Send money from the UK

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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.

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