive, and
nearly two fifths are not confident of getting the best deal with existing
providers (38 per cent). Nearly half of all money sent overseas (43 per cent)
is sent via the high street banks, which can charge customers up to GBP25 for
a 5 day transfer.

With over half of the respondents making transfers of GBP100 or less, the
research revealed that Brits are paying up to a quarter of the transaction
value in fee charges every time they send money overseas. For 9 in 100
respondents, it is likely that the cost of the transfer was more than the
amount of money being sent abroad.

David Sear, Global Managing Director of Travelex Global Business
Payments, comments that Travelex launched Send Money Now following extensive
customer feedback: "Brits who want to send money overseas have traditionally
been forced to pay up to GBP25 each time - it's about time that they had
another option. When our customers told us that they wanted a simpler and
more cost effective way of sending money abroad, we came up with Send Money
Now. A transfer costs as little as 99p and we also guarantee delivery. It's
safe and secure, and with no registration required, money can be transferred
anywhere around the world in four easy steps."

Lost or missing payments

Nearly four in ten (37 per cent) of those questioned are concerned that
their money could get 'lost in the system'. Nearly one in ten (9 per cent)
have transferred money abroad which has failed to arrive with the recipient.

Delivery guarantee

In response to these concerns, Travelex has launched the Travelex
Delivery Promise, which guarantees payment delivery within either a 2 day or
5 day timeframe. In the unlikely event that the payment does not arrive on
time, Travelex will refund the cost of the transfer.

Brits sending money to America, France Spain and Germany are worst

Brits sending money to America, France, Spain, Germany and Italy were
revealed as the worst affected, accounting for over half (51 per cent) of all
the money sent abroad every year. Paying for a gift was cited as the most
common reason for making a money transfer overseas, with Easter and Christmas
identified as the most common occasions.

One in ten (10 per cent) of those questioned had sent money to help a
friend or family member in an emergency and five in one hundred people
questioned revealed they transfer money to pay a mortgage or for the upkeep
of a property overseas.

Travelex's new overseas money transfer service, Send Money Now, launches
on Monday 11th April. Visit for more

Notes to Editors

- Research of over 4500 UK consumers was conducted by on
Thursday 31st March 2011.

- Mintel International, August 2010 using a sample size of over 1000 UK

Footnote 1:

35% of the UK population make 4 or more overseas money transfers every
year = 21,643,353 people

70% of them use a bank or high street money transfer service to make a
payment overseas = 15,150,347 people

X GBP20 (average transaction fee) = GBP303,006,54

About Send Money Now

A secure online payments platform, Send Money Now is an overseas money
transfer service powered by Travelex, the world's leading specialist provider
of foreign exchange and international payments.

Send Money Now costs from 99p to send from GBP25 to GBP2500 anywhere in
the world, making it up to 25 times cheaper than a bank transfer. Travelex
also guarantees payment delivery. There is no need to register, and a payment
can be made in four simple steps.

When you want to Send Money Now, Travelex makes it affordable, easy and
fast. It's Money Well Sent.

Send Money Now Delivery Promise

Travelex Send Money Now comes with a Delivery Promise. Where we have not
met the delivery timeframe you have selected, we promise to refund your
delivery fee- either 99p (if you selected a 5 day delivery) or GBP7 (if you
selected a 2 day delivery.) Visit for
further information


[1] See Notes to Editors for calculation

Media enquiries: Jessica Buttress, T: +44(0)208-415-4204 / +44(0)7795-497-12, E: Jessica.buttress at; Annabel Ward, T: +44(0)20-7544-3804 / +44(0)7595-396-304, E: Annabel.ward at

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