You will need details from your passport or driver's license to verify your identity. Your service provider will need the recipient's local bank account details. You will also need your bank account or debit/credit card details to pay for your transfer. You will not need the receiver's bank account details if you wish to carry out a cash transfer.
Transferring money into a recipient's local UK bank account is typically the most affordable way to send money to the UK. The processing time may vary based on how you pay, the company you select, and the receiving bank. You may send money to bank accounts in just about every bank in the UK, examples of which include HSBC, Royal Bank of Scotland, Lloyds TSB, Bank of Scotland , Barclays and Santander.
The information you need to send money to a UK bank account includes:
If your top priority for transferring money to the UK is speed, consider sending it to a cash pick-up location. Some of the popular money transfer companies that have a physical presence in the UK include Ria, Western Union and MoneyGram.
|Ria cash pick-up locations in the UK|
Efewen Afro-Carri Supermarket
3b Cavendish Parade
17 Air Street
One Stop Finance Ltd
84 Victoria Road
Desale Gebremeskel Mebrahtu
229 230 New John Street
|Westen Union cash pick-up locations in the UK|
430 The Strand
5 Leicester Square
Unit 1 The Old Fire Station, Aston Street
60 Date End
While the UK has low levels of crime, you should remain cautious of your surroundings. If you plan to collect a large sum of money from a cash pick-up location, try getting it during daylight hours, and consider taking someone along. Instances of pickpocketing in crowded areas are not uncommon, so hold your money with care. Carrying large sums of money is best avoided.
Remain alert when you visit airports, train stations, tourist areas, pubs, bars and restaurants. Keep your belongings in sight at all times. There have been instances of drinks being spiked, so accepting drinks from strangers is not a good idea.
By opening a multi-currency account, you get access to bank account details in various currencies. For instance, if your UK-based business extends its operations to the US or the rest of Europe, you might benefit by opening a multi-currency account that comes with USD- and/or EUR-denominated bank accounts. This also holds true for international businesses that have a presence in the UK, as they can get access to GBP-denominated bank accounts.
You may use such an account to make and receive payments in the currencies of your choice like a local. These accounts give you greater control over your currency exchange, and may lead to savings through lower fees and competitive exchange rates.
Below are names of the leading money transfer companies that offer local GBP banking details through their multi-currency accounts.
|OFX||Global Currency Account|
|Currencies Direct||Multi-Currency Account|
It is possible to top-up prepaid mobile phone credit in the UK from overseas. Xoom offers this service. However, you might end up paying more fees when compared to a bank account transfer. Some of the supported mobile carriers include 3, Vodafone, giffgaff, Lycamobile and Virgin. While WorldRemit and Remitly provide this service in several countries, they do not support it in the UK.
To send money to someone in the UK, you can choose international money wires through the major banks, or via a trusted international money transfer service.
The best way to send money to the UK is to use the services of a specialist money transfer company and transfer the money into the recipient's bank account. You may pay for your transfer using different methods, depending on the company you select. However, paying using a bank account transfer is usually the most cost-effective way. Some of the leading companies that transfer money to the UK include TransferWise, XE, OFX and WorldFirst.