Transfer money from USA to UK
As great a distance as there is between the US and the UK, wiring money between the two countries can be done in only a few minutes. There are many different ways to transfer money from USA to UK, so it is in your best interest to do some comparison shopping to find out about all the options for international money transfers.
International Money Transfer Agencies
When you think of money transfer companies, the first names which come to mind may be Western Union or MoneyGram. These are the most popular agencies for sending money worldwide. They are especially convenient if you are not sending direct to bank account. These types of services allow their customers to wire funds by way of the internet, phone or in person at the branch’s location. Money is usually transferred within a few minutes. However, the fees charged by the traditional money wire companies can be very costly and reduce significantly the amount of money received.
International Money Transfer via Banks
Banks are another option to transfer money from USA to UK, to which many people turn out of convenience and familiarity. However, you will do well to make note of the associated fees. In addition to the fees charged by most regular banks to send money overseas, it is important to know that the forex exchange rates are not usually transparent and so you are likely to lose in the tradeoff. Another notable disadvantage is the fact that the bank offers the slowest service for sending money internationally. On the other hand, many major banks have networked branches in the UK and the USA. This may save some money in transfer fees if both sender and recipient have an account with the same bank. Unfortunately, you will still not get the best deal in exchange rates.
International Money Transfer Using a Forex Broker
By far, the best option to save money, especially when sending a large amount abroad is to go with a foreign exchange broker. What makes a broker most attractive are the low fees and attractive foreign exchange rates. Forex companies tend to offer rates that are a few percent less than the cost of using the bank. What’s more, regular customers can get the benefit of deals and rewards for being loyal to the particular company.
There are some special services that clients can access that are not likely to be available with the other currency transfer options. For example, some companies will enable you to lock into a particular exchange rate for future transfers. The more money you need to transfer, the less you are likely to pay in fees. The time it takes for your money to reach its destination is also quite attractive. In most cases, the transaction can be completed within a day to three days, depending on the destination. Working with a forex exchange broker gives customers the added advantage of transferring money online. This means that when you send money overseas you will save not only in terms of fees and a good rate, but also time.