Property maintenance costs mount up for overseas homeowners

New research from Post Office International Payments has revealed that 40 per cent of overseas property owners admit they have needed to pay for unexpected maintenance costs they did not budget for.

Council tax, shared maintenance fees for upkeep of communal areas and central heating top the list of maintenance costs overseas homeowners have had to shell out for, with 97 per cent of them sending money abroad from the UK via an international bank transfer to cover such costs.

However with fluctuating exchange rates and international currency transfer fees charged by some banks, overseas homeowners could be paying an extra £510 annually to cover these maintenance costs.

Sending money abroad can be expensive, so Post Office International Payments is advising overseas homeowners to shop around for the best deals on their overseas bank transfers in order to avoid any hidden charges and cut some costs.

Sarah Munro, Post Office Head of International Payments, said: “While local services can initially appear cheaper than the equivalent in the UK, overseas property owners can be stung with higher bills due to being charged fees for sending money abroad.”

The Post Office International Payments service enables customers to enjoy sending money abroad without incurring transfer fees or commission charges.

The cost of sending money abroad to cover unexpected maintenance costs can sometimes result in even higher charges being applied by some banks so it is essential for overseas homeowners to use foreign money transfer services which do not apply any additional charges.