November 24th, 2006, 19:53
Consumer affairs
The Sunday Times November 19, 2006
"Save thousands on foreign exchange
People moving large sums abroad can avoid the banksтАЩ high rates by using a specialist broker, writes Clare Francis
The consumer revolt against onerous bank charges is spreading and the latest target is rip-off fees on large foreign-exchange transactions.
Thousands of people use their high-street bank to switch money between currencies, perhaps to buy property abroad or because they work overseas and want to convert their earnings into sterling. However, banks levy hefty fees on such foreign-exchange transactions, costing consumers an estimated ┬г1 billion a year.
One Sunday Times reader threatened to take NatWest to the small-claims court when he believed he had been stung. He said the bank promptly repaid him ┬г1,250, suggesting it knew that it could not justify the charges.
John Smith (not his real name) sold an apartment in Portugal for a profit of тВм280,000 (┬г190,000) at the end of last year. When the proceeds landed in his NatWest account, the bank contacted him to ask if he would like to transfer the money back to sterling and offered an exchange rate of тВм1.46 to the pound. When the details of the transaction came through, however, they showed that it was at an exchange rate of тВм1.47, which cost him about ┬г1,500. ......"
Full article http://business.timesonline.co.uk/artic ... 02,00.html (http://business.timesonline.co.uk/article/0,,9558-2459502,00.html)
The Sunday Times November 19, 2006
"Save thousands on foreign exchange
People moving large sums abroad can avoid the banksтАЩ high rates by using a specialist broker, writes Clare Francis
The consumer revolt against onerous bank charges is spreading and the latest target is rip-off fees on large foreign-exchange transactions.
Thousands of people use their high-street bank to switch money between currencies, perhaps to buy property abroad or because they work overseas and want to convert their earnings into sterling. However, banks levy hefty fees on such foreign-exchange transactions, costing consumers an estimated ┬г1 billion a year.
One Sunday Times reader threatened to take NatWest to the small-claims court when he believed he had been stung. He said the bank promptly repaid him ┬г1,250, suggesting it knew that it could not justify the charges.
John Smith (not his real name) sold an apartment in Portugal for a profit of тВм280,000 (┬г190,000) at the end of last year. When the proceeds landed in his NatWest account, the bank contacted him to ask if he would like to transfer the money back to sterling and offered an exchange rate of тВм1.46 to the pound. When the details of the transaction came through, however, they showed that it was at an exchange rate of тВм1.47, which cost him about ┬г1,500. ......"
Full article http://business.timesonline.co.uk/artic ... 02,00.html (http://business.timesonline.co.uk/article/0,,9558-2459502,00.html)