Send money from the UK

Send money from UK worldwide - find the fastets, easiest and cheapest money transfer service for you. Reviews, opinions, pros and cons.

December 7, 2011

The Fee-free bank transfers

send money from the UK without fee

One of the cheapest methods to send money from the UK abroad is Fee-Free bank wire transfer. This is one of the most convenient ways to send money if you have family members living overseas and you send them money regularly. It gives you the flexibility to send cash whenever you want fast and cheap. It’s suitable if you transfer money on regular basis to people staying in one country.

How this work?

A lot of banks allow you to transfer money abroad fee-free to linked banks. Usually it works when the bank have versions of the same company in other countries, after all most of the banks don’t work only in one country. If both you and the recepient open accounts in the same bank you can send money cheap between the two accounts, even if they are in different countries they are fee-free.

There are two diffirent ways of making this works. The first one, the most convinient way, is with the banks that allows you to send money to anyone having account in the same bank, no matter in which country, it’s still without a Fee

Unfortunately another group of banks require both the UK and the foreign account to be in your name.

Sending money from UK to anyone without a Fee.

Because it’s a Bank, the exchange rates are usually very good, there are no extra loads, and of course – you have no fees. This option is comparable to moving the cash directly in another country, there is no cheaper option existing. It feel more like moving money than international transfer. The money arrive within 5-10 minutes in the recipient’s account and you can send money from uk to almost whole world this way, depending of the bank.

CitiBank

CitiBank offer a fee-free money transfer service which works for 23 mainstream countries. You can send money from the UK to USA, Germany, Australia, Spain, China, etc. The best part – if you open Citibank Access Account you won’t pay monthly fees. There are best account option available bit’s worth to open one just for sending money from UK to another country. If you have another – better account in CitiBank you can easily move money from it to this one when you need to send them abroad.

After opening your Access Account the only thing left is to ask the recipient to open one CitiBank account in his/her country and you are ready to send money from the UK virtually free of charge. Note that not all countries have fees-free banking as in the United Kingdom.

Fee-free money transfer from UK to your account.

A number of UK banks have relationships with banks in foreign countries, giving you the option of fee-free money transfers at very good exchange rates. However both the sender and the recipient accounts must be in your name. This kind of Fee-free money transfers is convinient if you have home in both countries and want to pay bills easily. It can be used for sending money to friends and family, but it’s a little bit tricky to do it, you need to open the second account with online banking, to give the details to your family and if they make account in the same bank you can send them money with two transaction – one to your second account Fee-free, the other – to their account, which is in the same country and bank and usually is also without fees.

  • Barclays – Sending money from the UK with account in Barclays gives you the opportunity to transfer money without fee to Barclays in Spain, to Barclays India savings account or Barclays in France or Italy. However there are some limits of the money transfers – for Spain, France and Italy – over £500 for a regular payment or over £1,000 for a one-off payment; for India the minimum transfer is £250.
  • Lloyds TSB – With account in the UK Lloyds TSB you can send money without fee in Lloyds TSB Spain accounts and to an ICICI bank in India.
  • Halifax – With Halifax or Bank of Scotland account in the United Kingdom you can send money to Banco Halifax Hispania accounts

It’s true, this type of money transfers have it’s restrictions, but if it works for you is the best possible way to send money from the UK to a foreign country.

December 6, 2011

Transfermate & Tranzfers – better than PayPal?

send money from the UK

Let’s review some of the alternatives available in the Electronic Money transfer niche in UK – Transfermate and Tranzfers. Not many people know them, but usually they are much better option than well-known giants like PayPal. Yes, they have some similarities, but they also have a lot of differences.

How they work?

All three are in some way user-friendly – the steps of sending money abroad are explained clearly and simply; they have an instructional videos, showing the clients the steps of sending money so even if you have no experience with payment systems it’s a piece of cake to understand them.

The options.

options when sending money

Here comes the differences. The Tranzfers and Transfermate videos start with the registration or log in process and then moving on to how exactly to send money. The videos explain and show at the same time the steps wich, I find, is extremely user-friendly. The main difference is that these two give you the opportunity either to let them convert your amount of money in the currency they offer at the moment of your transaction or let you choose the moment of converting the money by giving you the chance of seeing the exchange rates going up and down. This is a great opportunity for choosing the best rate, but you should also keep in mind that they give you a certain time to think, you can not prolong it for days, which is normal. You will have about 2 min. time to think and select the best rate for you. PayPal doesn’t give you the option to do this. If we must be honest PayPal doesn’t show you even the exchange rate they are working with. Well, they show it, but you must dig a little bit to find it, and even then they don’t specify their currency conversion fee there, you must dig more to find it.

