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UK businesses blighted by excessive bank charges

UK businesses are being stung by excessive bank charges when transferring money overseas, it has been found.

According to a study conducted by Caxton FX, high street banks are forcing their corporate customers to pay up to £40 per transaction, the Daily Telegraph reports.

The average amount charged was £21.40 and Barclays customers appear to be the most affected, as they must pay £25 for a standard transfer and £40 for an express service.

NatWest, Lloyds, HSBC and the Royal Bank of Scotland were also discovered to charge large amounts. In total, overseas transfers are costing British companies £356 million every year.

"The high street banks are united in their charges and there is not much competition in the market so businesses are not getting the best deal," managing director at Caxton FX James Hickman told the news provider.

Prime minister David Cameron recently suggested that the proposed introduction of Financial Transaction Tax in France could lead many French banks to move their businesses to the UK.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801289497-ADNFCR

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