Sending money abroad from the United Kingdom may be necessary in a variety of situations: providing financial support to family and friends, paying for
services, or replenishing an account in another country. There are several ways to make such international transactions, each with its own features, benefits, and specific limitations. Let’s explore the main options and what to consider when choosing the right
one.
Which Countries Receive Transfers from the UK
Money transfers from the UK play a significant role in supporting the economies of countries whose citizens come to live and work in Britain. While finding
recent and precise data on the distribution of remittances from the UK by recipient country can be challenging, we can make some generalizations based on global trends and migration flows.
According to
the World Bank, in 2022, the world’s top recipients of remittances were
India, Mexico, China, the Philippines, and Pakistan. These countries have long received substantial sums from their citizens working abroad, including those based in the UK.
Naturally, the popularity of certain transfer destinations is influenced by the fact that the UK is home to large diaspora communities from many different
countries. Active remittance flows come from well-established communities such as Indian, Pakistani, Nigerian, Polish, Somali, and others.
In addition, people regularly send money from the UK to various countries in Eastern Europe, Africa, Asia, and the Caribbean, reflecting the diversity
of migration patterns and family ties.
Bank Transfers
When planning to send money abroad from the United Kingdom using traditional methods, there are several key factors to keep in mind.
UK banks typically charge fees for international transfers, which may vary depending on the amount, currency, and destination country. Some banks offer
fixed fees, while others apply percentage-based rates. It is advisable to check your bank’s fee structure in advance to avoid unexpected charges.
Another important factor is the exchange rate, which significantly affects the final amount received by the beneficiary. Many banks use their own exchange
rates, which may differ from the mid-market rates displayed on platforms like Google or XE.com. Comparing offers from different financial institutions can help you choose the most suitable option.
Additionally, when sending money outside the European Economic Area (EEA), banks often use the SWIFT system. This typically involves several intermediary
banks (correspondents), each of which may charge a fee for processing the payment — increasing the overall cost of the transaction.
It’s also worth remembering that banks set limits on international transfers, such as daily or monthly caps. If your planned amount exceeds these limits,
you may need to get special approval or consider an alternative transfer method.
PayPal
PayPal is a popular service that allows users to send and receive money worldwide. It can be used to remotely send greetings to a friend living abroad
or to pay bills while staying in another country. All transactions are processed online, which makes it very convenient for many people.
However, when making international transfers via PayPal, you should take fees into account. Unlike domestic transactions, cross-border payments are subject
to additional charges.
The standard fee for the sender is 5% of the transfer amount, with a minimum of £0.99 and a maximum of £2.99. This applies only to personal payments — different rates apply to business transactions.
It’s also important to consider the exchange rate. PayPal uses its own exchange rates, which may include a markup and be less favorable than the official
mid-market rates, meaning part of the transferred amount may be lost during conversion.
To send an international transfer via PayPal, follow these steps:
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Log in to your account (or sign up by providing the necessary information if you don’t have one).
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Select the “Send Money” option.
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Enter the recipient’s email address or mobile number.
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Specify the amount and currency of the transfer.
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Choose a funding source — PayPal balance, linked bank account, or card.
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Review the details and confirm the payment.
Electronic Payment Systems
Specialized money transfer systems can also be helpful in solving this issue. They often offer attractive conditions for international transactions while
ensuring a high level of security. Let’s take a look at some specific examples.
TransferGo
This is an international money transfer service that allows users to quickly send funds abroad online. To use it, you need to create an account on the
website or in the mobile app, enter the recipient’s details, and specify the amount to send. Payment can be made from a bank account or card.
In some countries — for example, Nigeria and Morocco — recipients can collect cash, although this is more of an exception. In most destinations, the service
focuses on cashless transactions. Cash pickup options are limited and not available in all regions.
TransferGo supports transfers from most European countries to over 60 destinations worldwide. The list of supported countries is updated regularly, so
it’s a good idea to check the company’s official website for the latest information.
The service charges a fixed fee, which depends on the delivery speed you choose and the recipient’s country. In addition, a small markup on the exchange
rate is applied compared to the interbank rate, allowing TransferGo to offer competitive overall pricing. All information regarding fees and rates is displayed before confirming the transfer, ensuring full transparency.
TransferGo receives positive feedback from users for its speed and reliability. Some customers also highlight the low fees and favorable exchange rates.
The platform’s Trustpilot rating is 4.7 out of 5.
Revolut
Revolut is a digital bank that enables users to send international money transfers quickly and at minimal cost. Since its launch, the company has aimed
to simplify the remittance process.
Revolut allows users to send money exclusively online via its mobile app. Funds can be transferred to bank accounts by entering the necessary recipient
details such as account number, BIC/SWIFT code, etc. In addition, real-time transfers to Visa or Mastercard are available, provided the recipient’s card supports this function. At present, the service does not support sending or receiving cash.
Revolut supports transfers to over 160 countries, including the United States, Canada, Australia, most European nations, and many others. However, some
currencies and destinations may not be available, and users are advised to check the official website for an up-to-date list.
The platform is known for its low fees and favorable exchange rates. On weekdays, currency exchange is carried out at the interbank rate with no markup.
However, on weekends, free plan users may face a fee of up to 1%. For paid plans (Plus, Premium, Metal, and Ultra), this fee is reduced or waived. Exchange rate and fee details are displayed within the app before completing the transfer.
Users appreciate the convenience and speed of transactions and generally rate the platform positively. Revolut has a Trustpilot score of 4.4 out of 5.
KoronaPay Europe
KoronaPay Europe is an international money transfer service that enables users to send funds from the European Union, the United Kingdom, Norway, and other
countries to more than 50 countries across Europe and Asia. It focuses on providing fast and reliable cross-border transfers.
Customers can send money using the Korona mobile app, available for download in the App Store and Google Play. After logging in, users need to select the
destination country, enter the amount and currency, fill in the recipient’s details, and confirm the transaction.
KoronaPay’s mobile app allows customers to make cross-border card to card, card to cash or account to cash transfers. In some countries, recipients can
pick up cash at service points of the system’s partners. The current list of available options can be found on the company’s official website.
Transfers can be made in various currencies, including EUR, USD, and local currencies. The fee amount varies depending on the destination and transfer
amount. The exact exchange rate and commission are shown in the app before confirming the transaction.
Users highlight the convenience and simplicity of the Korona mobile app, as well as the speed of transfer processing. The service consistently receives
high ratings, with a Trustpilot score of 4.7 out of 5.
Conclusion
Sending money abroad from the United Kingdom requires a careful approach when choosing a transfer method. It is recommended to thoroughly research the
available options and compare them in terms of speed, cost, and convenience to select the most suitable one. Additionally, it’s important to keep in mind that service conditions and availability may change, so it’s wise to check for updated information before
making a transfer.
