It’s become the norm for individuals working abroad to often send some money back home to support their families and dependents. The remittance can be easily completed over the internet, using a bank account, and a variance of other models.
For individuals working in the United Kingdom, there are hundreds of transfer models to choose from. However, with each different model comes a variety of costs and limitations. To help guide you through the transfer process here are the five best methods to transfer money from United Kingdom to your chosen destination.
PayPal UK is one of the easiest ways to send small sums of money to other destinations around the world. The fact that PayPal only levies a moderate fee on transfers to other users makes this way cheap and quick as the money is transferred instantly.
What makes PayPal even more attractive is that it’s available in over 200 countries and supports exchange of the original currency to more than 25 other currencies. It is currently one of the most preferred ways to send money for business and personal use.
You can send money abroad through a mobile wallet, to a bank, Money Gram kiosk or to an inmate incarcerated in a correction facility. All you need is the recipient’s ID or the ID of the correction facility in case of sending the money to the correction facility.
The costs of using the MoneyGram method are dependent on the recipient’s location and the mode that they wish to receive the money. Sending fifty pounds to Kenya, for instance, will cost you 2.99 pounds if the recipient’s wishes to receive the money in the MPesa wallet.
Western Union UK
Western Union is another of the most popular platforms to transfer money abroad. It allows you to send money to a recipient’s bank account or allow them to receive the money in cash. It can be done online and is fast, reliable and convenient.
With Western Union presence stranding over 200 countries, you can be assured of a hustle free way to send money to your loved ones. The costs of sending the money and withdrawing are also moderate making the model attractive.
Transferwise gives you competitive currency exchange rates so that you only incur a small cost of sending money to your country of origin. With Transferwise, you have to undergo an approval process for safety reasons but once completed the amount you send over is transmitted instantly to recipient.
Other notable methods worth a special mention that you may wish to look into include Money Orders, Bank Wire Transfers, and Skrill.com.
Technology has made it easy to transfer money with ease between various destinations. If you reside in the United Kingdom and are wondering which are the most efficient, cost effective ways to send money to send back home, then think of the four methods outlined above. They are not only fast but have been in use for many years guaranteeing the safety of your money.