Send money from the UK

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Category: Pros and Cons

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 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.

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