Saga launches new money transfer service

31 May 2006
Specifically targeting the over 50s market who are purchasing property abroad, Saga Financial Services has announced a new international money transfer service designed to eclipse current deals from high street banks.

The well-known financial institution, which caters for the more mature market when it comes to financial products, such as over 50s insurance policies, has said that the new service "is fast and secure".

It offers a threshold of £3,000, above which no fees will be charged, an option to fix exchange rates for up to two years and exchange rates designed to compete with those offered on the high street.

Andrew Goodsell, Saga chief executive, noted that demand for property abroad increased by around 45 per cent between 2001 and 2004 and such increases would likely continue.

"With more people choosing to retire abroad or simply purchase a holiday home, it's vital they obtain the very best rates and services available to them," he said. "[This will] ensure their hard-earned cash is not eaten away in unnecessary fees and commission."

With the new product, Saga does not require a minimum number of transfers to be made or a tie-in to any kind of restrictive sign-up process.

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