Online payments provider Ivobank has launched a competitive new product to help overseas property owners pay bills and transfer money abroad cheaper and easier.
The UK-based online bank today launches its International Money Transfer service, which offers a very low cost alternative to transferring funds and paying bills abroad.
Unlike other international money transfer services, Ivobank only charges a foreign exchange rate fee of 1.7%. No other commission or currency fees are charged, and payments reach the destination account in three days.
The service allows customers to transfer money or pay bills direct from their online Ivobank account to bank accounts in the UK, Ireland, Spain, France, Germany, Italy, Austria and The Netherlands. The service is tailor-made for Brits with holiday homes on the Continent or children studying abroad.
Ivobank Director of Commercial Development Martin Peterlechner said the service was perfect for paying your mortgage, pool cleaner, utility bills or handyman carrying out work on your holiday home abroad.
"Transferring Pounds abroad into Euros is painful enough as it is at the moment, not to mention having to pay what can be exorbitant transfer fees on top," Mr Peterlechner said.
"Overseas property owners often overlook how expensive transferring money overseas can be over the long term, potentially adding hundreds of Pounds to the cost of owning a home abroad."
Mr Peterlechner said the average overseas home owner who transfers money abroad once a month, paying an average of £30 a time, could save hundreds of Pounds a year when using Ivobank’s online International Money Transfer service.
"Some money transfer services charge a fee for each money transfer and make money on the foreign exchange, but the Ivobank International Money Transfer service only charges for the foreign exchange. Its easy to use and can be done from our website with no need to go to a bank branch or to call a contact centre" Mr Peterlechner said.
"Paying bills and transferring money overseas to help maintain your property abroad is no hassle with Ivobank – it’s simple, quick and secure."
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