![\"West-Bank-and-Gaza\"](\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2018\/12\/UKFMT-westbank-250.jpg\")
<\/p>Example: Banks vs money transfer companies<\/h4>
Elyas moved to the UK alone, while his parents and wife continued living in the West Bank. He found a job almost as soon as he arrived, because a relative had arranged one for him in advance. Because his family back home depended on him financially, he had to start sending money to them quickly. To begin, he figured he could send them around \u00a31,000 every few months.<\/p>
While Elyas could use the bank he had an account with for the transfer, he felt he might get a better deal if he weighed his options. He took to the Internet and this is what he found.<\/p>
| <\/th> | UK bank<\/b><\/th> | Money transfer service<\/b><\/th><\/tr>| Exchange rate<\/b><\/td> | \u00a31 = 4.466 ILS<\/td> | \u00a31 = 4.791 ILS<\/td><\/tr> | Transfer fee<\/b><\/td> | \u00a34<\/td> | \u00a30<\/td><\/tr> | Amount received for \u00a31,000<\/b><\/td> | 4,466 ILS<\/td> | 4,791 ILS<\/td><\/tr> | Transfer time<\/b><\/td> | Up to 4 days<\/td> | 1 day<\/td><\/tr> | Transfer options<\/b><\/td> | Bank account<\/td> | Bank account<\/td><\/tr> | Difference of<\/b><\/td> | <\/td> | 68 ILS<\/td><\/tr><\/tbody><\/table> | Not only did his bank charge a fee for the transfer, it also provided him with an unfavourable exchange rate, which is why Elyas decided to go with the money transfer company. The money transfer company also got the money to his wife sooner than the bank.<\/p> * This is a fictional, but realistic, example.<\/strong><\/small><\/p>\n\n\n<\/div><\/article> When you\u2019re sending money to the West Bank or Gaza from the UK, several aspects require your attention.<\/p> |
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