Send Money to United Kingdom

Margin Rate: 0.7%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
Margin Rate: 0.8%
Minimum Transfer: £2000
Transaction Fees: £0
FCA Regualted: FCA Regulated
Margin Rate: 1%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated

Countries in United Kingdom

Send money transfer to United Kingdom

The United Kingdom (UK), whilst continuing to use its currency the pound sterling (GBP) and not the single currency the Euro is still bound by European Union (EU) rules. This requires the free movement of capital throughout the EU and therefore there are no transfer restrictions to and from the UK. Having one of the leading financial centres in the world as its capital, individuals should have little problem sending any foreign currency for conversion.

For simple transfers to the UK, there are different options available:

Provided the recipient has a bank account in the UK a bank transfer will be the easiest method of sending cash.

If you want to send cash without using your bank account or if you do not have one yet, you can opt for a worldwide money transfer service via a Money Sending Bureau. These establishments found in major cities around the world and they allow you to transfer money to The UK. With this option however you will need to pay a significant commission on the transfer and it is worth looking around as fees can vary between just a few percent as high as 15% of the sum being sent. These institutions also often comparatively poor exchange rates so again the total costs need to be considered.

The procedure is however relatively simple: You take the money you would like to transfer to an office in cash. You have to fill in a form, pay the service fee, and show a valid ID. Alternatively, you can process your money transfer online. Once this procedure is done, the recipient can pick up the money at another office simply by showing his or her own ID. With the transaction number you receive, you can track the status of your transfer online.

A third option is to use a foreign exchange broker to send money to the UK. These companies shift huge volumes of currency around the world and therefore come with a couple of significant benefits. They are usually more competitive than the high street banks offering a better exchange rate and depending on the amount being transferred and the frequency of trade, lower fees. They will usually move your funds quicker than a bank or Money Sending Bureau meaning the funds will reach the destination account much quicker. They will often offer a more personalised service which is important if your transfers are ongoing.

The usual downside however is that with most brokers there are minimum levels involved so they may be only suitable for businesses or individuals moving more significant sums of money.

Bank Note System
Pound sterling banknotes are printed in denominations of £ 5, £ 10, £ 20, and £50. Coins are available in values of 1, 2, 5, 10, 20 and 50 pence, and £ 1 and £ 2.