Moving money across international borders is easier and efficient in today's hyperconnected world of mobile apps, social media, and evermore advancing technology.
There are banks, money transfer companies, payment apps, and foreign exchange brokers that will easily transfer your money abroad without much hassle. Although there are differences in terms of costs, exchange rates, speed, complexity, and other factors with the various transfer methods.
We will discuss the options to help you decide the best way to transfer money from the U.S. to the U.K.
Sending Money To The U.K. From The U.S. Through A Bank
Before the emergence of numerous third-parties money transfer service providers, banks predominantly used to transfer money domestically and internationally.
International money transfers between banks rely on the SWIFT system.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) network provides secure financial messaging through a system of international banks to carry out international wire transfers from one to another. The network spans across 200+ countries and territories and comprises more than 11,000 banks around the world.
Essentially, two banks exchange money transfer information via the SWIFT network. If the two banks don't have a relationship, an intermediary bank facilitates the communication process to make the transfer.
Read more on Banks Vs Online Money Transfer Companies.
Banks Fees To Transfer Money To The U.K. From The U.S.
SWIFT is an expensive option. There are several fees associated with this method such as those charged by the sender and recipient banks and additional fees charged by the intermediary banks.
International wire fees charged by four major US banks:
|Bank of America||$45|
|JP Morgan Chase||$45 branch, $40 online|
The fees can add up if you are transferring money regularly or need to send a large sum over several payments. Also, sending a small sum via banks can be uneconomical because of their sizable fees. There are money transfer companies best suited for small transfers.
For example, London-based online money transfer company Wise charges a small flat fee of 4.77 USD + 0.43% of the amount converted. The fees can vary depending on how you pay for the transfer. Payment via debit card or credit card has a slightly higher fee than payment via bank account. But it is always cheaper than banks.
Banks and most money transfer companies set their exchange rates.
The exchange rate margin charged by banks is usually around 4-6% above the mid-market rate (the real exchange rates on Google).
Money transfer specialists tend to offer better exchange rates than banks. This comes as no surprise as banks have more operating costs and will find it harder to compete with dedicated money transfer specialists.
Also, many online money transfer providers such as Wise do not apply any markup to the mid-market rate. Wise is marketed to be 8x cheaper than most high-street banks.
Being able to secure a USD to GBP or GBP to the USD exchange rate at a desirable level before you make your transfer from the U.S. to the U.K. is an advantage. The GBP to USD or USD to GBP rate, though not a fee, can be the most cost of your transfer.
For very large amounts to transfer money to the U.K. at regular intervals, using a foreign exchange broker will fetch you the best exchange rates.
To get the best exchange rates, look for competitive rates by comparing rates offered by service providers and then time your transfer when the USD to GBP rates are at a favorable level. Set alerts for USD to GBP or GBP to USD rates.
Banks typically take 3-5 business days to deliver the money to your recipient. Things like daily working hours, weekends, public holidays, and different time zones can impact the overall transfer speed.
In contrast, money transfer companies offer faster delivery services. It can be almost instant, same-day delivery, and within 24 hours depending on the payment method and how the money is received. It rarely takes as long as banks, mainly because there are no middlemen with these specialists.
Transfer Money To the U.K. With An Online Money Transfer Company
There are plenty of money transfer companies to choose from to send money from the U.S. to the U.K.
These online money transfer companies also leverage mobile technology by developing their money transfer apps with various features that are easy-to-use, equally reliable, making the money transfer process faster, more transparent, cheaper, super convenient and accessible anywhere and anytime.
With so many choices, it can sometimes be overwhelming to narrow down to one choice. To help you decide, we have put together the top money transfer companies on the market to send money from the U.S. to the U.K.
XE money transfer offers a quick, cost-effective way to securely send money to the U.K. from the U.S.A. It is rated 4.4/5 stars with over 50,000 reviews on Trustpilot.
Currently, it offers money transfers to 130+ countries in 60+ currencies for individuals and businesses.
The service is accessible on the Xe site and XE mobile app. With the app, you can check live currency rates, currency charts, U.K. money transfer tracking, set notifications, and set alerts for any chosen currency pairs.
They also offer tools such as forward contracts, market orders, and currency data APIs.
XE wire transfers are great for large bank-to-bank transfers and are completed within 1-4 business days, though most transfers arrive within 24 hours. There is no minimum transfer. You can pay by direct debit, bank transfer, credit card, or debit card.
