|Minimum Age||18 years|
It is a way to send money abroad and is sometimes called a wire transfer.
Using a money transfer company is often the cheapest way to send money abroad, and can sometimes be free, because you save on the transfer fees charged by banks.
The best money transfer will offer you the highest exchange rate for the money you want to send abroad.
You can use an online money transfer to move money on the:
Same day: Have your money delivered to another country within one day
Next day: Have your money delivered to another country by the next working day
You also get the choice of sending a:
Single payment: Send your money to get delivered abroad once
Regular payment: Send your money abroad on a regular basis, such as monthly or yearly
Most money transfer companies only charge a fee or commission if you choose to have your money sent the same or next day, with other transfers taking up to two weeks.
Choose a money transfer company to open an account with. Then, depending on the one you choose, transfer your money:
Online: By logging into your account and setting up the transfer.
Over the phone: By giving your account details and setting up the transfer you want.
Via an agent: By visiting them, if the company has a branch, and setting up your transfer that way.
Use this comparison to find a company that offers your preferred transfer method before you open an account.
Yes, because most money transfer companies have cheaper transfer fees than traditional banks.
Most take three to five working days, although they can take up to two weeks. Check with the transfer company before you send your money.
This depends on the transfer company, so use this comparison to find one that lets you send money to your chosen destination.
Yes money transfer companies can transfer funds overseas and usually have a list of countries they can transfer to.
They deduct their costs from the interbank rate (the rate banks use to exchange currencies with one another) to give you a personalised rate.
Some transfer companies only let you send money to an account in your own name. Check this before sending your money to avoid any delays.
Yes, your money is kept separate to a transfer company's operational money, meaning you have a better chance of getting your money back if they go bust.
We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.
You do not pay any extra and the deal you get is not affected.
Last updated: 23 September, 2020
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