Transfer Money to UK After Considering Your Options

If you have recently moved to the United States from the United Kingdom, perhaps for a new job, you might need to send money home to relatives. Fortunately, it is not difficult to do, and there are many options. Consider the most convenient methods for you to transfer money to UK.

First, you should understand the currency and exchange rate in UK. While most of the countries nearby use the euro, UK still uses the pound system as the main currency. One pound is equal to $1.64, or 1.17 euros. This means you will have to send more U.S. dollars to the United Kingdom than you would to another American state, as each dollar is less than a pound. You should keep this in mind when transferring money, though any method you choose to transfer money to UK will automatically change your money to British pounds.

One of the most popular ways to send money home is through a prepaid debit card. This type of card is best for transferring money often, as its fees work out to be less per transfer than other methods. Additionally, the popularity of cheque guarantee cards, cashpoint cards, and regular debit cards in the United Kingdom assure you that your relative would appreciate one of their own. You would simply find a company that sells prepaid debit cards, have one sent to your relative, and then add the amount of money you want to it. You can do so online or by phone, paying a small fee each time. However, the fee is usually about $5 to $8, no matter how much you send at one time. For this reason, it is the preferred way to transfer money to UK often.

You can also go to your bank to transfer money to your relative’s account. This is usually expensive, but you have the option of three types of transfers. They are urgent, standard, and relay, and each one in the list decreases in both speed and price. You can check your bank to find out how much a transfer would cost. However, you can get an idea from other banks. For example, HSBC charges $30 to transfer $100 to $800 to another HSBC account in the UK. If the account is for a different bank, it will cost $45, and in either case, a standard transfer will take three to five days. You also have the option of going through an outside company to transfer money to UK from your account, and the cost is much cheaper at about $5 to $15. For example, one company charges $15 to send $1000 in USD to the UK within two days, for which your recipient will get almost 600 British pounds.  However, you should do some research to find a company you can trust first.

Select your method of sending money home to the UK depending on how fast and cheap a service you need. You should also take into account whether the service you select charges a flat fee or a percentage of what you send. Clearly, if you need to send money quickly, a wire transfer company or your bank might be the way to go. However, sending money regularly is much cheaper if you use a prepaid debit card.

Source by Jason Karp