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Virgin Money launches new International Money Transfer service with no transaction fees and a best rate guarantee

19/10/2015

The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions.

  • No hidden nasties – unlike other banks, Virgin Money will not charge transaction fees
  • Virgin Money guarantees to beat International Money Transfer rates offered by other banks
  • Service designed to offer simple, speedy and safe transfers

Virgin Money has today launched its new International Money Transfer (IMT) service, in partnership with World First, that is designed to offer customers a simple, speedy and safe way of transferring money overseas.

Recent research1 has revealed that when customers were asked to think about the things they consider important when transferring money overseas, four key factors emerged as being more important than the others:

  • Cost of transfer fees ranked the most important, with 63% of respondents rating its importance above average
  • Rate of exchange ranked second, with 62% rating its importance above average
  • Credibility of the provider was third most important, with 59% rating it above average
  • Time the transfer takes was considered equally important, also with 59% rating it above average.

Virgin Money’s new IMT service is designed to tackle the ‘big four’ for its customers:

  • Firstly, there will be no hidden charges and unlike other banks, no transfer fees.
  • Secondly, Virgin Money guarantees to beat the exchange rate given at high street banks, if the customer registers with Virgin Money IMT and requests a quote within 3 hours of another bank quote2
  • Thirdly, Virgin Money is a trusted brand in its own right, and Virgin is the most admired brand in the UK.
  • Finally, both existing and non Virgin Money customers will benefit from fast transfers and be able to make same day transfers of sterling to euros from any UK bank account.


Darrell Evans, Current Accounts, Insurance & Investments Director, said: “We have taken note of what matters most to customers when it comes to moving their money overseas. They don’t want to be hit by hefty fees, they want a competitive rate, to deal with a business they can trust and they expect to get their money to where it needs to be, simply and quickly. We think these are fair and reasonable expectations, so the new Virgin Money International Money Transfer service has been designed to give them what they want. It’s that simple.

“Whether customers are purchasing property overseas, conducting business or simply supporting friends and family with financial help, our new service is fast, secure and simple to set-up, either online or by talking to us on the phone. We continue on our quest to make banking better for customers, and this new IMT service from Virgin Money shows we are delivering on that promise.”


Ends

Media Contacts
Virgin Money Press Office:
0191 279 4676
press.office@virginmoney.com

NOTES TO EDITORS

1Source: FXCompared Intelligence 2015

2Terms and Conditions apply. Visit: https://international-money-transfer.virginmoney.com/uk/disclaimer-policies/best-rate-guarantee/ for full information. In summary, once we know all of the customer’s details we can offer a quote, but there are some basic requirements that include:

  • The customer must have an active trading account with a high street bank such as Barclays, Citibank, Lloyds Banking Group, HSBC and Royal Bank of Scotland.
  • They must have the quote in writing / e-mail to send to Virgin Money International Money Transfer within 3 hours of receiving it. 'Quote' means an estimated rate for a transaction and not a transaction that has been already entered into.
  • Virgin Money International Money Transfer cannot give a rate better than the rate it buys the currency at i.e. the interbank rate.
  • Virgin Money International Money Transfer works off live market rates, so if a customer wants to secure the rate quoted they must do so there and then, by phone or online. The rate can not be guaranteed at a later date.
  • The best rate guarantee does not apply if a customer has already agreed a rate with us and we have bought the currency.

About Virgin Money

  • Virgin Money provides savings, mortgages, credit cards, current accounts, pensions, investment and protection products
  • Virgin Money’s business ambition is to make “everyone better off” – this philosophy underpins our approach to business by offering good value to customers, treating employees well, making a positive contribution to society and delivering a profit to our shareholders
  • Virgin Money is the official sponsor of the London Marathon, the biggest annual one-day fundraising event in the world. Virgin Money has helped London Marathon runners raise over £¼ billion, including funds raised through Virgin Money Giving the not-for-profit online fundraising service, since 2010.

About Virgin Money International Transfer

  • Virgin Money International Money Transfer is provided by World First, the award-winning foreign exchange company. World First is authorised by the Financial Conduct Authority as a payments institution under the Payment Services Regulation 2009.

Virgin Money Holdings (UK) plc - Registered in England and Wales (Company No. 03087587). Registered Office - Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL.