Online money transfer companies offer a secure way to send a same-day money transfer overseas almost instantly – but a tighter time frame usually means higher fees.
A same-day money transfer allows you to send funds abroad that will arrive with your beneficiary within 24 hours. It’s the same as any other overseas money transfer, but quicker. Some providers can even offer instant transfers.
However, fast transfers usually cost more than regular transfers thanks to high fees and poorer exchange rates.
There are three main ways to transfer money overseas on the same day:
Companies like OFX and CurrencyTransfer specialise in foreign currencies, making them some of the most cost-effective transfers. These services are found online and typically have no physical offices.
You’ll need to visit a provider’s site and initiate the transfer online using a debit card, credit card or bank account.
MoneyGram, Western Union and WorldRemit offer cash pickups. Your money can typically be available for pickup within 15 minutes at hundreds of thousands of locations around the world.
To use this option, visit your nearest agent location to start your transfer. The funds can then be collected by your recipient at a branch in their country of residence.
Major UK banks make it possible to send a same-day money transfer abroad. However, while transfers within 24 hours are possible to select countries and currencies, funds sent to other destinations could take as long as five days to arrive.
Visit your local bank branch or the bank’s website to initiate a transfer – but just be sure to check the processing time.
Most providers either charge a set fee or a percentage of your transaction. Not all will charge an extra fee for expedited same-day service. For example, OFX and Citibank don’t charge rush fees for same-day transfers.
Yes. You can use your established PayPal account to send personal payments in minutes to friends and family abroad.
If you don’t have a PayPal account, you can set one up in minutes if you have online access to your bank statements. This is because PayPal deposits small amounts into your account, and you’re required to verify your account based on the deposits.
You’ll typically receive a weaker exchange rate and pay higher transfer fees with a same-day money transfer, so carefully review the full details of your transfer before you hand over any money. Be aware that some transfer providers – for example, your bank – will not always be able to offer a same-day transfer to your destinations.
Using a transfer provider that offers cash pickup is the most reliable way to send a same-day money transfer. But if you have a little extra time, you may be able to get a better deal by sending a bank-to-bank transfer. Be sure to compare money transfer services to find out more about which provider will work best for you.
The multi-currency account could be a cost-effective option for anyone who is going abroad, provided you don’t plan to withdraw lots of cash.
Take a look at the latest remittance statistics for the UK and find out how much people send and receive in money transfers each year.
Halifax offers different ways to send money overseas to friends and family. Check the exchange rates, fees and features in our review, and compare your options.
We look at TorFX and Xe to see which will get you a better deal the next time you send money overseas.
Learn about taxes on large-money transfers to the UK from abroad, including penalties and exceptions.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you – but if speed is important, consider using a money transfer service instead.
Check out our review of TorFX’s fee-free money transfers.
Read our Wise review to see the exchange rates, fees and what to expect when you send a transfer.
If you’re thinking of sending a money transfer with Western Union, read our review of its transfer speed, exchange rates and fees first.
Learn how this PayPal-owned company can help you move money around the world.
is it the same day pick up for Ghana?
Hi Richard,
Thanks for leaving a question on finder.
Sending money from the UK to Ghana doesn’t have to be expensive. From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, you’ll want to compare transfer fees and exchange rates of the options available by clicking HERE to get the best deal.
Cheers,
Joel