British Consumers 'Paying Too Much for Money Transfers'

British consumers could be paying larger fees than are necessary when transferring money over international borders, new research suggests.

With the growth of the internet and web-based purchases, the market for international money transfers is growing in the UK, leading to an increasing number of providers offering secure money transfer services for a fee.

However, research by online payment company PayPal suggests that the fees charged can vary massively, with some companies charging as much as 15 per cent to facilitate the transfer.

"When you are sending money overseas it is normally for a good reason and you don't want to be hit with high rates," commented PayPal's chief executive Geoff Iddison.

"Online payments systems can offer a far more cost-effective way of sending money, whether for business or pleasure, [but] we would encourage anyone who is looking for a cost-effective way to send money to shop around for the best deal."

Develop your personal finances with UK Net Guide!