SendAbroad is pleased to announce its launch to the international money transfer marketplace.

The product aims to help customers secure the best deal when sending money abroad.

Offering real-time exchange rate comparison across dozens of leading companies, the SendAbroad app could save customers thousands in money transfer fees.

“Our research into high-street banks in the UK and US shows that exchange rate markups can easily hit 4% or more. So while you might be getting a fee-free transfer, the hidden fee within the exchange rate could cost thousands,” said Luke Eales, founder of SendAbroad.

“Whether you’re sending money back home to friends and family, making property transactions, receiving pension payments while living abroad, or repatriating overseas inheritance, there is money to be saved.”

Despite increasing awareness of specialist money transfer services and their benefits, they still represent a small slice of overall international transfers. The vast majority of consumers and businesses continue to fall foul to poor exchange rates, both on sending money abroad and receiving incoming international transactions.

SendAbroad is now available to UK users via sendabroad.co.uk, as well as to international audiences at sendabroad.com.

Case study

A retired couple plan to move from the UK to Portugal, buying a property priced at 450,000 EUR. They also intend to use their UK private pensions to fund their ongoing lifestyle and living expenses, to the tune of £3,000 per month.

When inquiring with their bank, they were offered an exchange rate that included a 3% markup above the GBP/EUR base rate. In contrast, a specialist money transfer company quoted them just 0.7% markup, plus expert phone support and guidance along the way and the option to lock-in rates in case they change in future.

This 2.3% difference in exchange rate is worth 10,000 EUR on the property purchase alone, as well as giving them around 100 EUR more to enjoy from their pension every month.