The best and cheapest ways to send money abroad from the UK

Author

Oge

February 29, 2024

The best and cheapest ways to send money abroad from the UK

Sending money abroad can be a necessity for a variety of reasons, whether you're supporting family, managing property, or conducting business internationally. However, the cost of sending money can vary significantly based on how and when you choose to send it. Here's how you can ensure you get the best value when making international money transfers.

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‍Understand the Factors Influencing International Transfers

Currency Fluctuations: International payments are subject to the ebb and flow of global currency markets. Events like political uncertainty, economic announcements relating to employment or housing, and other financial news can affect currency values. Understanding these factors can help you time your transfer to get the best rate.

Transfer Fees

The fees associated with international money transfers can vary widely depending on the service provider. These fees can significantly affect the total cost of sending money abroad, especially for regular or large transactions. Key aspects include:

Flat Fees: Some services charge a fixed fee per transaction, regardless of the transfer amount.
Percentage Fees: Other services may charge a fee based on a percentage of the amount being sent. This can become quite costly for large transfers.
Additional Charges: Be aware of potential hidden fees such as receiving fees charged to the recipient or fees for using specific payment methods.

It’s essential to compare the fees charged by different transfer services to find the most cost-effective option.

Payment Methods

The choice of payment method can also influence the cost and convenience of international transfers:

Bank Transfers: Generally reliable but can be expensive in terms of fees and poor exchange rates.
Credit/Debit Cards: Usually faster but may incur higher fees. However, for smaller amounts, they can be convenient.
Online Payment Platforms: Services like PayPal, Pesa, or other specialized online transfer services often offer lower fees and better exchange rates compared to traditional banks.
Mobile Wallets: For recipients in countries where mobile wallets are widely used, this can be a very efficient and low-cost option.

Choosing the right payment method depends on factors like the amount you’re sending, how quickly the funds need to arrive, and the available receiving options for your recipient. Each method has its pros and cons, so consider what’s most important for your specific needs—cost, speed, or convenience.

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‍Choosing the Best Method to Send Money Abroad

Online Money Transfers

Online platforms often offer the most competitive rates and lowest fees for international transfers. They're convenient, usually available 24/7, and you can initiate a transfer from anywhere.

Can I send money abroad online? Absolutely. Online money transfer services allow you to send money from your smartphone or computer instantly.

Traditional Bank Transfers

While convenient if you already have a bank account, traditional banks often have higher fees and less favorable exchange rates compared to specialized transfer services.

Money Transfer Apps

Apps like Pesa (formerly Pesapeer) offer streamlined services designed specifically for quick and cost-effective international transfers. They often provide better exchange rates and lower fees than traditional banks.

Pesa: easy and free alternative

Send money internationally with Pesa and you don’t need to worry about unfair exchange rate, correspondent fees or delays. You’ll get access to send money to over 40 countries at no extra fee. Plus, you’ll always get the real exchange rate. It could also be much more instant with support whenever you need it.

Pesa is strictly regulated and uses biometrics, multiple authentication and anti-fraud measures to keep your money safe. So, you can send money abroad quickly, safely and fee-free.

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