Review of money transfer companies

Review of money transfer companies
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One of the most important things you will need to sort out is how you will transfer money into the UK. In our review we looked at the pros and cons of using a bank Vs money transfer companies which you should checkout.

Here we will look at the benefits and features of the biggest money transfer companies to help you make an informed decision when it comes to transferring funds to the UK.

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Company

Advantages

Disadvantages

Transferwise

 

 

  • Offer competitive exchange rate
  • Can send money to 71 countries including the UK
  • Easy to use online platform
  • No hidden charges and no charges for the receiver
  • Website is in 12 languages
  • Offer a pre-paid debit card so you can take money abroad.

 

  • Cannot pick-up money in person
  • Banks transfers take between 1-3 working days
  • Can only convert 48 world currencies
  • Can only send money from 43 countries
  • Maximum transfer amount varies from currency to currency

WorldRemit

 

 

  • Zero fees on first transaction
  • Regularly run promotions
  • Instant digital money transfer
  • Refer a friend scheme. Both get $75
  • Can transfer money to 150 countries, including the UK
  • Provide online bill payment feature to pay gas, water, electricity etc back home
  • Limitations on Transfer Amount (Max transfer $9,000)
  • No Phone support
  • Transaction purely through online app

Western Union

  • Global coverage – branches in 185 countries
  • Can send and receive money via an agent, online or mobile app
  • 24/7 customer helpline
  • Money transferred within five minutes in most cases
  • Cheaper than using a bank
  • Not all payments methods are available in all countries
  • Transfer fee is generally higher than other money transfer companies
  • Max transfer amount is $10,000

 

Currency Transfer

  • Best exchange price guaranteed
  • No transfer fees
  • Better exchange rate than banks
  • No limit on how much you can transfer in a single transaction
  • Funds take 1-2 days to be transferred  
  • Customer helpline and chat support
  • Track when money will arrive in the account
  • Only operates in 26 countries
  • Only cover 23 currencies (including Sterling)
  • Minimum transfer amount is £1,000
  • Most competitive on amount over £5.000
  • Only offer online transactions or bank transfers
  • Can only send money Mon – Fri
  • No Android and iOS smartphone or tablet app
  • Supporting documents like an ID may be required when you sign up for an account
  • Only supports bank-to-bank transfers

 

 You may also want to read:

How to open a UK bank account

UK banking terms explained 

Review of banks Vs Money Transfer Companies