You can transfer up to $500,000 (or your currency equivalent) online. For larger transfers than this, reach out to the Xe currency expert to help you set up the transfer.
It is safe to send money with Revolut, the popular digital-only bank based in London. Banking services are offered by Metropolitan Commercial Bank, Member FDIC.
You can save money with Revolut when sending money abroad. Revolut offers great exchange rates and low fees. Transfer to a bank account or another Revolut customer is free. Payment methods can affect the delivery time. Payments to other Revolut users and card payments are instant.
Depending on the country of the recipient, the international money transfer can take up to 3-to-5 business days.
Send money with Revolut in 30+ currencies to 100+ countries. The fees are low and always upfront. You can get 10 free international transfers every month.
Download the Revolut app on your Android or iPhone mobile device and sign up. Then add money into your account using your card or a bank account. Choose your transfer amount, your currency, and the destination country. Add the recipient details- phone number, full name, bank account number, and BIC/SWIFT number.
Wise is one of the cheapest ways to transfer money to the U.K. There are no hidden fees and the money is converted using the mid-market rate. So, the fees are low, transparent, and fair with your every transfer.
It is available in 59 countries and allows money transfer to more than 80 currencies. The Wise multi-currency account lets you hold 50+ currencies.
Wise has 12 million users and counting worldwide. And a Trustpilot rating of 4.6/5 stars. Wise is regulated by the Financial Crimes Enforcement Network (FinCEN) in the U.S.A. So, your money is completely safe with Wise.
Send money to the U.K. via the Wise site or Wise app and pay in USD with your debit card or credit card or with your bank account. The money gets delivered within 24 hours or on the same day or even within minutes, depending on how you pay for the transfer.
Funding by bank account is the cheapest while it is slower than debit card or credit card payments.
Skrill allows U.S. customers to make international money transfers to 18 different countries. The great thing about Skrill is that you can use your Skrill's digital wallet to send money to a bank account overseas for free.
Skrill offers international money transfers to over 180 countries in 40 currencies to a bank account, mobile wallet, email address, and phone number.
Knect, the Skrill Loyalty Program lets you earn points with nearly all your transactions. You can redeem those points with rewards and more.
Signing up for a Skrill account is free. You can do it on the Skrill website or on the app. You can fund your transfer from your personal bank account or a debit or credit card, or local payments.
For expats looking for low-cost digital money transfer services, Skrill Money Transfer is an alternative solution to other expensive options.
Instarem is one of the low-cost international money transfer service providers to send money from the U.S.A. to the UK.
Like Wise, the exchange rates are sourced from Google. The fees are upfront and there are no hidden charges. The exchange rates are very competitive. They apply a small margin on the rates and a nominal fee.
Check Instarem's rates and fees anytime on their website calculator. Enter the transfer amount and select the send and receive countries to see the exchange rates and fees for the chosen pair of currency, in this case, USD to GBP.
You can pay with a bank account, wire transfer, or debit/credit card.
Sign up online or on the app using your email address or your Facebook or Google account and earn InstaPoints instantly. You also can earn InstaPoints with every transfer and redeem these points in your next transfer.
PandaRemit is an online money transfer service based in Hong Kong. It has now expanded to international markets including North America, Asia, and Europe, and offers remittance services to over 30 countries now.
PandaRemit and its subsidiaries are regulated by the Australian Transaction Reports and Analysis Center (AUSTRAC).
Your first transfer comes with zero fees and the recipient has the option to receive the money in multiple ways- a digital wallet, bank cards, or cash pick-up. The money is delivered as fast as 2 minutes.
There are no hidden fees and exchange rates are competitive. They also offer a 100% money transfer guarantee or get your money back. You can fund your transfer via bank transfer or card payments. Bank transfers carry no charge.
Sign up using your phone number or email address online or on the app to start sending money.
Paysend is regulated by the Financial Conduct Authority in the U.K. So your money is safe and protected. Paysend delivers money to 150+ countries worldwide.
Paysend is the first Fintech company to introduce global cards to card transfers connecting 12 billion cards issued by Mastercard, Visa, China Union Pay, and local card schemes. Paysend provides 40+ payment methods for online SMEs and serves 17,000 SMEs
One of the best ways to send money to the U.K from the U.S. is using Paysend which is offering fee-free transfers to bank accounts until June 1, 2022.
