UK small business euro transfers cost 4 bln pounds a year -study

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LONDON, Jan 12 (Reuters) - Small businesses in Britain that trade with the euro zone spend nearly 4 billion pounds ($5.8 billion) a year transferring money abroad, partly because a lack of transparency makes it tough for them to get the best deal from banks, a study showed on Tuesday.

Britain has been trying to increase competition in banking and reduce the dominance of its major banks, which include Lloyds Banking Group (Other OTC: LLOBF - news) , Royal Bank of Scotland (LSE: RBS.L - news) , Barclays (LSE: BARC.L - news) and HSBC.

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UK small business euro transfers cost 4 bln pounds a year -study

#reuters-ukfocus-yahoopartner

LONDON, Jan 12 (Reuters) - Small businesses in Britain that trade with the euro zone spend nearly 4 billion pounds ($5.8 billion) a year transferring money abroad, partly because a lack of transparency makes it tough for them to get the best deal from banks, a study showed on Tuesday.

Britain has been trying to increase competition in banking and reduce the dominance of its major banks, which include Lloyds Banking Group (Other OTC: LLOBF - news) , Royal Bank of Scotland (LSE: RBS.L - news) , Barclays (LSE: BARC.L - news) and HSBC.

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