While your regular bank may be the most obvious way to send money to the UK, you can usually save on fees and get a more competitive exchange rate with a dedicated money transfer service.
Sign up and send money to the UK with a digital money transfer specialist in four steps:
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to the UK. Some offer transfers straight to UK bank accounts, while others allow the money to be picked up in British pound sterling in person. Banks, PayPal and other options are available but come with high fees, weak rates and longer turnaround times.
Companies like OFX and CurrencyTransfer specialise in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s UK bank account, often in as little as a day or two.
Services like MoneyGram allow you to transfer cash for pickup at a local branch in the UK – often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weaker exchange rates and high fees. If a cash pickup is necessary, compare MoneyGram to digital services like WorldRemit or Xe when possible.
British pound sterling is almost certainly carried by your bank, and although your local bank can convert your currency into GBP, beware of high fees and wide margins on the exchange rate compared to digital and other options.
Let’s say you’re in Australia and need to send AUD $1,000 to the UK. Here’s what you might face as far as fees and exchange rates as of 26 September 2022.
| Money transfer app | Cash transfer service | Bank transfer | |
|---|---|---|---|
| Fee | AUD $0 | AUD $2.99 | AUD $9 + additional correspondent bank fees |
| Exchange rate | 1 AUD = 0.5963 GBP | 1 AUD = 0.5820 GBP | 1 AUD = 0.5813 GBP |
| Transfer speed | 1 day | Minutes | 2-5 days |
| Amount received | £596.30 | £580.25 | £576.07 |
| Verdict |
|
|
|
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient. If you go with the digital money transfer service, your recipient ends up with £20 more than the bank offers. If speed is crucial, a cash transfer can typically have your transfer to the UK in as little as 15 minutes for a slightly higher fee.
Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to the UK to meet your needs:
If you’re in a hurry to send money to the UK, look for money transfer companies that support cash pickup in minutes.
You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
If you don’t have a bank account, you can still use cash transfer services to get the money to its destination. Similarly, a recipient can get the money with a cash transfer if they don’t have a bank account.
These cash transfer services are widely available around the world and although they’ll typically not be the cheapest available service they can be fast, convenient and can be used without bank accounts.
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. The UK’s exchange rate often fluctuates when compared to other currencies, so expect exchange rates today to be different than those you’ll see tomorrow. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Below we show how much a US dollar is worth in pounds in our historical rate chart.
To send money to the UK, you’ll need government-issued ID and other documents, while documents needed to pick up money in the United Kingdom may be different by company. If you’re simply receiving a transfer to your bank account, you won’t need ID, but any subsequent, large, in-person withdrawals of cash at your bank will require proof of ID.
To send money to the UK from elsewhere, you’ll generally need documentation and details that include:
To pick up money in person, documentation can include:
Most money transfers to the UK won’t have specific tax obligations attached. Genrally speaking, if you’re a UK resident you’re free to transfer as much as you likle back to the UK, but if it’s income earned abroad it’s subject to the usual income tax requirements. Non-residents sending under £10,000 won’t hit issues, provided tax was paid in the country the funds are being received from.
So you may need to consider: –
It shouldn’t cost a fortune to send money to the UK. Compare companies that specialise in foreign transfers to access the strongest rates, lowest fees and fastest delivery times.
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.
Atlantic Money aims to disrupt disruptors like Revolut and Wise by offering international transfers at interbank rates with a single flat fee.
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