Whether you’re looking to send money to family or friends in the UK, or to transfer money from the UK to a foreign country, there are many different methods available. Which one is the cheapest depends on a few factors.
PayPal
Using PayPal to send money is a good way to avoid bank fees. PayPal is a secure online payment service that allows users to send and receive payments in nearly 100 currencies. PayPal offers competitive exchange rates, but it also has fees. Some people may be put off by the fees associated with using PayPal.
PayPal charges a fixed fee when receiving money. This fee is not very high. It is usually around $0.99 to $4.99 for each transaction depending on the currency. It is possible to send money to a friend without paying the fee.
The fee is calculated as a percentage of the total amount. You may also be required to pay a withdrawal fee if you withdraw money from your account. Unlike many services, PayPal does not charge a fee to send money to your friends and family.
WorldRemit
Compared to other money transfer services, WorldRemit offers some of the cheapest money transfers. However, the rates differ based on the delivery method.
WorldRemit is a UK-based money transfer service that allows you to send money to almost 50 countries around the world. You can send money using several different payment methods, including credit cards, bank transfers, and mobile money.
WorldRemit is authorized by the Financial Conduct Authority in the UK. The service is also regulated by several other government agencies in different countries. In addition, WorldRemit is protected by Norton-certified technology, which monitors transactions to ensure they are safe. WorldRemit also implements safeguarding requirements, such as Know Your Customer guidelines.
WorldRemit has a wide network of local partners to provide money transfer services to customers. You can choose from a variety of delivery options, including cash pickup, home delivery, and mobile money.
Remitly
Whether you need to send money overseas or just need to send a quick cash deposit to a friend, Remitly can help. The service allows you to transfer funds between your home, office, or mobile device. Its website and mobile apps make it easy to do so. It offers fee-free transfers, as well as low-cost options.
Remitly’s mobile app provides a straightforward experience that’s popular among Android and iOS users. It also offers a free trial, so you can test out the service for yourself. Its customer service is rated very highly, and it offers a 100% money-back guarantee if you aren’t satisfied.
Although Remitly is a solid option for sending money overseas, it doesn’t have the best exchange rate. In general, it offers better exchange rates than most other services, but it can’t match banks’ exchange rates. In addition, Remitly has monthly limits on how much you can send each month.
Xe
Xe is a money transfer service that is available to individuals and businesses throughout the world. Xe specializes in foreign currency solutions and offers services in over 200 countries. It offers a range of payment options, including credit card, debit card, and bank transfers.
In order to make a transfer, Xe requires an email address, the recipient’s country of residence, and a payment method. In addition, XE requires a valid bank account and provides a mobile and desktop application. It also offers a currency converter tool to help you research international currency transfers.
XE Money Transfer offers competitive exchange rates and a wide range of payment options. The company also offers a rate-lock feature, which allows users to lock in a rate for a certain date in the future. However, fees can be a concern, and it is important to check with the recipient’s bank to find out what the transfer cost will be.