To and From – Australia, USA, Canada, India, Pakistan and the EU
Because Britain is a financial powerhouse there are a bewildering number of options to transfer your money internationally.
The trick is choosing the right one!
Here we make it simple.
To or From the UK – Simply choose the OTHER country (Click for info below)
For larger amounts especially (above £4000), we found the country you are transacting with makes a big difference in who you should use.
Cost, speed and surprisingly service – is important in the world of international money movement, so we dig deep.
But we also look at safety and security, for obvious reasons.
Best Below £4000
If cost is your main priority and you are happy doing everything online, we found P2P services do best when the amounts are relatively small (less than £4000). Save yourself some time and check out CurrencyFair V TransferWise which are leaders in the UK and indeed worldwide.
Best Above £4000
Above £4000 and P2P has some shortcomings, meanwhile the non-P2P companies tend to shine for a number of reasons.
- Become cheaper
- Signup is upfront (meaning smooth sailing for you and your money)
For these larger amounts, we also found the country you are transacting with makes a big difference in who you should use as we will explain.
Money Transfer Services in the UK
|Service Name||Min Amount||Phone/ Online Service||Locations||Fees + Conditions||Special Offers||Transfer $5000 to UK (see *Note)||Transfer $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 Full Review||£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. *See Offers >>||No Fees when you register now||£2,753*||£27,612*|
|World First - Full Review||£100||Online/ Phone||UK, US, Australia||No Fixed Fees||Click Here for no fees for ever||£2,750*||£27,551*|
|Transferwise - Full Review||None||Online Focus||Based online. 50+ Supported Countries Including AUS, CAN, UK and US||Price depends on route (eg. AUD>USD is 0.7%)||Click for very competitive rates||£2,766*||£27,598*|
|Currencyfair - Full Review||8 Euros||Online/ Phone||Australia, UK, Ireland||£2.50||Check rates and get your first three transactions free|
|TransferGo - Full Review||£0||Online/ Phone||UK, Europe||From £0, 3 levels based on speed of delivery.||Use promo code "transumo" for zero fee on first transfer|
* 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.
In this group you will find five providers that are top shelf. They also happen to be some of the largest in the industry – which is no accident.
Of course, any of these will be a much cheaper and better way to move money internationally compared to a bank.
That said, some may be better options depending on the country you are transferring with.
There is no shortage of choice between Australia and the UK.
The trick is to get the best for needs.
All the suggestions in the table above are recommended because they all have offices in both countries (with the exception of CurrencyFair which is Irish). This not only means they are regulated in those countries, but that they have local bank accounts in Australia and the UK – this generally means low or no fees from the banks!
Customer service wise all are top notch too but having offices in both these countries means that you are more likely to deal with someone in your timezone. Most importantly – they will have a good appreciation for any issues you might face when sending or receiving money from the local banks in those countries.
Cost wise, because of the volumes all these money transfer companies deal in between these two countries they will be able to provide the best rates.
Online or offline support can also be a deciding factor which we discuss below.
Due to onerous state-based regulations in the USA few companies have offices in both countries. OFX is a standout and our recommended choice if you are in the USA.
Customer service is the key here. Although most calls will be routed to their Toronto staff during business hours, knowledge of American banks and how the operate in terms of sending and receiving your money can be super helpful.
Additionally if you are in the USA or plan to become a resident, knowledgable support during sign up can make a big difference to things running smoothly.
Use the link above in our table to get the $15 fee removed for OFX.
You might also appreciate our 5 Things to Know for UK to USA
With offices in Toronto and London, OFX is our top choice in terms of service and having local bank accounts for sending and receiving funds.
Canadian banks tend to be particularly changeable in terms of the maximum amounts you can send. In Canada, there is also many ways you can fund the transaction with their own associated costs and limits and this changes between each bank… if all this sounds confusing – it is – which is why we recommend OFX who has the local knowledge to guide you.
Use the link above in our table to get the $15 fee removed.
Sending money to and from India is best done through a full service money transfer company that can hand hold your money through the process. For this TorFX’s proactive telephone oriented (with online options) makes the most sense to ensure everything runs smoothly.
You might also like our 4 Things to Know for UK to India
Sending money between Pakistan and the UK is best done through a full service money transfer company that will ensure your money is travelling well at each step of the way. TorFX’s has a telephone oriented service which will help ensure you funds arrive in a timely way with least stress to you at much lower costs than the banks.
Germany, France, Spain and other EU countries can easily look after your needs through the UK office which is by default regulated in the Europe as well.
Amounts less than £4000
We have included two Peer-to-peer (P2P) providers (CurrencyFair and TransferWise) because when it comes to transferring smaller amounts they are hard to beat in terms of cost.
For larger amounts (above £4000) , we have included three traditional money transfer companies (TorFX, OFX and WorldFirst) who become very competitive cost wise but also have other advantages that may suit your needs better.
For most people, cost is a great motivator and banks have been the only game in town for way too long.
We exposed costs and fees, but to cut long story short paying 3% minimum and often 4 or 5 or 6% (with the various fees included) to a bank is typical.
By comparison you can expect to pay no more than 2%.
As money transfer companies have grown, some newcomers have undercut the older kids on the block and if your motivation is purely cost driven it is worth exploring a little more.
The P2P services (Currencyfair and Transferwise) tend to be the cheapest on amounts below £4000/€5000/$7500. Amounts above that tend to make the more established companies hard to beat (OFX, TorFX, Worldfirst) and some of their services are geared to larger amounts of money as well.
One reason for transacting via money transfer service providers is that their level of service is awesome.
This is particularly important when say – the receiving bank delays payment or something else seems to have gone wrong or you simply want someone who is helpful and knowledgeable to explain something.
Generally all five are standouts in this regard, although there are some important differences that may make all the difference.
Online or Phone?
All five services here, leave a good initial impression online, but there are some very big differences when it comes to signing up and making transactions.
The big question is: Would you prefer to mostly speak to someone or use an online platform?
Some services are web-based focus and allow you to perform transactions end-to-end by yourself, some are much more telephone-based. All have a combination of both.
TorFX – Mostly telephone for signup and booking transfers, although they seem to be continuously improving online.
TransferGo – In terms of top level support, TransferGo earns top shelf ratings in the review sites. This is limited to 7:00 AM to 4:00 PM GMT, Monday through Friday.
Some have 24/7 customer support, while others tend to be focused around operating during business hours in the countries where they have offices.
Money transfer companies are heralded as the fastest means of completing international transfers. This is because they have banks in multiple countries, which means that in most cases, they can receive and release funds in local currencies promptly. When banks transfer money, they, on the other hand, need to deal with international banks and which is relatively slower due to the checks and measures involved in the same.
4. Safety and Security
A major concern for anyone transferring money to distant lands by means as intangible as transactions in the virtual world, security would be a concern.
Is my money in safe hands? Is my banking information handled discreetly? Are these transactions safe?
Such queries are common and understandable. Fortunately establishing and running such a service in an organized, legal fashion is no easy business. Any company wishing to operate as such needs to meet a series of tough regulations in order to set shop. This accounts for the handful of service providers available for international money transfers in UK.
It’s safe to say that the service providers operating in UK are able to do so because their regulation is overseen by critical national agencies that counter money-laundering, fraud, terrorism-financing, and so on.
Since meeting the expectations of such national bodies isn’t a cake walk, money transfer service providers are usually backed by larger, established businesses. They are obviously very keen to ensure security of transaction for their entire business is contingent upon it.
If you are still dubious, you can seek information regarding the security measures in place with the service provider you are using. They can give you a technical run-down of how your money and bank details are safe with them.