Ways to Send Money Internationally in 2024 from the UK
Remittances technology has seriously changed in the last decade. Bank transfers, card to card, wallets and crypto transfers - for an average person it's getting next to impossible to keep track on all these options. There is no best option or provider anymore, the choice will depend on the need weather it's speed, lowest commission or sending large amount of money. Goal of our website and our team is to make the complex world of international transfers a little simpler.
Choosing the Right Money Transfer Service
When looking for the best way to send money internationally, consider factors like transfer fees, exchange rates, delivery time, and service reliability.
Bank Transfers
Banks are a traditional method for international money transfers. They offer security and convenience but often come with higher fees and less favorable exchange rates compared to specialized transfer services.
- Pros:
- Secure transactions
- Wide range of currencies
- Cons:
- Higher fees
- Less competitive exchange rates
Online Money Transfer Services
Online platforms like TransferWise (now Wise), PayPal, and Revolut offer more competitive rates and lower fees. They are convenient, fast, and provide transparent pricing.
- Comparison Table:
| Service | Transfer Fee | Exchange Rate | Transfer Speed |
|---|---|---|---|
| Wise | 0.35% | Mid-market | 1-2 days |
| PayPal | 1% | 2.5% markup | Instant |
| Revolut | Free | Mid-market | Instant |
Mobile Apps
Mobile apps offer the convenience of sending money on the go. Popular apps include Venmo and Cash App, though their international capabilities may be limited.
- Pros:
- Instant transfers
- User-friendly interfaces
Secure and Fast International Transfers
Safety and speed are paramount when sending money abroad. Opt for services that use encryption and comply with international financial regulations.
Cryptocurrency Transfers
Cryptocurrency has emerged as a fast, albeit volatile, method for international money transfers. Services like Coinbase and Binance facilitate crypto transactions across borders.
- Pros:
- Near-instant transfers
- Low fees
- Cons:
- Market volatility
- Regulatory uncertainty
FAQ
The cheapest way often depends on the amount, destination, and urgency. Online transfer services like Wise typically offer lower fees and better exchange rates than traditional banks.
Transfer times vary by service and destination. Online services can transfer within minutes to a few days, while bank transfers might take up to five business days.
Yes, transfer limits can vary widely depending on the service provider. Online platforms often have adjustable limits based on verification levels.
Reputable online transfer services are regulated and use advanced security measures to protect your funds, similar to banks.
Yes, many services offer mobile apps that allow you to send money internationally directly from your smartphone.