How to Transfer Money From the UK

Finding the least expensive means of transferring money may require research.

In 12 hours you can travel halfway around the world. You can have a meeting with someone in Tokyo while sitting in an office in Los Angeles. Although it is a small world, sending money to other countries requires a little more effort. Fees and restrictions are involved. Sending money from the United Kingdom in the most cost-effective manner may require some research, but that research could save you a considerable amount of money.

Instructions

1. Determine whether your bank can provide favorable exchange rates. "As anyone knows who has paid bills with debit cards on holiday, banks do not always offer the best rates of exchange for transactions, and this will push up the overall cost of the transfer compared to other methods," writes James Charles in a 2010 article in The Sunday Times. Start your research at your bank, but compare it to options at other banks.

2. 

   Bring identification with you to use a money transfer service.

   Consider money transfer services such as MoneyGram and Western Union. Registration may take up to five days to be processed, but If the rates are favorable, it may be worth the time. After registration is complete, you may transfer money over the phone or online. You also may visit a local branch of the money transfer company in person. Bring your identification. The money is transferred to the transfer service branch nearest the recipient. To transfer money through the MoneyGram website, select the "Send Online" option. Select your country of origin, the "receive option" (what type of money you will transfer), and the amount of money you want to send. Submit this information. You will be taken to a page detailing the costs and fees and the payment methods available.

3. Send money through an online service, such as PayPal, if you prefer. PayPal specifies its rates. From your PayPal account or your bank account, its rates are 3.9 percent plus 20 pence for currency conversion. Create a PayPal account to use the transfer services. To confirm your credit card or bank account, PayPal makes a small deduction (which is later refunded) accompanied by a code. This transaction may take a few days to appear in your online transaction history. Transfer money electronically to another account by selecting "Send Money" from the toolbar. Select the option to send money internationally. Enter where you want the money sent and the amount you are sending. Click "calculate" to determine the fees, which will be paid from your PayPal balance, bank account, or credit card.

References

• TheTimesOnline.co.uk: How to Transfer Money Abroad
• PayPal.com: Costs