Best sites for international money transfers
Often times, a money payment abroad can be received in cash in person from the person you are giving it to rather than stored in a bank account. This is generally what applies if you are using money transfer companies like Moneygram or Western Union to send money overseas. In this guide, we will highlight some of the best UK international money transfer platforms from which you can easily transfer money to someone abroad.
- Tor FX currency transfer
- Currencies Direct money transfers abroad
- XE Money Transfer
- Global currency transfer
- Money body Money transfer
- OFX Money transfers abroad
- TransferWise money transfer
- Foreign exchange solutions Currency transfer
TOR FX CURRENCY TRANSFER:
UK-centric TorFX is another transfer company with a five out of five star rating. Several awards were also won, such as the Moneyfacts Consumer Award for Best Customer Experience and Outstanding Foreign Exchange Provider; the last one was won four years in a row. TorFX does not charge any transfer fees for transferring money with its service. They also have strong currency fluctuations.
The method of creating a TorFX account is also very simple. Opening an account on their platform only takes a few minutes. After that, TorFX will assign you a particular agent to act as the private account manager. The two of you will work together to compromise on the rate that is right for you. One of the advantages of TorFX is that it is secure and stable. It is not only approved by the FCA, but has also received a Level 1 rating from the UK’s leading company, Dun & Bradstreet. This is the best ranking that can be given to an organization like this. TorFX also maintains separate accounts receivable with Barclays, a highly respected and extremely reliable credit company.
CURRENCY DIRECT MONEY TRANSFER ABROAD:
Currencies Direct was established in 1996, and since then it has been one of the leading international money transfer companies. Approximately 250,000 consumers were served during this period. Currencies Direct does not require any conversion fees and the exchange rate is extremely low and favorable. Accounts are set up digitally or through mobile devices, and these accounts are secure, quick and easy to create.
This is a company with one of the highest offerings on the market today; if someone is looking for the best deal for transferring money overseas, this might be the company that finds them out. Even so, there is also a downside to this business. It only moves money to just over 20 foreign currencies. So if you are looking to transfer money to something that is not quite normal or “standard”, you may not be able to use this particular business.
XE MONEY TRANSFER:
XE has become an internationally recognized name for international money transfers. XE provides a variety of great features, all available in one place from one of the leading foreign money transfer companies on the market today. They offer the ability to make same-day payments in any of the 170 countries they support, and they have the ability to change money into any other accessible currency.
XE has over 285 million users on its site per year and has recorded over 65 million app downloads since the site’s launch. They partner with over 200 of the world’s largest companies such as Apple, Walmart, Google, Amazon and many more and in 2015 alone, over $ 74 billion was transported safely and easily thanks to to their services. XE is approved by the FCA and is covered by Norton Protection. Users can create free accounts for personal or business use on their websites. They track and monitor every money transfer every 24 hours of the day.
GLOBAL MONEY TRANSFER:
Global Reach is a UK based money transfer and foreign exchange service established in 2001. Its original focus was to provide foreign exchange solutions to businesses, but over time the business has grown significantly. and has developed internationally, allowing it to enter into a personal relationship in the field of cross-border money transfers. To date, Global Reach has enabled more than 25,000 customers to make prompt payments abroad in more than 140 currencies. In 2018 alone, the company transacted £ 4.9 billion worth across a wide range of currencies. On Trustpilot, 94% of customers gave Global Scope 4 and 5 star ratings demonstrating such a high level of happiness and trust.
Managed by a large management team and an accomplished management group, Global Reach has taken a more customer-centric approach by focusing on people, technology and regulation. The organization has more than 140 employees in its many regions and support centers.
MONEY CORPS MONEY TRANSFER:
Money corps is the second largest currency broker in the UK to help individuals and SMEs around the world save on their international payments. The company was established in 1962 and has been involved in foreign trade since 1979. In 2015, Money Corps traded over £ 22 billion in 90 different currencies. This makes Money corps one of the largest and most successful foreign payment companies in the world.
Money Corps does not charge any commission and its market prices exceed those of other banks. You can do business over the phone with your private account manager, digitally, or with the Money corps mobile app, making it very easy and cost effective to operate Money corps. Money corps is based in London and has numerous other branches in Europe and the Americas.
OFX FOREIGN MONEY TRANSFER:
They don’t need any transfer payments to transfer money into their business either. They make payments directly from the recipient’s debit card or by wire transfer. They are a bit limited on how the money can be received and require it to be transferred directly to the recipient’s checking account.
OFX does not provide same day transactions. Depending on a variety of variables, OFX transfers will take anywhere from one or two days to three to five days for some of the more remote locations. There is a full list of popular and foreign currencies that they serve on their site. They have branches in many countries: United States, Canada, Australia, Singapore, Hong Kong, United Kingdom and New Zealand. They have a block rate option which allows customers to block a certain rate before finally exchanging the money.
MONEY TRANSFER BY TRANSFER:
TransferWise is another convenient and reliable way to send money internationally. They have 12 branches around the world and their six million customers in 59 countries send around $ 4 billion per month through their business. TransferWise charges fees for transferring funds, but they are usually very modest, some as low as $ 1 plus 10% of the overall transfer volume.
These low fees make TransferWise one of the best ways to transfer smaller amounts of capital. For international money transfers over $ 10,000, however, other companies might be cheaper in the long run. Given these rates, there are no surprises or secret fees, and TransferWise is very straightforward and straightforward on all of its pricing. TransferWise also offers a variety of different choices for sending money. Money can be transferred via direct wire transfers; consumers using this form can potentially send up to a million dollars. Other ways to transfer include charge cards, direct ACH payments from a bank account, and even online banking.
CURRENCY SOLUTION CURRENCY TRANSFER:
Since its inception in 2003, Currency Solutions, which relies on its high quality customer support, has been trusted by over 150,000 customers to move £ 6 billion. You can make single or daily transactions in 35 different currencies, and 95% of transfers are made within 24 hours. Currency Solutions does not require any conversion costs and offers the most reasonable exchange rates on the market, making it an attractive source of currency solutions.
Transactions are done over the phone with a foreign exchange solutions expert who will walk you through the process from start to finish to ensure all of your concerns are addressed. In addition, the company will soon set up an online exchange site to further facilitate purchases.
- HOW LONG DOES IT TAKE TO TRANSFER MONEY ABROAD?
Most of them take three to five business days, but they can take up to two weeks. Confirm with the international money transfer company before refunding the money.
- DOES THE FCA REGULATE MONEY TRANSFERS ABROAD?
Yes, the capital is segregated from the current money of a transfer company, which ensures that you have a better chance of getting your money back in the event of bankruptcy.
- WHY DIFFERENT COMPANIES HAVE DIFFERENT EXCHANGE RATES?
They subtract their expenses from the interbank market from the rate used by banks to exchange currencies with each other in order to offer you a personalized rate.