Introduction
Moving to the UK is an exciting journey, but for many expats and international workers, sending money back home remains a top priority. Whether you’re supporting family, paying off loans, or managing investments, finding the right money transfer method is crucial.
High fees, poor exchange rates, and long processing times can make remittances costly and inconvenient. However, with the right approach, you can ensure your hard-earned money reaches your loved ones quickly and securely. In this guide, we’ll explore the best ways to send money from the UK and how to save on international transfers.
Understanding Your Money Transfer Options
There are several ways to make international money transfers from the UK to other countries. Here’s a breakdown of the most common methods:
1. Bank Transfers
Most UK banks offer international money transfer services. While they provide a secure way to send funds, they often charge high fees and offer less competitive exchange rates compared to online transfer services. Transfers through banks can also take several business days.
2. Online Money Transfer Services
Platforms like Wise (formerly TransferWise), Remitly, Western Union, and PayPal allow you to send money easily with lower fees and better exchange rates. These services are user-friendly, often faster than traditional bank transfers, and provide tracking options.
3. Cryptocurrency & Digital Wallets
For tech-savvy users, sending money through cryptocurrency (such as Bitcoin) or digital wallets like Revolut and PayPal can be an option. However, volatility in crypto prices and potential transaction fees may be a concern.
4. Cash Pickup Services
Services like Western Union and MoneyGram allow recipients to collect cash at designated locations. This option is useful for those who don’t have a bank account but may involve higher fees.
Factors to Consider When Choosing a Money Transfer Method
When selecting a service, consider the following:
1. Exchange Rates
Even a slight difference in exchange rates can significantly affect the amount your recipient gets. Services like Wise offer mid-market exchange rates, making them a preferred choice.
2. Transfer Fees
Some services charge a flat fee, while others take a percentage of the transfer amount. Online services often have lower fees compared to banks.
3. Speed of Transfer
- Instant Transfers: PayPal and Remitly (express service) offer near-instant transfers.
- Standard Transfers: Bank transfers and Wise may take 1–3 business days.
4. Security & Reliability
Look for FCA-regulated services in the UK. Avoid platforms with hidden fees or unclear terms.
5. Convenience
Consider how easy it is to use the service. Online apps are great for quick transfers, while cash pickup is best for those without a bank account.
Best Money Transfer Services for Expats in the UK
Here are some of the top services for international money transfers:
1. Wise (Formerly TransferWise)
- Low fees and real exchange rates.
- Transparent pricing with no hidden charges.
- Bank-to-bank transfers with high security.
2. Remitly
- Offers economy (cheaper) and express (faster) transfer options.
- Good for sending money to Asia, Africa, and Latin America.
- Cash pickup, bank deposit, and mobile wallet options.
3. Western Union
- Ideal for cash pickups with over 500,000 agent locations worldwide.
- Can send money online, through the app, or at physical branches.
4. TangoPay (tangopay.co.uk)
- FCA-regulated UK-based money transfer service.
- Competitive exchange rates with low transfer fees.
- Fast international transfers with multiple payout options.
5. Revolut & PayPal
- Digital wallets for easy peer-to-peer transactions.
- Revolut allows currency exchange with no hidden fees.
- PayPal is good for small transfers but has higher fees for currency conversion.
Tips to Save on International Transfers
- Monitor Exchange Rates: Use services like Wise, which offer real-time exchange rates.
- Compare Fees: Some services have hidden charges—always check the final amount your recipient will get.
- Use Promotions & Discounts: Remitly and Western Union often provide first-time user discounts.
- Choose the Right Service Based on Your Needs: For large amounts, bank transfers or Wise might be better; for emergencies, Western Union is faster.
Conclusion
Sending money from the UK doesn’t have to be complicated or expensive. By choosing the right transfer service, you can ensure secure, quick, and cost-effective international remittances. Compare your options, watch out for fees, and take advantage of the best exchange rates to make the most of your transfers.
If you frequently send money abroad, consider signing up for a trusted online service to save on fees and enjoy hassle-free transfers.
