Many British expats have family and friends in the UK and might need to regularly send money back.
Nilan told Express.co.uk: “Don’t be tricked by hidden fees when sending money ‘home’.
“While you might be living in warmer climes, it’s highly likely that you’ll still have ties to the UK, so when it comes to sending money ‘home’, you want to get a good deal.
“But it can be hard to understand what a ‘good deal’ is when banks purposefully blur the lines between exchange rates, commission and markups.
“While you might be told there’s zero fees, and no commission, banks and other providers can make huge profits by offering you a poor rate and pocketing the difference.
“Use an online currency converter to check out the mid-market exchange rate, and use this as a benchmark when comparing rates offered by your bank or other currency services.”
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