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.

Category: Bank transfer

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 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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