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Knowing the Many Ways to Send Money from the UK to Your Home Country
Sending money abroad is easier these days, what with all the various options available. Apart from banks, you can also use international money transfers or even through online transactions. Each channel has its pros and cons.
This is why you must choose one that will suit your needs.
International Bank Account
If you know that you will be sending money from the UK to your home country on a regular basis, it makes sense to set up an international bank account. Plenty of banks offer this kind of arrangement, including Lloyds Bank. What is great about it is that you can use it to pay bills, send money to your family, make purchases and even fund your travels, if you have some saved up for it, of course.
When sending just a small amount of money, foreign drafts make a good alternative. It works similarly as banker’s drafts, but are drawn in a currency that you choose. The only downside is that this is sent via post and delays should be expected. You also have to consider the service fees.
This is an automated payment system that lets you transfer funds from the UK to other countries. From your account, you can simply transfer the money via SWIFT, which stands for Society of Worldwide InterBank Financial Telecommunications. If you are sending money within the European Economic Area (EEA), funds will be available within one working day, but may take longer outside of the EEA. Service fee is also imposed.
Single Euro Payments Area (SEPA)
This money transfer option is best if you only need to send funds across EU. It is as simple as bank to bank transfers, but you will need an International Bank Account Number and Business Identifier Code, so you can make or receive electronic payments. Payments made usually reach a destination account by the end of the next banking day. Unlike SWIFT, SEPA transaction fees are generally lower.
Online Money Transfers
There are plenty of companies in the UK that offer online money transfers, such as Tranzfers and 1st Contact. All you need is a very secure internet access and a local bank account to send money anywhere else around the world. Although you can also send money online through international bank accounts, most transfer companies offer excellent foreign exchange rates. The only downside is that it takes 2 to 3 days for the money to clear.
International Money Transfers
If what you want is for the money to be available the same day, your best option is international money transfers. There are plenty of companies that offer such services and you can even compare rates online, so you can choose which one to use. Whether or not you can use international money transfers, however, depends if a similar company exists in your home country or wherever it is you want to send money to. You should also look into the minimum transfer amount and the remittance fees.
Aside from these, you can also use foreign exchange brokers. To help you make the right choice, always consider your needs, the exchange rate, pros and cons of each channel, payment details required, and the support you can rely on in case the money does not arrive or will be delayed.