Question 1

Which is the best international money transfer?

Accepted Answer

Wise is the best international money transfer service overall. It is one of the cheapest options, with fast transfers for most corridors, and has an easy-to-use platform.

Question 2

What is the cheapest way to send money internationally?

Accepted Answer

The cheapest way to send an international money transfer is using a service like Wise, InstaReM, Remitly, or a new entrant to the scene Atlantic Money. Learn more.

Question 3

Can money be transferred online internationally?

Accepted Answer

Yes, most money transfer organizations provide a service that allows you to complete your transfer online without leaving the comfort of your home and your computer. All the services on this list have both an online website and a mobile app using which you can set up your online transfer in minutes. It involves: creating a free account, selecting the currency pair and amount, adding recipient details and paying for your transfer.

Even if you need to remit money using a cash pick-up service, you can set it up entirely online.

Question 4

Are money transfer apps safe to use?

Accepted Answer

In general, money transfer apps are safe. But you must ensure you use a reputable registered service with the relevant financial authorities. All the services on this list are regulated by either the Financial Conduct Authority (FCA) in the UK or equivalent bodies in other countries. So, you can be sure your money is in good hands.

Most apps use bank-level security measures to protect your information. This means your data is encrypted and stored securely on servers that are not accessible to hackers.

However, remember that no system is 100% secure. Only use money transfer apps verified by a trusted source for maximum security. Additionally, set up a strong password and enable two-factor authentication if available. By taking these precautions, you can help protect your money and personal information.

Question 5

Are money transfers FCA regulated?

Accepted Answer

Being regulated by the FCA means your money is kept separate from a transfer company's operational money, meaning it's much safer. Money transfer companies need to be regulated by the Financial Conduct Authority (FCA) or equivalent authorities in the country of operation, which means they must follow certain rules and regulations.

Question 6

Do I need a bank account to send money internationally?

Accepted Answer

No, you don't necessarily need a bank account to remit funds internationally. There are a few companies that let you remit money without one, like Western Union and MoneyGram. However, most companies will require you to have a bank account to make an international transfer. And using a bank transfer is usually the cheapest way to pay for your money transfers.

Many international remittance companies allow you to send money using just a credit card. However, that's not always the cheapest way to do it.

Question 7

How can I transfer money internationally without a bank account?

Accepted Answer

While most international money transfer organizations require you have a bank account to use their services, there are a few companies that allow you to send money without one. Western Union and MoneyGram have options for cash pickup, in which case you don't necessarily require a bank account.

If your recipient doesn't have a bank account, the most economical way ahead is to get them to open one. If that's not an option, follow my guide on how to send money to someone without a bank account.

Question 8

What is the fastest way to send money internationally?

Accepted Answer

The fastest way to transfer money internationally is to use a specialist money transfer service like Wise or Remitly. With most of these services, the money never leaves the borders physically, making the money delivery a lot quicker.

Instead, the money is paid to your recipient using local bank accounts. Some services can send your money within minutes, while others may take a few days, depending on the payment method you use and the currency pair converted.

Question 9

How do you receive an international money transfer?

Accepted Answer

The most popular method for receiving money is bank accounts. If you have a bank account in the country where you are receiving the money, the sender can simply transfer the funds directly into your account using a money transfer firm. This is usually the quickest, cheapest and easiest way to receive money.

Another common method is to use cash pick-up options such as Western Union or MoneyGram. With these services, the sender can send the money to your bank account or a local agent, who will give you the cash. Finally, you can also receive money from overseas by using a prepaid debit card or a mobile airtime credit.

Question 10

How do you track an international money transfer?

Accepted Answer

To track your foreign currency transfers, log in to the app or website of your chosen service. From there, you will be able to see the status of your transfer and track it every step of the way.

Additionally, most money transfer services will send you an email or text message notification when your transfer has been completed.

Question 11

Is there a limit to how much money you can send overseas?

Accepted Answer

There is no limit as per the law on how much you can move overseas. However, providers may have their own limits depending on where you're sending it from and the currency pair you're converting.

For example, Wise allows you to transfer from as little as £1 right up to £1 million from the UK. But for transfers from India, the minimum amount is ₹5000 with a max limit of ₹750,000.

Question 12

Can I agree on an exchange rate now and send my money later?

Accepted Answer

Yes, services like OFX allow you to agree on an exchange rate now and send your money later, called a forward contract. Using this arrangement, you agree to exchange currency at a set rate on a specific date in the future. This allows you to lock in today's exchange rate and avoid potential price changes.

Question 13

Can I send money abroad through my bank?

Accepted Answer

Yes, you can. But it is not the cheapest way to do it. Banks often charge high fees for international money transfers, as well as hidden fees that can add up quickly. Additionally, banks typically have a very slow transfer time, taking up to several days to complete the transaction. For these reasons, I have recommended using one of the alternative methods listed above.

Question 14

How much does it cost to send money abroad with a bank?

Accepted Answer

Banks typically charge high fees for international money transfers. In addition to the transaction fee, they often add a currency exchange rate markup of around 3-5% on average (sometimes as high as 10%). If you're sending £1000 overseas, you could end up paying £30 to £100 in hidden fees if you don't shop around.

Question 15

Do I need an ID to send a bank transfer?

Accepted Answer

Yes, in most cases, you will need some form of identification to set up an account with most money transfer companies. This is for security reasons and helps to prevent fraud. When you sign up for an account, you'll usually be asked to provide some form of ID, such as a passport, driver's license, or national ID card if the usual checks are not enough to verify the details you provide.

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