- Use promo code 3FREE to get three free transfers
- Easy to use with round-the-clock help
- Get cash to family and friends in minutes
International money transfers are designed to help you send money to someone else whenever you want. The process can be done in person, over the phone or online. You can transfer money from your bank account and have it exchanged into Ugandan shillings before your recipient picks it up as cash or has the money moved into their bank account.
Although a bank can be a quick way to convert your pounds into shillings, it isn’t the best method. When you need to send an international money transfer, a money transfer company that specialises in this service will offer better exchange rates with smaller fees.
Although Ben emigrated to the UK more than five years ago, he still makes sure to maintain regular contact with his sister in Kampala. He wants to send her £500 as a birthday gift, but his bank doesn’t work with exotic currencies like the Ugandan shilling. He decides to see whether a money transfer company offers him a better deal, so he compares the services of two providers.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 GBP = 4,541.40 UGX||1 GBP = 4,517.82 UGX|
|Transfer method||Online bank account transfer||Online bank account transfer|
|Processing time||1-3 days||1-4 days|
|Amount received in UGX for £500||2,270,700.00 UGX||2,258,910.00 UGX|
As you can see, doing a quick comparison reveals that Ben will send more than 11,790 UGX extra and save £5 in transfer fees by using the first transfer company.
Exchange rates are determined by the global economic climate. Fluctuations in currency are common, and the pound is usually much stronger than the Ugandan shilling. For this reason, you’ll be able to get quite a few shillings per pound sent overseas.
The exact transfer method you need to follow will depend on the provider you choose to handle the transaction, but you will usually need to
Emergency cash transfers are possible, but be aware that they will also be more expensive. Transfer companies will charge extra fees for expedited services, and you won’t get the best exchange rate when you use this option. If you can wait a few days to have your money transferred, you’ll receive much better rates that both you and your recipient will benefit from.
Always take care when you are picking up a cash transfer. Confirm a transfer agent’s hours of operation and available funds before visiting, and avoid travelling through any unsafe areas. Don’t carry the money around with you for any longer than is absolutely necessary, and make sure you deposit it into your bank account as soon as possible.Back to top
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