Are you tired of banks taking you to the cleaners when you move money internationally?
Thanks to British regulators the money transfer industry started in London and continues to grow at a rapid pace for the whole world to benefit from.
In many countries there are usually only a handful of operations due to the onerous regulation each company needs to meet.
But there can be big advantages to using a UK based company that also has physical operations in the country where you want to transact between – most notably security and service.
Below are some of largest and best money transfer companies in the UK who also have operations in other countries (the more the better usually).
Money Transfer Services in the UK
|Service Name||Minimum Amount (£GBP)||Phone/ Online Service||Locations||Fees + Conditions||Special Offers||Transferring $5000 to UK (see *Note)||Transferring $50000 to UK (see *Note)|
|My Bank||None||Online/ Phone/ Branch||UK||£15 + bank at other sides fee||None||£2,610.04||£26,100.40|
|TorFX||£100||Online/ Phone||UK, Australia||No Fees||Click here to get all transactions free||£2,735*||£27,428*|
|OFX - Full Review||£100||Online/ Phone||UK, Australia, US, NZ, Hong Kong , Canada||£7 fee or transfer £3000 or more and it’s free||First Two Transactions Are Free||£2,753*||£27,612*|
|World First - Full Review||£100||Online/ Phone||UK, US, Australia||£10 fee or transfer £500 or more and it’s free||Click Here for no fees for ever||£2,750*||£27,551*|
|Transferwise||$1 USD||Online/ Phone||Based online. 41 Supported Countries Including AUS, CAN, UK and US||Price depends on route (eg. AUD>USD is 0.7%)||None||£2,766.77*||£27,667.65*|
* Important Note About Rates:
These rates are the average of two major comparison services in the UK.
However despite seeming to have real time rates – each service usually offers a different rate depending on the amount transferred as currencies fluctuate along with the world currency markets each tick of the clock.
By the time you have registered with a company or even just logged onto their website, the rate they offer will have changed.
We have included the rates here simply as a way to clearly show that the services are very similar in what they offer and also a much better deal than banks.
If you wish to maximize savings please refer to our “3 Secrets to Money Transfers” PDF, but simply by choosing one of these services over a bank will save you between 2 and 4%.