How to transfer money from UK
How to transfer money from UK
Sending money internationally is a common need for immigrants in the UK, whether it’s for supporting family back home, paying for services, or transferring funds between accounts. Fortunately, over the last few years, various services catering to this need in the UK have been blooming – meaning transferring money is now easier than ever before. Here are the options you can use to send money abroad from UK:
Traditional Banks
Traditional banks offer international money transfer services, but they’re often not the most cost-effective due to higher fees and less favourable exchange rates. However, they are considered reliable and secure, making them a suitable option for those who prefer dealing with established financial institutions.
WorldRemit
WorldRemit is a digital alternative to cash-based money transfer services, allowing users to send money to over 130 countries quickly and securely. The service is known for its low fees, competitive exchange rates, and the convenience of sending money via their website or mobile app. Recipients can receive funds through bank deposit, mobile money, or cash pickup options, making it a versatile choice for international transfers.
Remitly
Remitly focuses on providing immigrant communities with a cost-effective way to send money home. Offering transfers to numerous countries, Remitly gives users the choice between express and economy transfers, balancing speed and cost to suit different needs. Their user-friendly platform and transparent pricing structure have made Remitly a popular choice among those looking for reliable and affordable international money transfer services.
Wise
Wise offers a transparent and inexpensive way to send money abroad, charging low fees and using the real exchange rate. Their service is straightforward, with no hidden costs, and they provide a convenient mobile app for managing and tracking transfers. Wise’s multi-currency account also allows you to hold and convert money in several currencies, offering a flexible solution for international finances.
PayPal/Xoom
PayPal is widely recognized for online payments, and its service, Xoom, extends this convenience to international money transfers. Xoom allows users to send money to over 130 countries, with options for bank transfers, cash pickups, and even bill payments abroad. While fees and exchange rates vary, the service’s ease of use and PayPal’s security make it a go-to choice for many.