London, UK (PRWeb UK) November 1, 2009

As the number of students choosing to study abroad continues to rise – last year saw a 40 per cent increase – parents may find that making international bank transfers to their child’s overseas account may cost more than they thought.

Traditionally, UK high-street bank charges on foreign money transfers, commission fees and fluctuating exchange rates meant that international bank transfers could be an expensive business.

Post Office has launched an Overseas Property Money Transfer service to make international bank transfers between UK and overseas accounts significantly easier and cheaper.

Parents of students studying abroad who may need help with rent, bills or living expenses can now use international bank transfers to put money directly into their child’s overseas bank account.

The new overseas money transfer service allows customers to fix a favourable exchange rate for up to a year and is offered with 0 per cent commission. In addition, Post Office is one of the few providers to offer foreign money transfers online. The new Overseas Property Money Transfer service means that UK residents could save hundreds of pounds a year by avoiding additional charges when sending money to support their offspring overseas.

The Post Office Overseas Property Money Transfer service will also reimburse customers making international bank transfers into an overseas account for any charges that the destination bank may impose.

Sarah Munro, Head of Post Office Travel Services, said:

“Until now, many users of international bank transfer services have found it to be an expensive business, with limited options for small money transfers. With the number of UK students deciding to study overseas on the rise, parents can save a lot of money on international bank transfers to help cover their child’s expenses.”

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