INTERNATIONAL MONEY TRANSFER
Easy to Send Money to UK University:
Sending money to the UK is relatively safe due to banks and providers being regulated by the Financial Conduct Authority.
Whether or not you fall into this category, it is essential to understand the different ways you can send money. This guide has a collection of all the relevant information you need before you decide how to send money to the UK.
Find the best Transfer Rate
United Kingdom Economy – is 5th biggest economy globally (Pound Sterling GBP is the UK’s national currency, and at the time of writing, 1 GBP is equal to 1.36 USD) the countries that make up the UK include England, Scotland, Wales, and Northern Ireland with a total population of 67 million, & GDP is $3.2 trillion. Overall, the UK’s money transfer sector is reputable because of the excellent regulatory bodies. For example, the Financial Conduct Authority oversees money transfer companies and checks for safe practices. They set the rules and monitor companies for compliance.
How To Send Money to United Kingdom
How to send money to UK is simple and easy process. Follow these steps to get started.
Do Your Transaction with AD2 Licensed Provider
AD2 comes under RBI and are dedicated to Foreign Exchange & Transfer of Money, being exclusive provides promising, assured, timely transfers. TransWire being newcomer is cheapest, backed by Transcorp International, being in business since 1990s.
Step 1
Register: free sign up to, simply requiring your name, address and contact information.
Step 2
Document Upload: On selecting type of transfer, system will populate required list of documents for you to simply upload the same.
Step 3
Transfer Money: Check the cheapest price and complete by paying your transfer amount. Download your Invoice.
As soon as you’re ready, you can start sending money online.
More Ways to Send Money to the United Kingdom
How to send money to the UK from any country in the world is not just simple, but full of options as well. You can use two main channels to send: inter-bank transfers or money transfer service providers. Let us look at how they stack up against each other.
Inter-Bank Transfers
The United Kingdom has some of the biggest banks in the world. Banks such as HSBC, Royal Bank of Scotland, Lloyds Banking Group, Barclays, and NatWest are well-capitalized, with assets running into billions of pounds. These and other banks in the U.K. have been the backbone of international wire transfers in and out of the country. Primarily inter-bank transfers are used for sending pension earnings to the U.K.
There are lots of factors that influence inter-bank transfers. For example, when sending from the United States to the U.K., time zone differences are a significant factor. New York is on GMT-5, and London is on British Summer Time (BST), equivalent to GMT+1.
With that said, correspondent banks have come up with a way to speed up the arrival of funds by “back-valuing” the transfer. However, to compensate for the transaction speed, they revise the fees upwards.
Money Transfer Service
An increasing number of people are sending money to the United Kingdom using money transfer service providers. The speed, low transfer costs, high exchange rates, and other factors make this mode of transfer one of the best for non-business transactions.
Money transfer operators (MTOs) such as TransWire, TransferWise, MoneyGram, Western Union, WorldRemit, are popular on most transfer corridors to the U.K. Setting up on these platforms is very simple. All you need is to sign up for an online account, pay for your transfer using a debit card, credit card, or bank transfer and send!
There are two main ways you can send money to the UK. Through money transfer service providers: bank transfers and cash pickups.
Bank Transfer
For large amount transfers, money is deposited directly to the recipient bank in the United Kingdom. The advantage of this method over the traditional bank transfer is that the recipient doesn’t need to go to bank, can do the transaction online via payment gateways or can send from a credit card or debit card – the transfer can take minutes.
Cash Pickup
For small amount like INR 10,000/- this mode of sending money to the UK allows the recipient to collect it in cash from a nearby agent.
When you pay for your transfer using a credit card, you’ll pay more because of third-party fees. The best way to send money to the UK in this option is a debit card; it charges low fees and guarantees you a faster transfer.
What’s Needed to Send Money to the United Kingdom
A government-issued identity document. If you are sending from the United States, Canada, or Australia, a passport, social security card, or driving license could also be accepted.
The amount of money you would like to send and currency
The recipient name as it appears on official documents
The recipient’s physical address and telephone number
If you are sending the money to a bank account, you should provide the SWIFT code, bank name, branch name, and account number of the recipient
In some cases, you may be asked to provide information on the source and purpose of the funds. This requirement is one of the Financial Conduct Authority (FCA) regulations to help counter money laundering.
Common Reasons for Sending Money to the United Kingdom
Education
The high quality of education in the U.K. compared to many other regions. On average, undergraduate and graduate studies cost anything from $17,000 – $25,000 in the U.K. Living expenses range from $1,300- $1,600 per month.
Living Expenses
Medical Care
Healthcare in the United Kingdom is one of the best in terms of quality. However, it is costly both to outsiders and even British citizens. To help with medical care for their families and relatives, Britons overseas may send a few pounds through MTOs.{[
Why Send Money with a Money Transfer Service?
Banks have been the traditional channels for sending money to the UK. However, the tide is changing fast, and money transfer service providers with mobile apps dominate most transfer corridors. Here are some of the reasons behind the shift in preference.
Faster Transfer Speeds
MTOs provide the fastest transfer speeds for people sending money to the U.K. For instance, TransWire take less than a minute to complete a transaction. Bank transfers may take a day or hours depending on the country of origin and time zone differences.
Low Transfer Fees
Thanks for the peer-to-peer (P2P) technology, transfers to the U.K. are not only fast, but also cost less. Sending an equivalent amount of money costs up to 50 per cent more on the inter-bank platform than on the money transfer providers platforms.
Things to Consider When Sending Money to the United Kingdom
Before deciding on how to send money to the UK, there are certain factors you need to bear in mind. Aspects such as taxation, exchange rate fluctuations, and cash withdrawal limits must be carefully considered.
Taxation – In the U.K., remittances and gifts are not taxed as long as they fall under the 3,000 sterling pounds exemption limit per year.
Exchange Rate Fluctuations –sterling pound has more fluctuation compare to top selling currencies, check the pound rate stacks up against the source currency.
With more MTOs coming into the U.K. remittance corridors, you can easily find the best way to send money. However, you need to do your homework and pick out the providers offering the best rates, low fees, and quicker delivery times.
Benefits of money transfer companies
Taking advantage of money transfer companies comes with numerous benefits. This section outlines why you may want to use them in the pursuit of getting a better deal. By the end of this section, you may realize that there are excellent alternatives to banks for sending money to the UK.
Fees: you can enjoy competitive fee structures that are in the range of 0.25-1%. Low fees are possible because such companies have lower overheads. Competitive services offer a good deal by passing the savings onto the customer. Look for a fee structure that matches your transfer size. For example, a large transfer size is best with a fixed fee. This means the charges do not scale with the size of the transfer amount.
Transfer time: the use of balance transfer allows for quick processing times. On the other hand, bank transfers take around 2-7 business days. In emergencies, money transfer services are the better choice.
FX rates: banks usually profit from currency conversions by adding a markup percentage. However, money transfer services offer some of the best rates because they match the mid-market rate. You will save a lot of money with better rates when converting currencies. Check the currency pairs for the transactions that are relevant to you.
Ease of use: specialist transfer providers provide excellent user interface designs that are clutter-free and easy to use for beginners. The modern feel of the websites and mobile app means there is a low learning curve for sending money to the United Kingdom. You should get hands-on with a few different companies to see which one matches your preferences. We recommend you check out TransWire.
What’s the cheapest way to send money to UK?
The cheapest way is MTOs, check TransWire as they are offering aggressive pricing & timely assured services, also they have simple UI – the transaction process, with free sign-up.
