Last Updated on October, 2024
If you are wondering what is the best way to send money to your friends and family in the United Kingdom? Well, you’ve stopped at the right spot. When you reach the end of this article, you will know exactly how you can send money in the fastest and cheapest way possible!
Let’s get straight into it!
Quick Summary
Various methods such as wire transfers, cash pickups, and online banking can be used to send money to the UK, each with different fees and exchange rates.
Providers like Wise, Remitly, OFX, Xe, and CurrencyFair offer differing fees, exchange rate markups, and transfer speeds. Wise is highlighted for its cost-effectiveness and speed.
It’s essential to compare fees, exchange rates, delivery times, and ensure the service aligns with the recipient’s needs, along with tracking the transfer to prevent errors.
Contents
- Ways of Transferring Money to the UK
- Factors You Can Consider Before Sending Money to the UK
- Wire Transfer Service Providers to the UK
- Fastest Way to Send Money to the UK
- Cheapest Way to Send Money to the UK
- Highly Rated Transfer Service Provider to Send Money to the UK
- Payment Methods for Wire Transfers
- Comparison of Service Providers
- How to Initiate a Wire Transfer to the UK
- How to Send Large Sums of Money to the UK?
- How to Use the Safest Method to Send Money to the UK?
- Conclusion
- FAQs
Ways of Transferring Money to the UK
If you are planning to transfer money to the UK, you will have several options to choose from:
Wire Transfers
Wire transfers is one of the commonly used methods to transfer money to the UK. You can do this online, over the phone or by visiting the branch. Wherever you are sending money from, in your chosen currency, your payments in GBP will be directly sent to your recipient’s bank account.
In a Branch
You can visit any of the many specialist service providers physically and make your payment.
Online
You can choose your bank’s online banking service and make your GBP/USD payment. You can initiate online wire transfers from international payment specialists as well, as you can get lower fees and better exchange rates.
Cash Pickup
You can make your payments for cash pickups. A very fast yet expensive method of transferring money is the physical cash pickup.
Factors You Can Consider Before Sending Money to the UK
Before you send money to the UK, consider a few factors to ensure that it is done in the easiest and fastest way possible:
Wire Transfer Service Providers to the UK
1. Wise
Wise is one of the well-known transfer service providers. It offers services to over 160 countries around the world, including the UK. It provides transparent, low fees and mid-market exchange rates.
Wise also provides borderless accounts, which help you manage different currencies easily. Almost half of the wire transfers initiated with Wise are delivered instantly, and over 90% are delivered within the same day.
It also offers flexible payment options, including direct bank transfers, Google Pay, Apple Pay, debit cards, credit cards, and more. However, the different payment options have different fees, depending on the currency that’s converted.
There are no transfer limits with Wise if you are transferring in any other currencies, but for USD, there is a limit of 50,000 USD per day and 1 million USD on local transfers.
Find out all you need to know about Wise right here.
Fees:
2. Remitly
Remitly is another option. It provides international wire transfers to more than 147 countries worldwide and is specifically suitable for personal transfers. It provides a fully digitalized service—online and in-app.
Remitly also provides several payment options, such as cash collection, cash home delivery, and bank and mobile wallet deposits. Its pricing varies by country.
Remitly also ensures safety by being registered in the Money Service Business with the U.S. Department of Treasury. But you need to make sure that you send money only to the people you are familiar with and trust.
If you are new to Remitly, you will also find promotions offering lower fees and better rates.
Find out all you need to know about Remilty right here.
Fees:
3. OFX
OFX is also a specialist currency provider that offers international transfer services and currency risk management solutions to individuals and businesses worldwide. It supports over 170 countries and allows users to initiate transfers online, in the app, or over the phone at any time of the day.
OFX is a safe and reliable option for money transfers, and there is no transfer fee upfront. It uses an exchange rate markup when converting currency.
OFX’s customer service is another big green flag. They have a 24/7 phone line and maintain really good customer service records. However, there is a transfer limit with OFX of 1000 USD.
Find out all you need to know about OFX right here.
Fees:
4. Xe
Xe is another specialist transfer service provider that allows money transfers to over 200 countries in 100 currencies around the globe. Along with payments funded by banks or wires, Xe also provides online and in-app digital payments. However, the bank or wire-funded payments must be over 3000 USD.
The final cost that you will have to incur with Xe depends on several factors, including your destination and the amount you are transferring. Paying through credit cards gets the job done for you faster, but this means you will have to spend a few extra bucks.
Find out all you need to know about Xe right here.
Fees:
5. CurrencyFair
CurrencyFair is one of the well-known specialist wire transfer service providers. It allows you to transfer money to over 150 countries in around 15 currencies.
CurrencyFair can be extremely handy if you are looking for a budget-friendly option. It charges a flat fee and has a better exchange rate than many banks.
