International money transfers could lower maintenance fees

International money transfers could help people with a second home abroad to cover their maintenance fees.

According to recent research conducted by the Post Office, 40 per cent of people who own property abroad have had to pay additional costs for which they had not budgeted.

This could leave a dent in their wallets and as such it is important to keep the price as low as possible.

The main costs came from council tax, shared upkeep fees and central heating.

Making an international money transfer through an independent foreign exchange broker could help to prevent these costs from being any higher than necessary by avoiding currency exchange fees often charged by high street banks.

Sarah Munro, head of international payments at the Post Office, commented: "While local services can initially appear cheaper than the equivalent in the UK, overseas property owners can be stung with higher bills due to being charged fees for sending money abroad."

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Posted by Sarah Pitton