HiFX to save Brits £1.65bn on international money transfers

Foreign exchange experts HiFX have launched a new tool that aims to reduce the cost of international money transfers by £1.65 billion.

The annual saving could be made by Britons looking for the best rates to get the most from their pound, with the service being the first to show real-time rates as they move.

According to the firm, Britons with overseas financial investments are looking to make savings when making money transfers abroad.

The new Online International Money Transfer service can save these consumers an average of three per cent, compared with the savings afforded by high street banks and other international money transfer service providers.

Mark Bodega, Director at HiFX, commented: "With sterling having recently touched record lows, every penny counts when it comes to transferring money overseas."

"In developing an online money transfer service we are able to offer people a convenient way of accessing the same discounted online rates as we are able to offer for larger sums over the phone," he added.

The new tool may be particularly useful to the 340,000 Britons who emigrated overseas in 2007 but whose family still want to make international money transfers to keep their income topped up.