11 October 2006
Consumers may be paying as much as four times the amount they should be spending when transferring funds from their current accounts, according to new research.
Figures from online payments provider PayPal have shown a number of high street banks are charging considerably more that it charges for the same service.
For example, while PayPal would charge £4.10 on a £100 transfer to the US (excluding an additional foreign exchange fee) Lloyds TSB would charge £15.
Other high street banks did not fair much better with Barclays charging £25 for an international money transfer, £16 for NatWest and £15 for HSBC.
Geoff Iddison, PayPal chief executive, said: "When you are sending money overseas it is normally for a good reason and you don't want to be hit with high rates.
"Online payments systems can offer a far more cost-effective way of sending money, whether for business or pleasure.
"We would encourage anyone who is looking for a cost-effective way to send money to shop around for the best deal."
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