Ivobank introduces international money transfer service

Source: Ivobank

Ivobank is pleased to announce an addition to its product portfolio with the introduction of an International Money Transfer service.

As one of the only online banks in the UK to offer this low cost service, the system will allow Ivobank customers to transfer money and pay bills across borders and currencies with ease, safety and efficiency.

Account holders will now be able to transfer money from their online account to any bank account in the UK, Austria, Spain, Italy, the Netherlands, Germany and Ireland using the free three day transfer.

Unlike other international money transfer services, Ivobank only charges a foreign exchange rate fee of 1.7%. No other commission or currency fees are charged, and payments reach the destination account in three days. Being a UK-based bank, Ivobank is regulated by the FSA and customers earn money on their deposits until the money is transferred.

Ivobank Director of Commercial Development, Martin Peterlechner, said: "The launch of our International Money Transfer service is a new and exciting development for Ivobank. People with homes abroad, students and those working abroad are calling out for an uncomplicated, quick money transfer service with no hidden charges. Our service fits the bill."

Commenting on how the current economic downturn is playing a role in changing the way people manage their finances, Peterlechner said: "Essentially, Ivobank has decided to launch an International Money Transfer system to ensure that people get a good deal on money transfers. Existing services can be expensive, and now more than ever, people need to avoid wasting money on transfer fees. This is an ideal opportunity for Ivobank to step into this market and provide people with a service to rival others."

The International Money Transfer Service is now available to all current and new Ivobank customers.

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