New Year tip to save money

It is that time of the year again when the New Years Resolutions are being implemented and we are all starting to counting the pennies and assess the damage from the Christmas period.  

With this in mind I thought I would write a quick refresher for those of you who are looking to save some money in 2013.

If you regularly transfer money from one currency to another (EUR - $ or EUR -£ or any other currency denominations around the world) you can benefit from some big costs savings. 

Did you know that when you transfer from one currency to another through your bank or from one to another, you are paying hefty costs merely for the service. 

Typically, the bank will charge you a transfer fee, lets say £25

The receiving bank may charge you a flat fee or % to receive the funds, e.g €25

And then the difference between the buy and sell price of the currency transfer can be as high as 5%, but normally 4%.  

On a transfer of £50,000 to EUR, you would be charged in the region of £2050. and (for what, you may ask yourself.  It effectively a bank tax). 

Worry no more.  Now there is a way of reducing your costs to as little as £500.  Sound Interesting?  It should do because the service is free to set up and the funds can be in your bank the same day (depending on where the funds are coming from).  

If you would like to know more about our currency exchange partner and how to start saving then contact me on gareth.horsfall@spectrum-ifa.com or 3336492356