Could international money transfer boost expats' finances?

Expatriates may want to consider making an international money transfer between their bank accounts.

According to the latest Lloyds TSB International Expat Survey, around 70 per cent of UK expats have a current account in their country of residence, while around half maintain an account in the UK, the Daily Telegraph reported.

The study also showed that savings accounts in more than one country were a common trend.

However, the research revealed that British expats are reluctant to move their money between bank accounts, despite the fact that they could be losing out on thousands of pounds by not moving their money to an account with a good rate of interest.

Rachel Thrussell from Moneyfacts told the news source: "The majority of rates have gone down simply because they are linked to the Bank of England base rate, so when it goes up, we will start to see these rates go up as well, because most of the offshore accounts are offered by subsidiaries of the UK banks."

International money transfers could reduce the costs involved in moving money internationally.

Click here to make an International Money transfer

Posted by Sarah Pitton