Best International Money Transfer
If you are looking for a reliable and safe money transfer company that will give you access to wholesale exchange rates, while providing bank-like safety and superior level of service, you have come to the right place. Money Transfer Comparison compares and reviews money transfer providers since 2014, exclusively. We have covered more than 50 global money transfer companies to date, and we are ALWAYS on the hunt for more. Our UK money transfer guide is available below.
Whether you are sending a gift to one of your relatives abroad or helping out a friend in a crisis, sending money abroad can be a difficult task. Not only must you take into account the currency differences, but many banks charge you for sending the money abroad.
How to Compare Your Options
The best way to compare the different types of money transfer options out there is to work out how much money will be received after all charges have been applied. In order to work this out, there are two main factors that you will need to take into account: the fee for transferring money abroad and the exchange rate.
While the fees that you and the recipient may be charged are obvious, individuals are often caught out by exchange rates. This can lead to your money not going as far as you would have liked when transferred abroad.
When comparing the different ways by which you can transfer money abroad, it is also important that you take into account how much you plan of transferring and whether this is a regular payment or just a one-off one.
How to Transfer Money Abroad for Less
Although bank transfers may be the most obvious choice for transferring money abroad, in actuality they can turn out to be the most expensive option. Indeed, there are a number of fees associated with bank transfers:
- Exchange rate
- Commission (about 2%)
- Service fee (between £10 and £40)
- Fee from the recipient bank (around 0.5%)
However, some banks allow you to transfer money abroad for free if yours and the recipient’s banks belong to the same banking group. Therefore, if you plan on regular transferring money abroad, it is a wise idea to look out for UK banks which have foreign branches. In addition, if you are transferring money from your UK bank account to a foreign account in your name, many banks will not impose a fee on the transfer.
Top Rated Money Transfer Services
Updated for: February 2021, featuring FCA approved firms with UK offices
1. Currencies Direct
- #1 Rated on MTC
- Industry Leader with £10bn in Annual Turnover
- No Transfer Fees, Great Rates
- 20+ Global Offices
- Top Notch Guidance with Expertise in Transfers to Europe
2. Spartan FX
- Receive Money in 32 Currencies including Exotic Currencies
- New Business, Experienced FX Team
- A Managed, Bespoke Currency Brokerage
- Premium Service
- Streamline Currency Transfers
- Traded Publicly
- £20bn Turnover per Year
- Ultra Professional
- Very Tight Margins
4. Global Reach
- 99% Positive Customer Feedback
- Known for Great Guidance and Service
- Excellent Website
- Operating for 15+ Years