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 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.