How to Send Money Online to the United Kingdom in a Jiffy
Can I transfer money online to the United Kingdom?
Yes from most countries across the globe. We can help you understand how to make a money transfer to the UK with confidence, ease and low cost. Exiap compared over 20 different financial institutions and consistently found money transfer services offered the best exchange rates when sending your British pounds to the UK.
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To find the best exchange rate for your foreign exchange click here.
How do I send money online to a bank account in the UK?
Using a money transfer service
How do I send money online to a person for instant cash pick-up in the UK?
Using a remittance company
What are the costs to make a money transfer online?
Before you make your money transfer back home to the UK, it's important to be aware how much your money transfer will cost you.
Exchange rates - The better the exchange rate, the more money you get in the account at home. Money transfer services that offer better rates will usually charge you a separate transfer fee. They offer foreign currency exchange rates that are close to the market rates offered on google.
Transfer fees - Money transfer companies charge low fees and these can range anywhere between GBP £0 to £5. Some online transfer companies offer fee-free transfers for sending large amounts of money.
Receiving fees - You or the person you're who's sending money home to the UK, will often get charged a bank receiving fee of up to £20.
Total costs are lower with money transfer companies than banks because:
1. they charge less transfer fees
2. give better foreign exchange rates and
3. they reduce the amount or don't charge receiving fees
Where can I receive fee free transfers to the United Kingdom?
Very few people like paying transfer fees when making an international money transfer to the United Kingdom. Luckily for you, many money transfer services offer fee free transfers. Here are 5 popular fee-free money transfer companies we recommend:
How long does it take to transfer money to the United Kingdom?
Money transfer services can take 0 - 3 business days
It takes 0 - 3 business days to convert your foreign currency into British pounds and deliver them to a local bank account.
Quite often the money transfer is delivered the next working day. When using a money transfer service like Wise (formerly known as TransferWise) they're even faster, quoting the arrival time in hours not days.
Unlike banks, money transfer services keep you updated on your delivery time. This includes the estimated arrival time of your funds to the account you're sending money to.
Is there anything else I should consider aside from the best exchange rate for my money transfer?
Aside from costs and speed, choosing the right product, frequency, customer service and customer reviews are also good to consider if you have time:
1. Right product or service for your situation
Are you making a personal or business transfer? You might need foreign exchange products so you can lock in the exchange rate. Business products include spot contracts, forward contracts and lock-in contracts to help you buy GBP at the best rate.
How often will you need to make an online money transfer? Being able to make regular and quick payments to your home account in the UK or family, friends or employees also in the UK can be important. Some mobile apps are also better than others.
3. Good customer support
Do you need to speak an account manager for assistance? Look for a money transfer service that works for you, whether you need 24/7 support via phone, email or online chat.
4. Reviews or Trustworthiness
Do reviews give you peace of mind when making an international transfer? If so, Trustpilot is a great source of 3rd party reviews. In addition, we have reviews to help you choose the best money transfer service to make your currency exchange to the United Kingdom.
Will my online money transfer be safe?
One of the main questions people ask us is “will my money be safe online?" The answer is yes.
Money transfer services are usually regulated by governing bodies that look into financial conduct. For the UK, it's the Financial Conduct Authority (FCA). Money transfer services generally have very stringent guidelines to be allowed to send money.
These money transfer services implement strict verification processes to ensure they fully identify all of their customers. They also invest in identity protection, fraud prevention and encryption to create a secure connection with your browser when you register and login into their online services.
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