New research by Which?, the UK's largest consumer rights body, shows that it pays to shop around when sending money abroad.
The below table shows the stated cost of sending £1,000 to a US Dollar account through various providers, based on Which?'s findings:
The research, conducted over a three week period in October and November 2015, shows that there are big differences in what's offered by banks and new, tech providers.
In this example, by using TransferWise, consumers could save up to $78. For both comparisons featured, banks came in bottom of the rankings. You can read the full report here.
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