You can transfer online to Visa, Mastercard, or bank accounts. The fee for sending GBP directly to Visa or Mastercard cards is just $2. There is no fee for direct transfers to bank accounts till June 1. The money is transferred on the same day.
The exchange rates are shown upfront before you make your transfer.
Sign up online or get the Paysend app on the App Store, Google Play, or AppGallery to send money today.
As you can see, there are multiple options at your disposal when sending money from the U.S. to the U.K. Selecting a money transfer company to send money abroad requires research and comparing the service providers to find the best way to send money to the U.K. based on your transfer needs.
International money transfer continues to evolve with new emerging technologies. The newest innovation is the bitcoin or cryptocurrencies that have the potential to change the money transfer landscape in the coming future once adopted on a large scale.
When it comes to repatriating large sums of money from India, it puts every NRI in a situation where he has to consider different obligations regarding monetary cross-transfer. Taxation, reliability and transfer timelines are a few things that influence these decisions.Personal finances have to be dealt with delicately and ensured that there is no loss during the due process of remittances. There are various options available in the marketplace today, be it via traditional banking or the modern ways of online transfers.CompareRemit offers a platform that allows you to compare different players in the market and pick the best rates that suit your needs.Repatriation from an NRE AccountAs a component of the liberalization scheme of the Reserve Bank of India, remitting funds from India has become relatively easier. Balances in NRE (Non-Resident External) accounts are freely repatriable. No formalities or requisite permissions are required for remittances abroad be it any amount. Funds in accounts are usually funds deposited from abroad or current income like interest or dividends on investments made through foreign funds.Repatriation from an NRO accountBalances in NRO (Non-Resident Ordinary) accounts are subject to certain conditions. The remittance of USD 1 million per financial year from NRO accounts is allowed subject to certain procedural formalities. NRO account balances include income earned locally or certain capital account transactions. Form 15-CA and 15-CB need to be submitted before a remittance can go through.Read more on difference between NRE and NRO account on CompareRemit.The Traditional Option - BanksThe most sought after choice for remittances to the UK are banks. Banks are the most popular means of transferring money to the UK because:There is a high level of trust owing to the various government regulations.Familiarity and the comfort of knowing the neighborhood-friendly banker.There are two ways one could remit funds using banking services:Online - If your bank has given you access to internet banking and allows repatriation through online instructions.In-Person - One could walk into the bank yourself and have the formalities completed there and then and have the satisfaction of seeing it to its destination with a receipt in your hand.However, it is important to note that INR to GBP/GBP to INR exchange rates may not always be competitive. The transfer fees can be high and the charges, not always transparent.Selection of Remittance Service ProviderShould you want to avoid remitting through banks, approaching a marketplace of money changers would be the next best option. A selection of remittance service providers should be made based on the following:- Transfer chargesSpeed of transferExchange ratesCharges on the conversion of currency (INR to GBP)Freeze option on exchange rate while process requirements are completedFlexibility of payment optionsAlternative Options for Remittance from India to UKWise - UK based transfer service supporters - Wise incorporates credit cards/debit cards, SWIFT, international transfers to bank accounts, domestic wire transfers and more. Wise offers competitive exchange rates for pound to rupee or rupee to pound conversions. It assures fast and low-cost online money transfers from India to the UK.ExTravelMoney - One of the easiest services for transferring funds from India to the UK, they also offer the facility of booking orders online.Western Union - In four easy steps available online and your money is sent from India to the UK. They offer competitive rates and faster transfers as well.Thomas Cook - Provides the best foreign exchange rates besides giving the assurance of secure and timely remittances for specific purposes.BookMyForex - With zero commission and zero charges, they claim to send money from India to the UK at guaranteed lowest exchange rates. The time span for the transfers to be effective is 12 to 48 hours.To select the right money transfer service one should keep the cost and time factors in mind. Convenience at a reasonable cost should be the mantra for selecting a suitable remittance service provider.
