Online payments provider Ivobank has launched a new product to help make it cheaper and easier for overseas property owners to pay bills and transfer money abroad.

The UK-based online bank’s International Money Transfer service offers what the company claims is a very low cost alternative to transferring funds and paying bills abroad.

Ivobank only charges a foreign exchange rate fee of 1.7 percent. No other commission or currency fees are charged, and payments reach the destination account in three days.

The service allows customers to transfer money or pay bills direct from their online Ivobank account to bank accounts in the UK, Ireland, Spain, France, Germany, Italy, Austria and The Netherlands.

Ivobank Director of Commercial Development Martin Peterlechner said the service was perfect for paying your mortgage, pool cleaner, utility bills or handyman carrying out work on your Fly to Let properties abroad.

“Transferring Pounds abroad into Euros is painful enough as it is at the moment, not to mention having to pay what can be exorbitant transfer fees on top,’ said Peterlechner said.

“Overseas property owners often overlook how expensive transferring money overseas can be over the long term, potentially adding hundreds of Pounds to the cost of owning a home abroad.’’

Peterlechner estimates that the average overseas home owner who transfers money abroad once a month, paying an average of £30 a time, could save hundreds of Pounds a year when using Ivobank’s online International Money Transfer service.

“Some money transfer services charge a fee for each money transfer and make money on the foreign exchange, but the Ivobank International Money Transfer service only charges for the foreign exchange. It’s easy to use and can be done from our website with no need to go to a bank branch or to call a contact centre’’ said Peterlechner said.

• In the past, Croatia did not feature high on the list of places for Fly to Let buyers to invest because it was difficult for foreigners to buy property in their own name.

But this could now change due to a new law which allows foreigners to purchase property regardless of which European Union they come from.

The new legislation will open up the Fly to Let investment market particularly in coastal areas where there is strong rental potential.

The change has come about because of Croatia’s obligations under the EU Stabilization and Association Process. The country has been a candidate for EU membership since June 2004 and if negotiations are successful Croatia could become the 28th member of the European Union by next year.

EU membership coupled with the Government’s decision to open up the property market to foreigners is sure to attract more international Fly to Let buyers.

Up until now, only Croatians could purchase land and foreigners could only buy Croatian properties such as flats and buildings.

Last year the Croatian authorities only allowed around 3,600 overseas applications – about half the figure of those who applied.

Foreigners will now be permitted to buy property on the same basis as local Croatians, although current restrictions on buying agricultural land and forests will not change.

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