A holiday homes boss trusted Lloyds to handle her currency deals — until she discovered the cost
Overseas experience: holiday lettings boss Punch Maughan has switched from Lloyds bank to TransferWise
It was a discussion at the dinner table that made Punch Maughan realise she was paying her bank too much for sending money abroad. “I was moaning to my children about it,” said Maughan, who started a holiday lettings business with her husband James 16 years ago.
Their venture, based in the Welsh market town of Brecon, lets homes in Britain to overseas visitors. They also list overseas properties on their website, groupaccommodation.com.
Each time Maughan received cash from foreign clients or sent money overseas, the bank charges left her perplexed. Nevertheless, she trusted she was getting a fair deal from Lloyds.
Her tech-savvy twentysomething youngsters convinced her to take action. “They said I was ridiculous for not exploring other options,” Maughan recalled. “You feel…