International money transfers are when you are moving money overseas. Typically, you can make an overseas transfer of money from your UK bank card, credit card, or credit account to a bank account in another country. Based on the money transfer business or smartphone app you are using the money will be moved almost immediately. Any foreign money transfer firms may take up to five days.
Often an overseas payment of money may be received as cash in person from the person to whom you give it rather than stored in a bank account. Typically, that’s what applies if you use transfer companies like Moneygram or Western Union to send cash overseas. In this guide, we will highlight some of the best international money transfers platforms in the UK from which you can easily transfer money to someone overseas.
- Tor FX Currency Transfer
- Currencies Direct Overseas Money Transfers
- XE Money Transfer
- Global Reach Currency Transfer
- Money corps Money Transfer
- OFX Overseas Money Transfers
- TransferWise Money Transfer
- Currency Solutions Currency Transfer
Centered in the United Kingdom, TorFX is another transfer firm with a ranking of five out of five stars. Several awards have also been won, such as the Moneyfacts Consumer award for the Best Customer Experience and the Exceptional Currency Exchange Vendor; the last one was won four years in a row. TorFX does not demand any transfer fees for transferring cash with their service. They also have strong currency fluctuations.
The method of setting up a TorFX account is also very easy. It just takes a couple of minutes to open an account on their platform. After that, TorFX will allocate you a particular agent to act as your Private Account Executive. The two of you are going to work together to compromise on the rate that fits perfectly. One of the great things about TorFX is that it’s safe and stable. It is not only approved by the FCA but has also been given a Level One ranking by the leading UK firm, Dun & Bradstreet. This is the best ranking that can be given to an organization like this. TorFX also maintains separate customer accounts with Barclays, a well-respected and extremely reliable credit firm.
The business Currencies Direct was established in1996, and since then it is one of the leading international money transfers firms. About 250,000 consumers were served in that period. Currencies Direct does not demand any conversion fees, and the exchange rate is extremely low and favourable. Accounts are set up digitally or by mobile devices, and these accounts are secure, fast, and simple to make.
This is a business with one of the highest deals on the market today; if anyone is searching for the best deal to move money abroad, it could be the company to find out. Even so, there is also a downside to this business. It just moves money to a little over 20 foreign currencies. So, if you’re looking to move money to anything that isn’t exactly normal or the standard,” you might not be able to use this particular business.
XE has become an internationally recognised name for international money transfers. XE provides a variety of excellent features all available in one location by any of the major foreign money transfer firms on the marketplace currently. They offer the convenience of making same-day payments to any of the 170 countries they support, and they have the opportunity to switch money to any other accessible currency.
XE has more than 285 million users to its site per year and has had over 65 million application downloads since the site was first launched. They partner with more than 200 of the world’s biggest companies such as Apple, Walmart, Google, Amazon, and more and in 2015 alone, more than 74 billion dollars was transported securely and easily using their services. XE is approved by the FCA and is covered by Norton Protection. Users may set up free accounts for personal or company use on their websites. They track and monitor every cash transfer every 24 hours of the day.
Global Reach is a UK-based foreign money transfer and foreign exchange service established in 2001. Its original emphasis was on providing corporate foreign-exchange solutions, but over time the business has expanded considerably and made international expansion, allowing it to enter into a personal cross-border money transfer field. To present, Global Reach has enabled more than 25.000 clients to make quick overseas payments in more than 140 currencies. In 2018 alone the corporation carried out trades worth £4.9 billion in a wide range of currencies. On Trustpilot, 94 percent of clients gave Global Scope 4 and 5-star ratings demonstrating such a high degree of happiness and trust.
Managed by a large management team and an accomplished executive group, Global Reach has adopted a more client-focused approach focusing on people, technologies, and regulation. The organization has more than 140 staff in its numerous regions and support centers.
Money corps is the second leading foreign exchange dealer in the United Kingdom to assist people and SMEs around the globe save on their international payments. The business was formed in 1962 and has been involved in foreign trade since 1979. In2015, Money corps traded over £22 billion in 90 various currencies. This makes Money corps one of the leading and most successful foreign payment firms in the world.
Money corps charges no commissions, and their market prices outperform what other banks do. You can do business on the phone with your private account executive, digitally, or with the Money corps mobile app, making Money corps operation very easy and cost-effective. Money corps is based in London and has many other branches in Europe and the Americas.
They, too, do not need any transfer payments for moving money through their firm. They provide payments directly from the recipient’s debit card or via wire transfers. They are a little restricted on how the money can be received, and require it to be transferred directly into the checking account of the recipient.
OFX does not provide transactions on the same day. Depending on a variety of variables, OFX transfers will take anything from one or two days to three to five days for some of the more faraway places. There is a full list of popular and foreign currencies that they serve on their site. They have branches in many countries: The United States, Canada, Australia, Singapore, Hong Kong, the United Kingdom, and New Zealand. They do have a lock-in rate option that allows customers to lock-in a certain rate before finally exchanging the money.
TransferWise is another convenient and reliable way to send money abroad. They have 12 branches across the world, and their six million customers in 59 countries send around $4 billion per month via their business. TransferWise charges a fee for transferring funds, but they are usually very modest, some as low as 1 dollar plus 10% of the overall transfer volume.
These low fees make TransferWise one of the better ways to transfer smaller sums of capital. For international money transfers greater than 10,000 dollars, however, other firms could be cheaper in the long run. Given these rates, there are no surprises or secret fees, and TransferWise is very up-front and straightforward on all its prices. TransferWise also provides a variety of different choices for how to send money. Cash can be transferred via direct wire transfers; consumers using this form can potentially send up to a million dollars. Other ways of transfer include payment cards, direct ACH payments from one bank account, and even Online Banking.
Since its founding in2003, Currency Solutions, which thrives itself on its high-quality customer support, has been approved by more than 150,000 clients to move £6 billion. You can make single or daily transactions in 35 different currencies, and 95% of transfers are obtained within 24 hours. Currency Solutions requires no conversion costs and delivers among the most reasonable exchange rates on the market making them an appealing source of foreign exchange solutions.
Transactions are carried up over the phone with a currency solutions currency exchange expert who will walk you through the process from beginning to end to ensure that all your concerns are addressed. Moreover, the company will shortly be introducing an online exchange site to make purchases even easier.
- HOW LONG DOES IT TAKES TO TRANSFER MONEY OVERSEAS?
Most of them require between three and five working days, but they can take up to two weeks. Confirm with the international money transfers firm before you pay the money back.
- DOES FCA REGULATES OVERSEAS MONEY TRANSFERS?
Yeah, the capital is kept apart from the running money of a transfer firm, which ensures that you stand a greater chance of having your money back if they go bankrupt.
- WHY DO DIFFERENT COMPANIES HAVE DIFFERENT EXCHANGE RATES?
They subtract their expenses from the interbank market the rate banks use to swap currency with each other to offer you a customised rate.