Ben Todd | Jun 2, 2017 | 1
Best Way to Send Money to the UK
If you want to send money to the UK, then the best way is digitally. However, different needs and different problems require different solutions. That is why I offer a series of different methods for getting your money transfer over to the United Kingdom. All I can say is that if you are trying to find the cheapest solution, then do not try to judge fees and exchange rates. Instead, try each method and judge each method by how much you put in and how much you actually get out. Let your sending and receiving amount do the talking.
Send Money to The UK With TransferWise
Transfers are very quick with TransferWise if you are sending money to the UK. At the most, it is going to take one working day (one business day), but it usually works more quickly. You may get a no-obligation quote from the tool on their website. You do not need to sign up on order to use the tool. Enter the amount of money you wish to send, and it shows you how much you will have to pay and how much will be sent to the recipient. They give you the market rate for your exchange, they don’t skim from the rate to make money. TransferWise makes its money from fees, and you get to see all of the fees in advance. When compared with other transfer companies, you get more for your money, even if it doesn’t appear that way at first.
Send Money to The UK With CurrencyFair
Visit the website and you may use the quotation tool without signing up. Enter the amount you wish to send, and the tool shows you how much you are going to pay in commission (usually around 0.35%), and it shows how much your recipient is going to receive. Their website says their average transaction time takes 24-48 hours, but most transfers to the United Kingdom happen within less than one business day. For example, if you send at 3pm UK time, then it usually arrives by around 9am UK time the next day.
I can understand why the website says 24-48 hours because it probably gets confusing when you add in time differences. Websites such as CurrencyFair and TransferWise are two that play fair because they allow you to get a genuine quote right away without signing up and/or without adding fees on at the end. If all transfer companies played it the same way, then shopping around would take a lot less time.
Send Money to The UK With Western Union
You may send money to the UK with Western Union. There are agent locations in the UK where your recipient may pick up the money you transfer, but you have to be careful for two reasons. The first reason is because Western Union agents pop up and disappear without warning in the UK because it is easy to become an agent, which means the one you used last month may not be there anymore. In addition, Western Union shops and agents tend to pop up in areas where only non-Caucasian people are welcome.
They are pocket areas where even Caucasian police will not venture. Whether your recipient is white, black, yellow or green, have your transfer sent to a Western Union in a safe area, which is typically near a UK High Street where numerous other shops are located. Western Union do offer advice on safety and scams. You may have the money sent to your recipient’s bank account if you wish.
Send Money to The UK With MoneyGram
There are 30,000 trusted MoneyGram locations in the USA, and there are 400,000 around the world. MoneyGram has 400 banks within its international network. MoneyGram is a large company and things go wrong from time to time, but that is part of being a large company with millions of customers worldwide. MoneyGram’s online reputation sucks, but they are still a trusted company. The limits they impose on your account will depend upon the laws of your country. It seems that MoneyGram sets different sending limits depending upon where you are sending from. Their rates are on the high side, but that is price you pay for your recipient being able to pick the cash up at so many international locations.
Send Money to The UK With PayPal
Millions of people in the United Kingdom have a PayPal account. It is very popular in the UK, and that is good news for you if you wish to pay people or transfer money with PayPal. A user is able to receive private transfers from family and friends for free. A user may also receive transfers from strangers, but the recipient is charged a small fee. The same is true if the PayPal user issues an invoice and has a company pay him or her. Uploading and withdrawing is free, and there is no standing charge for having the account or for having no money in the account. You may maintain a balance with many different currencies, and you may have your various balances sit side-by-side within you PayPal account.
Send Money to The UK With With A Bank Transfer
In many cases, sending money to the UK is quicker than with most other countries. The United Kingdom is great at handling its money (unless it is paying a fortune out to Europe for one thing or another). It is possible to send bank transfers from some banks around the world and have it appear in the UK in minutes. Wire transfers are usually very quick, and the speed of your currency conversion will often depend upon the sending bank rather than the receiving bank. Still, converting from another currency into British Pounds is often mildly expensive with a bank, and you may be able to find a cheaper money company that offers exchanges at lower prices.
