Consumers 'missing out on savings' when transferring money

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Consumers 'missing out on savings' when transferring money

Wed 14th Apr 2010

A finance expert from Moneycorp has claimed that people who transfer money regularly are missing out on significant savings by using high street banks to carry out such procedures.

David Kerns, head of private clients at the firm, explained that going to a foreign exchange specialist could help people keep a "very large sum of money" in their own pockets, but the public seem apathetic towards the situation.

His remarks follow the publication of research by Moneycorp, which indicated that £101 million each year is being potentially being lost by Britons by not researching the best places to send money overseas.

Mr Kerns said: "While many individuals are visiting comparison websites more frequently ... and consulting online consumer forums, this mindset doesn’t seem to have extended to foreign exchange."

This view was also recently put forward by co-founder of Shelter Offshore Rhiannon Davies, who suggested that the level of choice in the marketplace at the moment is good for consumers as it makes companies more competitive.

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