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