It also provides quick delivery, with most currencies delivered within the same day or one working day.
Fees:
Fastest Way to Send Money to the UK
Typically, banks would take around 3 to 5 working days to deliver transfers. This is because they need to process their transfers within the SWIFT network, passing the payments through various intermediaries. This makes it a slow process.
Specialist money transfer service providers comparatively deliver your money much faster as they have built their own network, making the entire process much faster. This even means that your money is almost instantly delivered to your recipient.
Out of the previously discussed service providers, they are listed below from the fastest:
Cheapest Way to Send Money to the UK
The cost that you have to incur for a wire transfer can vary based on the factors that have kept on impacting everywhere!
The payment method and the destination.
When considering the service providers mentioned in this article, the cheapest option is Wise. When you consider the total cost that you have to incur with each of the different service providers, Wise will be the cheapest and the most transparent option.
Other options that claim to have no fees actually have them; they are just hidden through other necessary fees like the exchange rates.
Highly Rated Transfer Service Provider to Send Money to the UK
Based on the TrustPilot rating, the most highly rated service provider to send money to the UK is OFX.
Based on rating, they can be listed as:
Payment Methods for Wire Transfers
When making a wire transfer, you can choose from various payment methods. Each method can impact things like your total cost and the time it takes for the transfer to be delivered.
The different service providers that we have already discussed above each provide different methods:
Comparison of Service Providers
The comparison of the mentioned service providers is given in the table below:
| Transfer Fee | Exchange Rate | Time Taken | Rating | |
| Wise | 0.41% | Mid-market rate | 0 to 2 days | 4.3 |
| Remitly | Based on currency and payment method | Exchange rate markup | 0 to 2 days | 4.3 |
| OFX | No transfer fee | Exchange rate markup | 1 to 3 days | 4.4 |
| Xe | Based on currency and payment method | Exchange rate markup | 2 to 3 days | 4.3 |
| CurrencyFair | 3.25 USD | 0.53% | 1 to 3 days | 3.1 |
How to Initiate a Wire Transfer to the UK
Initiating wire transfers is typically a very simple process. Most of the service providers mentioned throughout this article, and even others, offer flexible ways to initiate the transfer, including online, in a branch, and over the phone.
Online
Each transfer service provider has its own set of rules for initiating a transfer. Generally, a similar process is followed; read through to find out!
Sign up/Log in
After selecting the suitable service provider, go to their respective online portal or app and create your account. There will be a verification process for which you will require your passport, license or other government-issued IDs.
Enter Recipient’s Details
Provide details of your recipient, such as name, bank account, and other bank details. If cash pickup is selected, mention the recipient’s location as well.
Select the Amount of Money to Be Transferred
Select the currency you want to transfer in and enter the desired transfer amount.
Make payment
Select the payment option you prefer, such as credit card, debit card, or direct bank transfer, and make the payment. Bank transfers are the most budget-friendly option, while credit cards cost more.
Track Transfer
Most service providers offer the option of tracking your transfer, with a predicted delivery time and date.
In a Branch
After choosing the service provider you desire, you can visit their nearest branch and initiate a transfer there. You will need documents to verify, so make sure you carry your license, passport, or any other government-issued ID.
Over the Phone
Initiating a transfer over the phone is also simple. After choosing the service provider you find most suitable, contact them through their hotline and initiate the transfer.
How to Send Large Sums of Money to the UK?
When you are planning to send a large amount of money to the UK, make sure to compare rates from different service providers and banks. Consider factors like safety, lower fees, better exchange rates, and excellent customer service.
Doing your own research before choosing the opt service provider is very important. You can use the cost calculators that different providers have to get an estimate of how much it is likely to cost.
Check if the provider you have chosen has a transfer limit. Some companies have a specific transfer limit.
The process of sending large amounts of money to the UK is also very similar to the normal process. But along with that, you will have to provide some additional information so that your payment can be verified. Some such additional information would be information regarding the source of your funds.
The process, as mentioned earlier, is very much similar:
How to Use the Safest Method to Send Money to the UK?
The safety of your funds is very important, right?
You need to make sure that the service provider you choose is registered and regulated in the US and UK. It would be better if you could go for a well-known service provider that has been operating for quite some years. It can be common for global service providers to have been registered under several bodies as well.
Other guides:
Conclusion
So, to conclude, the most suitable service provider you can choose has to be based on what you need and what sort of transaction you prefer.
If there is a service provider that I would suggest, it would be Wise. Wise offers the cheapest transfer of funds while also being the quickest, within two days.
But make sure that you compare the rates for the amount of money you need to transfer and the payment method that you have chosen. Also, keep in mind that if you are using their service for the first time, there are chances that they will provide you with promotional offers as well.
So look out for those too!
FAQs
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