Let’s have a deeper look about the charges for sending money with these three companies. For better visualization let’s say we want to send 1000GBP in USA.

The Exchange Rates

exchange rates when sending money

At given point we checked the exchange rates of all three services:

  • PayPal – GBP/USD – 1.5205
  • Tranzfers – GBP/USD – 1.5633
  • Transfermate – GBP/USD – 1.5624

Tranzfers and Transfermate are with much better rate, giving you 42-43$ more than you’ll receive from PayPal. That’s not all – PayPal is loading extra 2.5% the rate which mean that at the end you will get 1482.49$ for your £1000 ~ 80$ less than Tranzfers and Transfermate.

When you want to send larger sums, it’s important to remember that the smallest differences in the exchange rates are from big significance . Think it that way – even 1% rate improvement on £100,000 is a £1,000 gain. And here we have 2.8% exchange rate difference plus 2.5% more loading.

The Fees.

money transfers frok UK and fees

PayPal

If you have PayPal balance or connected bank account PayPal don’t charge you with fees for sending money. It’s free. However if you send with Credit or Debit card – there is a fee up to 3.9% + 20p (in our case about 47USD) and you can decide if you or the receiver pays for it.

Tranzfers

Tranzfers charges a much smaller fee than your local bank would. They charge 15 USD or 7 GBP for each transfer and furthermore, there is no receiving bank fee. They have only this flat fee without the unpleasant surprises.

Transfermate

The fee Transfermate is not specified on their site but they guarantee that their fees are normally less than half the cost of transferring money through high street banks.

To sum up, if you are about to send less than 100 GBP, than better do it with PayPal, because even with the exchange rate differences and the PayPal’s credit/debit cars fee it is cheaper option. In all other situations the specialized companies like Transfermate and Tranzfers take the cake if you want to send money from the UK to foreign country.

The Speed

Money transfer speedPayPal

Sending money with PayPal takes minutes actually. In these days the speed of sending money is one of the greatest impediments. That is why PayPal appreciates your time. In this manner they are flawless. Actually using PayPal is much faster than for example using your credit card, because all you need to do is to enter your email address and password instead of  filling out the number, expiration date, and security code every time.

Transfermate

Once they have cleared funds and the necessary documentation for the money transfer, the amount you want to send will reach the recipient within 24 hours and no longer than 3 business days.

Tranzfers

They claim they operate a super-efficient service with automated systems that ensure you a fast money transfer. The exact time is not mentioned, but we are talking about the same time limit as with Transfermate.

Summary

We don’t want to say that PayPal is robbing you. They still have one of the best exchange rates, comparable to the banks, they are fast, reliable, and they are good option for payments. But when it comes to sending money – there are just better money transfer options available. Tranzfers and Transmate are two of them.

December 3, 2011

Social payments and money transfers.

send money in Facebook

Few days ago, while digging in Facebook, I just ran into an application called “Send Money”. Turn out it is a beta PayPal application for sending money through Facebook. It seems even the social networks are taking a big leap forward with the money transfer services. There are several existing options to make payments with Facebook, but all of them are related to credits and games. This is the first application that actually can send money to another person. And it’s free, except the standard PayPal fees.

Sending money, person to person, is free, if it’s funded by a PayPal balance or linked to a bank account, it’s free.”

PayPal Senior Product Marketing Manager JB Coutinho

Send money with Facebook?

Actually it’s more like “send money with PayPal”. The application have no relations with Facebook itself. However it seems convenient way for sending money. The process of sending money with this app is pretty straightforward. There are two options – just sending money, or sending money with а Greeting card (which can be a life saver if you forget your friend’s birthday and remembered after you saw the notification on your profile). After selecting the option you just choose the recipient, Facebook friend or just e-mail, select how much money to send and you are ready. The recipient get a notification on the wall and in the e-mail with instruction to login (or register) into PayPal to claim the money.

While the main objective of PayPal’s app “Send Money” is enablement of money transactions across the largest social network in the world, the greeting card option is really taking off, making it useful for dozen more reasons.

Even in Beta, this application is a great start for the social payment’s future, making PayPal again one step ahead of the alternative money transfer services.

send money with "send money"

 

 

December 3, 2011

Send and receive money with your cell phone

send money by phone

As you already know there are different ways of sending money worldwide. Besides the common plans as money transfer with Western Union, electronically or with money orders now you are able to do it via your cell phone. Furthermore, according to one press release from consultant Garther (Nov. 18 2011, gartner.com) this type af mobile applications is expected to have more cash flow potential than the other mobile applications referred to mobile music, mobile search and browsing and mobile health monitoring. In point of fact, mobile transfers are expected to be an even bigger business than different types of mobile payments.

