Send fast cash to loved ones around the world with a same day international money transfer.
Whether paying off a debt or sending emergency cash to a loved one, sometimes time is money. The good news is that it’s easy to send a same day international money transfer. Dive into our table to see some of the speediest transfer services around.
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What are same day international money transfers?
Due to the geographical distances involved, it often seems that sending money overseas should take a long time. But thanks to modern technology, it’s entirely possible to send an international money transfer from the UK to destinations all around the world within 24 hours and often even within a few minutes.
This offers a convenient solution when you need to pay off a debt, help out family and friends or manage any other form of international payment. A same day transfer works just the same as any other international transfer but quicker, with the funds you pay converted into the currency at your destination by your transfer provider and then sent to your recipient.
However, a common feature of same day transfers is that they tend to cost more to send because of lower exchange rates and higher transaction fees. This is something to be wary of when sending an urgent transfer.
How do same day transfers work?
The transfer process you need to complete will be determined by the type of transfer provider you choose. For example, you may wish to send a transfer for cash pickup via a company such as Western Union or MoneyGram. These companies allow you to send your funds by visiting your nearest branch or even paying online, and the money you send can then be picked up from your beneficiary’s nearest Western Union or MoneyGram location.
Another option is to use an online money transfer provider, such as Currency Fair, which offers international transfers between bank accounts. If you choose this route you’ll have to provide your own bank account details and your beneficiary’s bank account details online, as well as details about the amount of money you wish to send and in which currency. You will usually also need to register for a free account with the transfer service.
Finally, major banks across the UK also offer international wire transfers to destinations all around the world. This can be done in person at a branch or, if your account is set up to do so, by logging into your internet banking portal. However, whether or not you can send a same day transfer will be influenced by where you are sending your money.
What are my transfer options?
- Money transfer with cash pickup. MoneyGram and Western Union are the big-name providers of this transfer option, with the funds you send typically ready for your beneficiary to collect within minutes. MoneyGram has around 350,000 worldwide locations and Western Union has more than 500,000.
- Online money transfer. Online transfer companies such as TransferWise, World First, Currency Fair and many more offer this service. However, the time it takes to process your transaction will be influenced by where you are sending your money.
- Bank transfer. Barclays, HSBC and any other reputable bank in the UK is capable of handling your international transfers. However, transfers that can be completed within 24 hours are not available to all destinations or in all currencies, so you’ll need to check potential processing times with your bank.
How do I compare money transfer companies?
Choosing a money transfer company can be a difficult task, so keep the following issues in mind when shopping around for the right provider for your needs:
- What exchange rates do they offer? The higher the exchange rate you get, the more currency your beneficiary will receive. Shop around to see which companies offer the best rates and also remember to check whether high transfer fees are attached.
- How much are their fees? Although some companies won’t require you to pay a fee when you send a large transfer, in most cases you will need to pay a transaction fee.
- Can they guarantee same day transfers? While some companies will only provide the possibility of your funds arriving within 24 hours, others can guarantee that your funds will arrive within your nominated deadline.
- How can you send money? Consider the transfer options available – online, via a mobile app, over the phone and/or by visiting a branch – to check whether or not it will be simple and convenient for you to send funds.
- How will the money be received? Some companies offer a cash pickup option while others only offer bank account transfers.
- What currencies can you send? Don’t forget to check whether all the currencies you’re likely to wish to send overseas are supported by the company you choose.
- How large is the transfer network? If you choose a company that offers cash pickup transfers, check to see how large their worldwide network of agents is and whether there are branches in locations convenient to you.
- How can you access customer support? Check to see how customer support is offered and the times during which it is available.
What are the pros and cons of a same day transfer?
- Fast transfers. Same day international money transfers allow you to manage your international financial obligations as quickly and easily as possible.
- Choice of options. There are multiple transfer companies to choose from when sending a same day transfer, meaning you have the freedom to hunt around for the best deal.
- Help your loved ones. If you have family and friends overseas in urgent need of financial assistance, you can help them out even if you’re thousands of miles away.
- Often expensive. Same day transfers usually attract higher fees and lower exchange rates than regular transfers, so you’ll need to be prepared to meet the extra expense required to send funds overseas ASAP.
What should I avoid with same day international money transfers?
Whenever you lodge an international money transfer, the most crucial factor to be aware of is the cost of the transaction. You usually have to pay extra for urgent transfers in the form of high transaction fees and lower exchange rates, so confirm the total cost of a transaction before you commit to it.
Another risk to be wary of is that same day transfers simply may not be available from certain providers. It always pays to check whether your funds will definitely arrive to your beneficiary in time before you hand over any cash.