David Allan

Experly compared by David Allan

Products Updated June 11, 2018

Cheapest Money Transfers

If you are looking to transfer money abroad for the best rates possible then our experts can help. Our top choice of providers will assist you in saving money by getting the cheapest currency exchange rates.

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All credit types
Rated 4.8/ 5

HiFX Why?
Why?

This provider is our Expert’s Choice in its category as it won tops marks for the following.

  • TRUST
  • VALUE
  • EXPERTISE & KNOWLEDGE
  • CUSTOMER SERVICE

Learn more about how we review and assess the providers here on Lending Expert.

Fees
0

Transfer Method
Online & By Telephone

Transfer Options
Same day & regular payment option

HiFX charges no fees whatsoever. It's free to open an account and there are no monthly charges. They don't charge fees to receive money and don't apply transfer fees to foreign exchange transactions.

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All credit types
Rated 4.8/ 5

XE

Fees
0

Transfer Method
Online & By Telephone

Transfer Options
Same day & regular payment option

With XE you can manage and make transactions on your account online 24 hours a day, 7 days a week from any device including your mobile. XE offer great exchange rates and no transfer fees so you will always know exactly how much you're paying.

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All credit types
Rated 4.7/ 5

TransferWise

Fees
0

Transfer Method
Online & By Telephone

Transfer Options
Same day & regular payment option

Banks and other providers often add a markup to their exchange rate while advertising low or no fees, which means you could be paying huge hidden charges. TransferWise transparently displays its fee upfront and deducts it before conversion so there are nasty surprises.

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All credit types
Rated 4.6/ 5

Transfer Go

Fees
99

Transfer Method
Online & By Telephone

Transfer Options
Same day & regular payment option

Transfer Go is transparent and what you see is the amount they deliver. At TransferGo you can always see the final amount that your recipient will receive, so there are no surprises, unlike on some occasions when you're using your regular bank.

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All credit types
Rated 4.6/ 5

World Remit

Fees
0

Transfer Method
Online & By Telephone

Transfer Options
Same day & regular payment option

World Remit hold funds in all the countries they send to, so this means there’s no wait. And, as soon as your transaction’s complete, you and your recipient will be alerted with an SMS and email.

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All credit types
Rated 4.8/ 5

TorFX

Fees
0

Transfer Method
Online & By Telephone

Transfer Options
Same day & regular payment option

TorFX has been providing bank-beating foreign exchange for over ten years. There goal is to provide customers with super competitive exchange rates and a uniquely dedicated service whether they chose to trade online or by telephone facility.

 

All you need to know about transferring money and sending money abroad

Sending money abroad

Sending money abroad

When it comes to transferring money in the UK, it is relatively easy to pay from one account to another. However, when you want to send money abroad, it can be much trickier. If you wish to pay for a service or product overseas, then this guide will help to explain how to conduct money transfers and send money abroad.

What is a money transfer and international payment?

Put simply, an international payment or transfer is a way to send money overseas. There are lots of methods to send money abroad, and there are many factors that can influence which is the best method for you.

There are several aspects you need to consider before sending money abroad;

  • How much you want to send
  • How often you will make the payment
  • The way the recipient wishes to receive the payment
  • How quickly the payment needs to be
  • How much is it going to cost?

What you need for an international payment

To make an international payment, you will need to have various information for the payment to transfer successfully. Before beginning an international payment, you will need to note the following information;

  • The full name of the recipient
  • Address of the recipient
  • The International Bank Account Number (IBAN) or account number for the recipient
  • The name and address of the recipient’s bank
  • The Banking Identifier Code or SWIFT code or clearing code
  • The amount you want to transfer.

The cost of sending money abroad

There will be a cost for sending money abroad. This is usually made up of two costs. The first is the fee for the transfer. This may be a fee for both the sender and recipient. Some providers will use lots of little additional charges to disguise a larger fee.

Secondly, there will be a cost of the exchange rate. While companies may offer commission-free transfers, it is likely that they will make a commission in the exchange rate by either worsening the rate or not sharing their exchange rate with you.

Different banks and financial services will offer different fees and exchange rates; it is best to compare lots of providers in order to find the best deal for you. However, it can be challenging to get a definitive answer. The exchange rate fluctuates throughout the day and may not always be the cheapest provider at the time that you send the money.

It is worth noting that the more you are transferring, the better the rates will usually be.

How to send the money

There are three main ways to send money abroad. This will be through a bank or building society, via a foreign exchange broker or a transfer firm you can find online or on the high street. Each will have their own advantages and disadvantages.

Banks

Banks can be very helpful in arranging international payments. They can guide you through the payment in the branch, via the phone or by using a mobile application or website with online banking. As you regularly deal with the bank, it makes the process quick and convenient. Furthermore, most banks will offer a degree of protection for sending money overseas.

There are drawbacks to using banks. Firstly, a bank may take a long time to transfer the money; it could take up to six business days. However, some banks will offer an express service. However, this may cost you extra. Another negative is the fact they may not be the most competitive with their rates. Larger transfers will often benefit from using a specific foreign exchange broker.

Money transfer firm

Money transfer firms will offer a range of services to find the right one for your needs. Some can provide instant cash to the recipient. Typically, money transfer firms are known for being very easy to use and extremely fast.

For money in a hurry, a money transfer service may be best for you. However, with the fast service usually comes a high fee. Even transfers of small amounts can generate a high fee. Furthermore, the money is not protected by the Financial Services Compensation Scheme if the provider goes bust.

Foreign exchange broker

As a specialist in this industry, foreign exchange brokers will often have low fees for large amounts of money. They will also usually offer a good exchange rate and ensure the money is transferred quickly which makes them ideal for regular transfers.

However, foreign exchange brokers are not usually designed to process small payments. Some providers may not accept small payments or will enforce high fees for doing so. Another drawback is that you usually have to set up and pay into an account, which can be a hassle if you want to send money in a hurry.

It is best to compare all three options and a range of providers before determining the best deal for you.

We are independently reviewed by our verified customers and web users:
Rating: 4.6 / 5 with 25 votes

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