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The cheapest way to wire transfer money abroad
Wire transfers are an electronic funds transfer from one person or institution to another. Wiring money is considered one of the fastest and safest ways to send money internationally and there are many different wire transfer options available.
What are the options when wiring money abroad?
Wiring money around the world can generally be done in just a few minutes, no matter where the recipient is. However it’s worth knowing that in some instances you might pay for the convenience and speed that comes with fast payments.
Specialist foreign exchange providers like UKForex
If you want to save money (who doesn't?!) when wiring money abroad, then your best option is to use a specialist foreign currency provider like UKForex. The reasons are simple - you will get a better exchange rate, £0 transfer fee, the transfers are quick, you get better customer support and wiring money is safe - UKForex is FCA-regulated.
Cash transfer operators
Known for wiring money quickly to even the most random locations, these operators are particularly useful if the recipient does not have a bank account. Unfortunately, the fees are typically very high and increase as you send higher amounts.
Online money transfer services like PayPal
If your recipient and you have PayPal accounts then you'll be able to transfer money instantly. However, once again, the fees for these transfers are high and are uneconomical for larger transactions.
High street banks
The easiest option for most people. Again, the issue with this option is the large fees and extremely poor exchange rates the banks charge - expect to pay £15-30 as a fee for the transaction and the exchange rate will incorporate a 4-7% margin!
Features and benefits of using UKForex for wire transfers:
Excellent exchange rates: beat the banks by 3-4% everytime.
£0 transfer fee
Quick delivery of funds
24/7 access
Fast and secure money transfers
FCA regulated
How do I make an international wire transfer?
It's really simple:
- Login to your UKForex account & get a live exchange rate quote
- Enter the recipient bank account details to book your money transfer
- Send us the funds, relax and we'll deliver the funds to your nominated bank account as quickly as possible.
How long does it take to wire money abroad?
This varies depending on where you are sending money to. Click here to see where we send money to and here to see how long it takes for your money to arrive.
Is my money safe with UKForex?
Yes, your money is safe with UKForex. We are regulated by the Financial Conduct Authority (FRN: 521566) for the provision of payment services which means we are required to:
- segregate client accounts in accordance with FCA rules on the safeguarding of client funds.
- maintain a defined level of regulatory capital at all times
- apply stringent governance and risk management procedures throughout the business
See here for more information about the safety of your funds.
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> Who are UKForex?
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