Sending money internationally is now easier than ever with the right service provider. PassTo is a convenient option for individuals in the UK who want to transfer money from GBP to INR and support their loved ones in India. In this article, we will guide you through the simple and efficient process of using PassTo for your international money transfer needs.Why Should You Choose PassTo?When it comes to international money transfers, PassTo is the clear choice for users in the UK. With their reliable and secure platform, PassTo ensures that your funds are transferred safely and efficiently.Here are some of the reasons why PassTo should be your top choice when sending money abroad:The first transfer is freeSpecial welcome exchange rates for new usersSend money to over 70 countries worldwide from the UKTransfer money in as little as a few minutes or same day/next business dayExcellent customer service via email, phone, or in-App chatSend up to £3,000 per day to most of our countriesSet up an account in just 2 minutesEarn a £50 gift through our rewards program when you invite 3 friends to make their first transfer of at least £200 eachPassTo is authorized and regulated by the FCANow that you understand why PassTo is the preferred option for sending money abroad, let's dive into the straightforward steps involved in initiating your first transfer from the UK to India.How to Send Money from the UK to India with PassToIn just a few simple steps, you'll be well on your way to sending money from the UK to India in no time. Step 1: Create an Account with PassToTo get started, visit the PassTo website (https://passto.co.uk) or download the PassTo mobile application from here and sign up for an account. Provide the necessary details and complete the registration process. Once your account is created, you'll gain access to PassTo's features and services.Step 2: Verify Your IdentityAs with any reputable money transfer service, PassTo requires you to verify your identity to comply with regulatory requirements. This step typically involves submitting valid identification documents, such as your passport or driver's license, and proof of address.Step 3: Choose a Payment MethodOnce you have successfully registered, you can proceed to choose a payment method from the options provided. PassTo allows you to select either your bank account, credit card, or debit card as the source of funds for the transfer.Step 4: Add a RecipientAfter verifying your identity, you can add a recipient to whom you wish to send money. Provide the recipient's details, including their full name, contact information, and bank account details in India and the details will be saved for future transfers . You also have the flexibility to choose how the recipient will receive the money. PassTo offers three options: bank deposit, mobile wallet credit, or cash pickup. You can select the most convenient option for your recipient.Step 5: Choose the Transfer Amount and CurrencySpecify the amount you wish to send in GBP and select the desired currency as INR. PassTo will display the current exchange rate and any applicable fees associated with the transfer. Take note of the exchange rate as it will impact the final amount your recipient will receive in Indian Rupees.Step 6: Review and ConfirmCarefully review all the details of the transfer, including the recipient's information, transfer amount, exchange rate, and fees. Double-check for any errors or discrepancies. If everything is accurate, proceed to confirm the transfer.Step 7: Track the TransferThroughout the process, PassTo keeps you informed and updated on the status of your transaction. You can conveniently track the progress of your transfer within the app itself or receive push notifications, ensuring that you are always aware of where the money is going and how long it is expected to take to reach its destination.Step 8: Money Delivered to the RecipientOnce PassTo processes the transfer, the money will be delivered to the recipient's bank account in India. The time it takes for the funds to reach the recipient may vary, but PassTo strives to offer quick and reliable transfers. It often can be delivered in as little as a few minutes!Sending money from GBP to INR can be a hassle-free experience with PassTo. By following the steps outlined above, you can take advantage of PassTo's user-friendly platform and robust services to securely transfer funds to India. With PassTo, you can ensure that your money reaches your loved ones in India conveniently and efficiently.
As with any other currency pair, the GBP to INR exchange rate fluctuates based on supply and demand on the international market.Inflation rates, interest rates, imports and exports, the political climate, and economic conditions are a few of the key factors that affect the fluctuation of currency values.Rate Increase by the Bank of England is Viewed as DovishEven though the Bank of England is expected to raise interest rates by 75 basis points, which would be the biggest increase since 1989, economists predict that policymakers will take a more dovish stance in the future as the likelihood of a recession rises. As U.K. inflation reached a 40-year high of 10.1% in September this year, the Bank is anticipated to increase its main lending rate for the 8th time in a row. However, slower growth momentum and a significant change in fiscal policy are expected to limit calls for further aggressive monetary tightening. The new prime minister, Rishi Sunak, dropped the