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.

Tag: PayPal

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.

SEO Monitoring by FortSEO

Sendmoneyfromtheuk.com have rating 9 out of 10 based on 24 visitor votes.