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Business News

'Overseas' bank charges cost firms £356m a year

Bank charges for transferring money overseas cost British business £356m a year.

High-street banks charge firms an average £21.40 for each overseas transaction, according to research by foreign-exchange expert Caxton FX. As small businesses typically make three transactions a month, this mounts up to £770.40 a year. They are also charged agents' fees at the other end. Charges are not mandatory, however, and businesses should look for cheaper options to big banks.