UK bank fees on foreign currency transfers still 3x those of independent specialist firms

While FXcompared.com did find that banks have been lowering their costs in recent months in the face of rising competition from online money transfer services, they remain several times more expensive than those independent services.

Some of the findings of the latest survey include:

• UK banks’ costs down by as much as 22% compared to December 2015…
• … however banks are still charging three times more than money transfer companies, and
• Bank charges on £1,000 transfers are near double those on £10,000 transfers.........READ MORE