A bank has accused rivals of charging wholesalers excessive amounts for money transfers, and is looking to attract new business with a pound;5 per transaction fee.
Pat Ryan, head of international at Alliance Leicester Commercial Bank, said: “The majority of companies in the wholesale sector are involved in importing and we think they are currently being under-served and over-charged with respect to their cross-border payments.”
He said research showed the UK’s largest banks had the highest charges for international money transfers – up to pound;40 per transaction for international payments, with the average around pound;20.
In response, Alliance Leicester Commercial Bank has launched a pound;5 per transaction flat fee for businesses making international money transfers anywhere in the world.
“Customers do not have to bank with us in order to benefit from the pound;5 fee,” said Ryan. “Our aim here is simply to increase our share of the international payment transfer market in the wholesale sector, which we see as a major import market in the UK.”
“The only thing we ask is that the payment is made via a direct debit – simply to make the transaction as efficient as possible.
“This also overcomes the last hurdle for the importer – ease of execution.”