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When you need to get money to a loved one overseas, the last thing you want to have to deal with is navigating a potentially complicated and expensive process. Sending money from the UK to Luxembourg doesn’t have to be expensive. Compare the transfer fees and exchange rates of the many options available to you to get the best deal.From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Luxembourg is easy. However, do your research and shop around for the best available deal.
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Luxembourg. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.
If you need to send money overseas to Luxembourg, here’s the help you need in picking the right option.
David Schmit first visited the UK as a teenager. Ever since, he wished to relocate to this country. Now that he’s here and has a steady job, he wants to send some euros back home to Luxembourg to his mother who lives alone. He plans to send around £500 every other month.
He has an account with a major bank in the UK. While he can use its services to send money to Luxembourg, he thinks he might be able to get a better deal. He goes online to compare his options. This is what he finds.
|UK bank||Money transfer service|
|Exchange rate||£1 = €1.2445||£1 = €1.3061|
|Amount received for £500||€622.25||€653.05|
|Transfer time||1-12 days||One day|
|Transfer options||Bank account||Bank account|
When compared to his bank, the money transfer company resulted in a more profitable transfer. It also got the money to his mother sooner. David choosing to go with the money transfer company comes as no surprise.
The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. For example, in December 2016, the pound was worth approximately 26 Mexican pesos. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
While money transfer companies tend to rate better than banks in the field of international fund transfers, not all are equal. When comparing your options, pay attention to these factors:
You can send money from the UK to Luxembourg using different methods, through banks or non-banking institutions:
There are certain situations when you might need to send a transfer as quickly as possible. When you do need to send an emergency transfer, remember that you will usually have to pay extra in order to get your funds to your beneficiary ASAP. Make sure to check the exchange rate and fees that apply so you know exactly how much it will cost.Back to top
The steps involved in sending money to Luxembourg can vary depending on the method you select:
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