Send Money to The UK With A Check
If you send a check in your currency, then the recipient in the United Kingdom will have to have the check converted. If you convert the currency first, then the recipient in the UK will be able to receive the payment more quickly. The check may be sent in your currency, and most banks in the UK will accept the check, but the person in the UK will probably have to wait between two and seven weeks for the check to clear. How long it takes depends upon the receiving bank, the bank from which the check was written, and the location of the bank (i.e. which country the bank is in).
Send Money to The UK With Bitcoin
There are quite a few places in the UK where a person may buy Bitcoin and where Bitcoin may be exchanged. Sadly, if you are buying Bitcoin from the UK, then it is very expensive. On the flip side, pay a person in the UK with Bitcoin, and there is a chance that person will be able to make a profit on the Bitcoin. You have to consider the full cost of your Bitcoin transfer. If you are going to send money to the UK using Bitcoin, you need to consider how much it will cost you to buy the Bitcoin, and how much the transfer fee will be (transfer fees are usually very small). In the UK, your recipient may have to wait for a good price, but there is a strong chance that he or she will make a profit on the Bitcoin you transfer over.
Send Money to The UK With An International Money Order
There is a good chance that your recipient in the United Kingdom will accept an international money order and that his or her bank, building society, or financial company will clear the international money order. The problem is that the company or bank may have to send the international money order back to a bank in the US to have the money credited back. Ask your recipient if his or her is able to clear an international money order. All told, using something such as Transferwise may be easier and quicker for somebody in the UK. After all, their banks are pretty keen and very quick, which means most methods of electronic funds transfer are lightening fast. An international money order may take weeks to clear, when a transfer company may be cheaper and will certainly be quicker.
Send Money to The UK With Skrill
I don’t often cover Skrill because I think of it as a lesser version of PayPal, but the rise of bitcoin has seen an increased use of Skrill, so it gets a mention. Sending money will cost a fee, but the Skrill wallet supports 40 currencies and GBP is one of them. If you are looking for a long-term money-transfer company, then Skrill is not for you. If you need to send money to a person in the UK and that person has a Skrill account, then maybe consider sending with Skrill too because it is more convenient. However, you should be aware that the company will charge you a sending fee and their conversion fees are pretty poor. In addition, if you leave your account for over 12 months without touching it, then they start to slowly drain your account in the form of dormancy fees.
Send Money to The UK With World First
The minimum sending time is one day because they use an ACH transfer from the US. You have to send at least $1000 when you transfer from the US to the UK. You may make your transfer over the Internet or over the phone. Set up single payments, or set up recurring payments. The company offers exchanges and transfers in over 100 currencies. They make their money from what they skim from the exchange rate.
Send Money to The UK With OFX
All transfers take at least one business day, and you are allowed to transfer as little as you wish. The maximum you may transfer is dependent upon current currency transfer laws. You may send your money over the phone, or you may make your transfer over the Internet. Set up a regular bank transfer, or set up a single one-off payment. The service makes its money from what it skims from the exchange rate.
Send Money to The UK With HiFX
Your transfer will take between three to five days, and you have to transfer at least $100. The fee of $5 is waived if you send more than $5000. The company offers exchanges in 20 currencies, and you can schedule payments or you may set up one-off payments. HiFX tries to lower the amount is skims from the exchange rate by charging people fees. Make your exchange and transfers over the phone.
Send Money to The UK With TorFX
Transfer $150 or more with TorFX. You have to wait between one and two days for the transfer to complete, and their accounts allow you to exchange between 60 different currencies. Make one-off payments or set up regular payments, and make your transfers over the phone or over the Internet. This company makes its money by offering you an exchange that is less than the market rate and then keeping the difference.
Send Money to The UK With Currencies Direct
Transfer $150 or more, and it will take between one and two working days to arrive in your recipient’s bank account. Make a one-off payment, or set up scheduled payments. In addition, you may set up your transfers over the phone, with an agent, and over the Internet. The Currencies Direct website says that there are no fees, but that is because they skim from the exchange rate. However, they do say that their skimming will never be more than 2%. Besides CurrencyFair and TransferWise, you will find that currency transfer companies have a habit of offering a less-than-perfect exchange rate so that they may skim money off the exchange for themselves. Currencies Direct are being upfront about what they are doing and are presenting a limit as to what their markup amount is.