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Britons With Overseas Ties Consider Leaving Their Banks

Britons With Overseas Ties Consider Leaving Their Banks

Banks continue to increase their fees on international transactions. This is creating several new burdens for consumers. As a result, many customers have started to leave their existing banks and look for new options.

The number of UK citizens doing business overseas has increased substantially in recent years. According to the nation’s Trade and Investment agency, exports account for approximately 30% of Gross Domestic Product. As more than half of businesses have increased profits by doing business overseas, more and more businesses have decided to expand their international operations.

Another growing trend is the number of UK citizens who are purchasing houses in Europe, Asia, Canada, and the United States. According to recent studies, about 2 million UK citizens are projected to purchase overseas property in the coming months.

As the demand for business and purchases overseas continues to grow significantly, many more international banking transactions are likely to be conducted in the coming months. Banks recognize the increased demand for transactions and are likely to increase the fees imposed soon.

According to the offers proposed by Expatriate Services, almost 5.5 million UK citizens living overseas as well. These citizens are the most likely to be taken advantage of by bank transaction fees. As a result, there are fee things that UK citizens may have to do to avoid the dangers imposed by many of these fees.

One of the things that they are going to have to do is shop around for the best rates. Although this sounds like the most obvious place to start, many customers don’t bother to do it. They simply accept high fees as a fact of life and don’t do anything to look for alternatives. As the number of fees imposed continues to increase, they are going to need to start assessing the number of alternatives available. Customers switching between banks may also force banks to compete for more for their customers.

In some situations, customers may be able to avoid the bank altogether and work with a currency specialist. The rates may be lower, as many currency specialists are going to be able to charge lower rates than customers would receive at Barclays, Santander, or other High Street Banks.

One of the most important ways to save on overseas transactions is to get your timing right. This is particularly important if you are going to be working on a very large transaction. Focus on timing your transaction during the time when you are going to get the lowest possible fees.

Finally, you can consider using debit cards and ATMs. These fees tend to have lower rates than many types of wire transfers.

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