Sending money to your bank account overseas is fast and easy—thanks to several services and apps online that specialize in international money transfers, particularly from the United States to the United Kingdom.
And since the pound is a well-known currency worldwide, you can find many companies that can help you transfer dollars to pounds.
If you’re planning to send some money from the US to your bank account in the UK, here’s everything you need to know about money transfers and the most popular sending methods.
Ways To Transfer Money To An Overseas Bank Account
With modern innovations these days, including the Internet, there have been many ways of sending money from the US to the UK. Transfer methods depend on your circumstances, such as the amount of money to be sent and the urgency of the transfer.
Below are some money transfer methods to consider:
Although banks might not be your first choice for sending money, they can still safely transfer funds to countries like the United Kingdom. So long as you have an existing bank account, you can make an international money transfer quickly and conveniently. However, you should be aware that most bank transfers in the US charge high fees and low exchange rates.
International Money Orders
Another popular way of sending money to your bank account in the UK from the US is the international money order. To use it, you need to get a money order from your bank and send it to your foreign bank account. It’s a slower method to try and a little costly since you have to buy the check before you can complete the transaction.
Online Money Transfer Services
This international money transfer method is much more affordable than banks. It also allows you to make the transaction from home through online services. To get started, you need to sign up and register your bank account through the service provider’s website. When transferring money to your bank account in the UK, make sure all the details are complete to facilitate fast transactions. Unlike banks, online money transfer services come with competitive exchange rates and other fees.
Foreign Exchange Brokers
If you’re going to transfer a large amount of money to your bank account in the United Kingdom, using a foreign exchange broker can also be a great option. Most foreign exchange brokers offer currency transactions and will more likely provide you with competitive exchange rates compared to other money transfer methods. Also, working with these brokers can guarantee that the money will be sent to your international bank account in the fastest time possible.
In addition to online purchases, PayPal is one of the most trusted money transfer service providers online. It supports several currencies and accommodates transfers to over 100 countries worldwide. When using PayPal, you get to pay lower exchange rates than those you can get from a bank. However, its fees are still higher than those offered by money transfer companies.
Writing a personal check and depositing money into a bank account overseas can be another affordable choice of international money transfers. However, transferring an overseas check written in American dollars might take a long time to be received by the foreign bank. Therefore, it’s essential to choose the right transfer method based on your needs and preferences.
Factors To Consider When Choosing A Money Transfer Provider
Choosing a company that will take care of your international money transfer requires several considerations. You need to compare some factors to make sure you’re getting the best deal for your next transaction.
Below are the things you have to keep in mind when choosing a money transfer service provider:
- Exchange Rates – When you send money overseas, you need to deal with the exchange rates, and not all providers have the same rates. Hence, find time to compare the prices offered by the banks, transfer services, and many more. Once you have the data, know which provider has the smallest margin among them.
- Fees – Fees vary from one provider to another. These fees usually range from $0 to $60, depending on the amount of money you want to send internationally. In some cases, companies will waive your transaction fees when you transfer a large amount of money.
- Processing Time – If you want a quicker way of sending money to your account in the UK, then you should consider the processing times. In most cases, cash transfers are more likely faster than doing it with a bank account.
- Amount Of Money Transfer – Factor in the amount of money you want to send when finding the best transfer provider. If you send smaller amounts, think about the fees you’re going to pay aside from the exchange rates. However, if you send large transfers, check which provider offers the best exchange rates and lower fees.
- Destination Of The Money – Find out if the country where you want to send your money is supported by the money transfer service provider you consider. For example, if you’re transferring money to your bank account in the UK, check to see whether your option can accommodate your transaction.
- Payment Options – Some companies will let you pay your transfer fees online, through an agent, or by mobile. Because of this, it’s best to check the payment options before choosing a provider.
- Customer Service Support – Of course, you need to make sure that assistance will be readily available at any time. Find a money transfer service provider that offers a variety of customer service channels. Whether it’s by Internet chat, email, or phone call, always think about the level of customer support the company offers before making a transfer.
Importance Of Using Comparison Sites To Find The Best Transfer Option
With a variety of international money transfer methods to choose from, it’s sometimes challenging to find the best option at first glance. You need to consider some things so you can make the right decision. In such a case, using comparison sites can help you choose the perfect method for sending money from the US to the UK.
If possible, look at more than one comparison engine to ensure you won’t miss out on any offers. Make sure the transfer method suits your needs, including your budget. Moreover, don’t forget to check the filters, as some providers might hide deals which can be beneficial to you.
Steps For Sending Money From The US To The UK
By now, you already know the factors to keep in mind when choosing a money transfer service provider. This time, we’ll discuss the steps involved in sending money from the US to the UK.
Follow these steps to get started with your money transfer:
Look At Your Options
The first thing that you should do is to explore the many companies that offer international money transfer services. Do a little research and gather all the necessary information that can help you with the decision. Think about the factors that can influence your choice, especially in terms of the exchange rates, transfer fees, and the processing speed.
Also, don’t hesitate to check the provider’s reputation. If possible, try to know their valuable years of experience to make sure you’re dealing with a trustworthy company. Read some reviews online or call some previous clients to get to know your options.
Determine How Much Your Transfer Will Cost
Again, exchange rates and fees are crucial when sending money abroad. So, if you’re transferring funds from the US to the UK, be sure to know how much it will cost you. Figure out the total amount of pounds your dollars can buy along with other costs. This will help you calculate the exchange rates and additional transfer costs you need to pay to complete the transaction.
Go To The Site Of Your Chosen Provider
Once you choose the provider and determine the total transfer costs, the next step is to go to their site and start the registration process. Know the requirements for registrations, whether a service requires you to submit an identification card, proof of address, and many more. When all the documents are ready, fill out the personal information sheet to create an account. For your safety and security, read the terms and conditions and be sure your password can’t be accessed by anyone else.
Begin The Transfer Transaction And Pay It
After making an account, the next step is to start the transaction. Enter your foreign bank account’s information and the amount of money you want to send. Once you’ve provided the information, you can now pay for the transaction.
Know whether a provider allows credit or debit cards, checks, and many others. Whatever the payment options are, pay the total costs to complete the transfer. As soon as the payment is successful, keep the reference number to ensure everything goes smoothly.
Sending money from the United States to your bank account in the United Kingdom is much more convenient nowadays. No matter what method you choose, the entire process can be seamless as long as you have adequate information about international money transfers.
With the information presented above, you’ll be able to know some of the common transfer options and how to compare them to come up with an informed choice.