Money Transfer Methods
There are an ever larger number of options for sending money overseas or processing international money transfers. Below are some of the methods available to you:
- Foreign Exchange Providers
- When transferring much larger amounts of money, for purchasing a property or starting up a business for example, or sending regular payments abroad, it may often be cheaper to use a reputable currency broker
- Advantages: great exchange rates
- Disadvantages: will have to open an account
- Examples: TorFX
- Banks
- Most of the UK banks offer money transfers, so long as you hold an account with them and also the recipient.
- Advantages: additional security.
- Disadvantages: more costly and time consuming.
- Examples: Natwest, HSBC, Lloyds TSB, Alliance & Leicester.
- Money Transfer Operators
- MTOs are companies that only offer money transfer services, usually through agents, and only send money between countries.
- Advantages: no need to open account.
- Disadvantages: more costly.
- Examples: Western Union
- Online money transfer services/internet money transfers
- For a small percentage, you can send money via the internet using secure online payment providers.
- Advantages: easy, good for small value transactions.
- Disadvantages: need bank account/credit card, access to internet, open an account.
- Examples: Paypal
- Prepaid money cards
- Load up a prepaid card and spend abroad just as you would a credit card or debit card.
- Advantages: good for travel money
- Disadvantages: not suitable for sending large amounts of money overseas.
- Examples: Freedom Prepaid Mastercard