- Use promo code 3FREE to get three free transfers
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If you need to send money from the UK to Kiribati, don’t simply settle for the first money transfer provider you come across. If you’re willing to take the time to shop around, you could find a much better deal. Whether you need to send money to Kiribati or anywhere else around the world, think twice before using your bank to handle the transaction.
Banks offer some of the worst exchange rates available on the market, although this doesn’t matter when sending funds to Kiribati because the Australian Dollar is accepted as legal tender there. However, banks also charge high transfer fees, so you can find much cheaper transfers if you look elsewhere.
Recent years have seen the rapid growth of a new section of the banking and finance industry: online money transfer companies. These providers, such as Currency Online and World First, specialise in international money transfers. They offer superior exchange rates and lower transaction fees than the banks, allowing you to enjoy big savings when you send money overseas.
Keith wants to send £1,000 to his daughter Leah, who is spending a month holidaying and volunteering in Kiribati. Leah drops her money pouch while on a boat trip to an exotic island, so Keith promises to send her some cash as quickly as possible. In an effort to find the best possible deal, he compares the transfer fees and processing times of two specialist transfer companies.
As the table below shows, using the second company allows Keith to save $7 in transfer fees, as well as $4.30 by the difference in exchange rates.
|Money transfer company 1||Money transfer company 2|
|Exchange Rate||£1 = 1.5887 AUD||£1 = 1.5934 AUD|
|Transfer method||Online bank account transfer||Online bank account transfer|
|Processing time||1-3 days||1-3 days|
|Amount received (in AUD)||$1,588.70 AUD||$1,593.40 AUD|
When you need to get money from the UK to Kiribati as quickly as possible, companies such as Western Union can offer cash transfers within minutes. However, you should be aware that urgent transfers tend to attract higher fees and sometimes lower exchange rates as well, so it’s important to check the full cost of your transfer before you hand over any money.
Find a money transfer location near you
Picking up cash from a transfer provider can make you a target for thieves, so keep a few simple safety tips in mind when collecting funds:
You will generally need to do the following in order to send an international money transfer:
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