Over half of expats have concerns about foreign exchange rate fluctuations and how they might affect their finances, according to research from Lloyds TSB International.
Its independent study of 1,030 expats found 57% are worried about rates with 17% citing this as one of their main concerns for the 12 months ahead.
It also found that 34% of expats, which equates to around 1.87 million, transfer money internationally at least once a quarter at an average cost of £15.10 per transfer. The number of people doing this on an even more frequent basis amounted to 18%.
Lloyds TSB International has improved its offering for expats by introducing fee free international money transfers for its new and existing Premier International Account holders.
The move means customers with this kind of account will no longer be charged transfer fees when moving currency to any overseas bank accounts, regardless of whether it is requested online, over the telephone or by post or if it involves currency exchange.
‘Many expats rate foreign exchange and money transfers as an important financial service and fee-free transfers will be a great benefit to the huge number of our customers who continue to have financial commitments in more than one country,’ said Russell Galley, Managing Director at Lloyds TSB International.
He added that by removing these fees, the bank was taking another step in its bid to build a market leading banking service for expats. This commitment, Galley explained, could be seen in this and the many other improvements it has made such as best buy savings rates and the development of an award winning internet banking service.
Lloyds TSB International said it will continue to offer market leading exchange rates which are typically better than those offered by many of its high street rivals.
The bank recently introduced savings accounts including a fixed term, five year Sterling account paying 4.5% AER, some nine times better than the Bank of England base interest rate and one year Sterling accounts paying 3.4% AER, despite UK base rate increase in the next 12 months remaining unlikely.