Money transfers shuldn’t surprise us, they are a huge business in the U.S. already and they are gathering popularity around the world as well, including the U.K.. Nowadays it can be rather tricky and time-consuming to send money in the traditional ways which are written above, but most everyone carries a phone. That’s why in the following article I’m about to tell you more for this particular method and I’ll also try to outline the benefits and the flows of using it.

PayPal – 1 Step ahead?

I suppose that most of you have heard about the popular online service payment PayPal and used their products and services as well. Now they offer something  revolutionary new – a mobile service, which sends money from your phone to someone else’s mobile immediately.

PayPal Mobile

Paypal mobile for android

If you want to start sending money from your cell first you have to log into PayPal in order to connect your mobile phone number with your account. I know that most of you probably hate giving away your phone number, but PayPal’s already got your bank information, so that won’t be bothering you at all, I suppose. Along with this you have to set up a mobile PIN, which is different from your account number. Once you have completed these two simple steps PayPal’s voice robot calls you and asks you to verify the PIN. If the PIN’s matched, your phone is PayPal-enabled.

Then , to send money to someone else’s phone you just have to text a message to PayPal with the amount of money you want to send and the recipient’s phone number. It’s that easy. But you should keep in mind, however, that not all mobile carriers support the SMS function. In this  case you have to use plan B.

Turns out that you can use PayPal’s automated voice system to send cash as well. In this case you have to call to the PayPal’s call centre and to tell how much you want to send and to what phone number. Either way will result in a SMS and phone call to the phone of the recipient with instructions on picking up the money. In brief, the person you are sending money to has to go to the web site and link their mobile phone number to their PayPal account in order to claim the payment.

Just like our PayPal Mobile app on the iPhone, the new Android app features bump technology –  allowing you to simply tap two phones together to send money. Split the check is another great feature, which lets you automatically calculate the total cost of a bill and then collect money directly from friends when out to dinner.

Laura Chambers, senior director of PayPal Mobile

Security

Paypal security There is probably a question popping out in this moment in your mind. What if a thief steal your phone and text himself a certain amount of money? This isn’t possible if you keep your mobile PIN (which is separate from your PayPal password) secure, as every transaction related to your phone gets an immediate callback from PayPal asking that you enter your mobile PIN to proceed.

If you don’t like the idea of volunteering your friend’s cell phone numbers to PayPal, you can PayPal someone’s email address from your mobile, too. You just have to change the text message and instead of a phone number to write the recipient’s email address. In this case the person you are sending money to doesn’t get an instant notification of the payment on the phone, but it also means that they don’t have to associate their mobile number with their PayPal account, either.

More…

There are also a number of specified PayPal Mobile SMS commands. With these commands you can perform all known operations referred to sending money (in various different currencies), check account balance, sharing your number with recipient or just canceling a pending payment.

Summary

As you can see sending money using your mobile phone is easy, fast and secure, and this is something that matters these days. There are, of course some drawbacks of the application but they are mostly related to bugs in the application itself. In my opinion it can and it will be made more user friendly.

I imagine that in the next few years mobile cash transactions will be common, considering that everybody and their friends and family have a PayPal account and a cell phone.

The PayPal Mobile for Android application is free, easy to download and available now in the Android Market.

December 2, 2011

Sending Money Quickly: The Benefits and Drawbacks of Various Methods

Your brother is stuck in a small departed town in foreign country. His car was stolen along with his money and he needs your immediate help. You have to send him some cash as soon as possible, but how will you get the money to him?

Your daughter suddenly loses her job. She calls you up asking for some money for the monthly rent. What are you going to do to help her?

For the most of the people money transfer can be a tricky problem. The speed and the flexibility is of greater importance when you want to send money urgent, but the quicker and flexible it is, the more you’ll pay.

As it seems, there are numberless different ways to transfer money between people, who are separated by distance. In this article I’ve pointed out four of the most popular ones. Each opportunity has some pros and cons to it.

Western Union

send money from uk with WU

With Western Union the process is very simple – you just have the person you’re sending money to go to an agent location with a form or ID and you can send money from your computer or from another agent location. In a few minutes the recipient has cash in their hands.

Pros: It’s quick and requires only a form of ID from the recipient.

Cons: Compared to other methods it’s rather expensive and it does require that a Western Union office be available near the recipient.

When to use it: A person has rather limited resources and needs money instantly.

Electronic transfer

send money from the uk by wire

Basically electronic transfer means to transfer money from one account at a financial institution to another account, either the same institution or another. This is not one of the fastest ways to send money. It can be a preferred plan of money transfer if it doesn’t need the money to be there immediately.

