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FSA publishes new guidance on overseas transfers
New guidance to help people protect their money when making transfers abroad has been published by the Financial Services Authority (FSA).
The organisation has advised individuals sending cash overseas to use formal channels such as banks and other bodies authorised or registered with the FSA.
It highlights six main ways of sending money abroad, including normal bank and building society services.
Figures show that individuals send £6 billion a year from the UK to loved ones abroad. However, it is estimated that around £2 billion is sent via ‘informal’ channels.
‘For many of the world's poorest families, money sent home by loved ones is the main source of income,’ said the international development minister, Gareth Thomas. ‘Families in the developing world rely heavily on this money for their day-to-day expenses such as food and medical bills.’
The FSA's new advisory leaflet provides impartial advice to help consumers make an informed decision on how to send money overseas, as well as information on what to do if things go wrong and details of a formal complaints procedure.
‘There are hundreds of money transfer businesses in the UK, and choosing one can be a difficult decision for customers,’ said Dan Waters of the FSA.
‘The FSA's Sending Money Safely leaflet gives simple, straightforward guidance which will help customers check out businesses before they hand over any money.’