A new money transfer service looks to pile the pressure on the competition by slashing the cost of sending cash abroad.
UPDATE: Please note that this service is currently unavailable. we will update this news story when we have more information from Travelex.
Travelex has introduced a money transfer service that allows customers to wire between £25 and £2,500 overseas for just 99p, with the cash reaching the recipient in five days. The service undercuts the mass money transfer market, which charges in the region of £20 to £25 for such a service. For people wanting to transfer cash within two days, the cost is £7.
Send Money Now is designed to appeal to the 15 million people who send cash abroad, including parents with children taking gap years and those who need emergency travel money after finding themselves in difficulties after a loss or theft of belongings.
A cheaper option to send cash abroad
David Sear, global managing director of Travelex Global Business Payments said: ‘Brits who want to send money overseas have traditionally been forced to pay up to £25 each time – it’s about time that they had another option. When our customers told us that they wanted a simpler and more cost effective way of sending money abroad, we came up with Send Money Now.’