Richard Beddard's blog

Transferring money abroad

I've just posted a request on the forum ( http://www.moneywise.co.uk/forum/everyday-money/banking-and-borrowing/tr... ) in despair at the charges banks levy to transfer money to foreign bank accounts.

We're off to Italy on a grand tour, staying at various B&B's, most of which require a small deposit to confirm the reservation. The standard method is bank transfers but I've been quoted between £8 and £20 which is a significant amount if you multiply it by the number of B&B's or if you compare it to the paltry thirty or forty euros the friendly Italian hoteliers are asking me to transfer.

Beware premium bank accounts

I don't even know what they're called but these are the accounts you pay for and in return receive a package of benefits. I have a smilemore account, which I pay £10 a month for. It's OK in terms of value. The two big benefits for me are Worldwide travel insurance for the whole family and motor breakdown insurance. So no whinges there. They're probably worth it without all the other gubbins.