International money transfers 'make pounds stretch further'

Second home owners with properties in the eurozone may find that their pounds stretch further with international money transfers.

Writing in the Telegraph newspaper, journalist Rosie Murray-West said the weakening pound has hit UK investors with European properties hard.

However, she pointed out that when the currency does strengthen, favourable foreign exchange rates can be secured through a specialist currency broker.

Indeed, she said international money transfers could help those who regularly need to transfer money abroad save substantial sums of money.

"You can often fix a rate for a year or ask a broker to call you when the rate reached a certain level so that you are not constantly having to keep an eye on the markets," Ms Murray-West remarked.

Last week, the euro hit a four-year low against the dollar before rebounding. Today (May 25th) it fell against the dollar, the yen and the pound after the Spanish central bank took over a regional savings provider.

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Posted by Sarah Pitton