controversial tax cuts at the centre of his predecessor Liz Truss' fiscal policy plan, so there is no longer a conflict between monetary and fiscal policy.The government's U-turns, which reduced market turbulence, mean that the Monetary Policy Committee (MPC) of the Bank won't have to counter the additional inflationary impact of government policy as it considers the possibility of future weaker growth.In light of what is likely to be a less generous household and business energy cost assistance scheme under Sunak, Goldman Sachs economists on Monday downgraded their 2023 U.K. growth predictions from an annual rate of -1% to -1.4%.Following Liz Truss' dismal fiscal policy statements in late September, the pound hit a record low versus the dollar. However, with Sunak's appointment and his decision to keep the more moderate Finance Minister Jeremy Hunt, the pound has since recovered somewhat.Sending Money Overseas When sending money to a foreign country, you need to take the current exchange rate into consideration. Take, for instance, the case of sending money from the UK to India. When you send money to India at a time when the exchange rate is favourable, the amount of money that your recipient receives will be higher.Today’s GBP to INR exchange rate (as of November 27, 2022) is 98.7572 INR per 1 pound as per Pound Forecast.GBP to INR 2023 Forecast Monthly GBP to INR Forecast 2023 MonthOpenMin-Max in INRCloseAveragedJanuary 1 GBP/102.05 INR102.05-106.691GBP/105.11 INR103.98February1 GBP/105.11 INR101.99-105.111 GBP/103.54 INR103.94March1 GBP/103.54 INR98.92-103.541 GBP/100.43 INR101.61April1 GBP/101.09 INR99.43-102.451 GBP/100.94 INR100.81May1 GBP/92.09 INR97.53-100.941 GBP/99.02 INR99.61June1 GBP/99.02 INR99.02-102.421 GBP/100.91 INR100.34July1 GBP/100.91 INR96.41-100.911 GBP/97.88 INR99.03August1 GBP/97.88 INR94.93-97.881 GBP/96.38 INR96.77September1 GBP/96.38 INR95.97-98.891 GBP/97.43 INR97.17October 1 GBP/97.43 INR95.49-98.391 GBP/96.94 INR97.06November1 GBP/96.94 INR96.18-99.101 GBP/97.64 INR97.47December1 GBP/97.64 INR93.84-97.641 GBP/95.27 INR96.10Source: Pound ForecastEven though you can send money through your banks, this is not the best option for sending money abroad. The good news is that the market is flooded with companies specialising in money transfers.PassTo is one such company that offers money transfer services from the UK to several countries and could be your best option for transferring money from GBP to INR. It is a London-based money transfer app that was introduced in late 2019 to offer simple, affordable money transfer services that save time, effort, and money. It primarily targets expats living in the UK.Reasons to Choose PassToPassTo has a lot to offer when it comes to transferring money:Easy Sign-up processSend money to friends and family in over 60 countries worldwide, and expandingGet the best exchange ratesTransfer money with no hidden fees Get discounted pricing for new usersFree First 2 transfers FCA regulated secure platformGet your money transferred in just a few minutes or same day/next business daySend Airtime Top-ups to 150+ countries in real-timeSend up to £2,000 per dayEarn money using PassTo Rewards ProgramMultiple payments and delivery methods24/7 customer service via email, phone, or in-App chatTrust score 4.6/5 stars on TrustPilotPassTo FeaturesTransparent Pricing and Competitive Exchange RatesPassTo fees are always shown upfront before you make your transfers. Do note that the fees will vary based on the destination country, the payment method, and the delivery method.PassTo uses an in-house algorithm that compares the exchange rates on behalf of its customers to provide the best exchange rates when sending money abroad. Even though there are several variables that affect the rates, you'll be able to view the best rates for the currency corridor you've chosen so that you can estimate how much money your recipient will receive.Faster Transfer PassTo can deliver your money in as little as a few minutes, making it one of the fastest transfer services available. For some countries, it can show up the same business day or the day after.Higher Sending LimitsYou can typically send up to £2,000 per day, £10,000 per month, and £50,000 annually. However, the limits will vary from country to country.Multiple Payment Options You can fund your transfers using debit cards, bank transfers, and credit cards.Multiple Delivery MethodsTransfer money to bank accounts, mobile wallets, Cash Pickup agents, and airtime top-ups. PassTo Rewards ProgramRefer your 3 friends to PassTo and earn a £50 gift when they make their first transfer of at least £200 each. Your friends will also get a £5 gift each. You can visit their website to learn more about their rewards program.How Do I Transfer Money Using PassTo?Here is a step-by-step guide to transferring money using PassTo:Download the PassTo app from the App Store or Google Play Store or visit their websiteSign Up & create an account Verify your account Set up your preferred payment method Enter details about your recipient Verify the transfer details Press Send!Track your transfer in the app itselfBy using PassTo, you can send money internationally with transparent fees, the best exchange rates, and a platform that is both safe and simple to use. Use PassTo to send money from the UK to India today!To compare all exchange rates, fees, and transfer speeds, use our online comparison tool for GBP to INR here.
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