Pros: In most cases costs nothing and can be done from your computer,all you need is just a routing number and an account number.

Cons: It takes a several days to make it happen.

When to use it: The recipient has a bank account and some time.

Money orders

send money from uk by money order

You can send money orders from any post office. Anyway, you should keep in mind, that this solution works best when you’re sending a small amount(up to £250 ). Furthermore, the recipient may need to use check-cashing services to cash it, which means 5% or so off the amount.

Pros: The recipient should be able to receive mail.

Cons: It costs between 50p and £12.50, depending on the amount of money and it takes a few days to arrive

When to use: A person has no bank account and limited resources

Checks

send money from uk by check

Basically checks and electronic transfers are, in the end, the same thing without the paper document.In these days checks are surpassed by electronic transfers for person-to-person money transfers.

Pros: It’s extremely convenient and virtually free.

Cons: It takes a few days to arrive, a person has to be able to receive mail and should have a bank account. If they don’t have a bank account they’ll have to use a check-cashing service which is additionally charged.

When to use it: Most uses that aren’t covered above, but in my opinion the electronic transfers work better.

December 1, 2011

Bank Wire Transfer

Send money from UK with Bank transfer

send money from the UK with bank transfer

 

When you want to send money usually your first choice is Bank transfer. It’s safe, reliable and immediate. The banks are one of the most used services when it comes to sending money. But are they the best method? It’s true – they are secure, trustworthy and reliable method of sending money, but when we talk that wire transfers are instantaneous…  well, it’s a myth.

Pros

Safety

Both the sender and the recipient in a bank wire transfer must be identified by the bank. It is hard, even impossible, to get money anonymously, so it is hard to pull of a scam. There is no option some unauthorized person to take the money you send, instead of the real recipient. The payments are certain – the money can be sent only if the sender has available funds for the transfer. Also it is hard for the sender to pull the money back after they are sent.

Reliability

The bank transfer system is reliable, there is no question about this. It must be reliable, most of the important and large transfers are made by bank wire transfer. It is the most reliable method for sending money.

Accessibility

There was a time when you must go to the bank to send money. Now you can do a wire transfer not only in person, but also  over the phone or on the Internet. To send money with bank transfer is as easy as every other electronic payment system.

Cons

Speed

Everybody think that bank wire transfers are fast. Well, they are not. Yes, it’s true, transferred funds are considered ‘cleared’ immediately when received, but in fact  it takes a while for the receiving bank to show the proceeds in the recipient’s account, usually 3 to 5 days. So if you send money with bank transfer recipient will receive them after a few days.

Working time

Many banks send out wires at certain times of the day, no matter when you ordered the transfer. If you miss the deadline when you send money, even with five minutes, it will delay receipt with a day before the transfer is proceeded.

Procedures

There are certain steps you need to take when you send money by bank, like knowing and writing the recipient bank details. It is possible You or the clerk in the bank to mess up the numbers and the money get lost. It is rare, but it happen once ona while. Also most banks require notice before they withdraw a larger sum of money, which is complicating and delaying the process for the recipient.

When to use Bank Transfer to send money?

If you want to send larger sum of money the bank wire transfer is the best option because of the reliability and safety. Also if the recipient have a lot of time and the money are not urgent then the bank is also good method. But have in mind – sending money from the UK abroad is usually costly, the UK banks takes a big slice of your money in fees, taxes and exchange rates. Check your’s bank fee before sending, every bank have different tax rates.

December 1, 2011

When you need to send money?

Send money to your family or friends Pay for product or service Make the best gift Get paid
send money from UK to family send money from UK to pay send money from UK as gift make someone to send money from UK
You have a friend abroad or want to help your family and want to send them money from UK? Find the fastest and easiest way! You want to buy something from a small shop which doesn’t have a website or they accept only cash? The best present these days is cash. Let someone treat themselves as they wish by sending money. You are waiting for someone to send you money from the UK? How to get them to pay you back?

Whatever the reason may be once in a while everybody need to send some money abroad. That’s when it got complicated. You must fight with high fees, bad exchange rates, complicated procedures, etc. That’s why you must have in mind the options for money transfer services.

December 1, 2011

As they call it – Hello world!

send money from the UKWe know how costly and complicated it can be to send funds between the UK and the rest of the world.

Millions of dollars are lost by consumers each year in foreign exchange transactions by paying excessive fees and receiving poor rates through uncompetitive banking institutions.  We will give you insights about the money transfer options so you will know what is your best choice if you want to send money from the UK.

In this blog we will write reviews, compare the different money transfer options in UK, how much they cost, pros and cons of every option.

Learn how to send money from UK easy, fast, secure and cheap!

 

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