Sending Money Overseas Guide
Money can be sent ‘home’ if it is part of your taxable salary. Many options are offered to you and you will need to compare which has the best exchange rate, lowest fee and is the fastest.
To transfer money several options are opened to you:
Transfers can be completed at your bank branch or by phone. Most banks don’t allow for international transfers via internet but check with your branch. You can transfer money to a local account using online banking.
The SWIFT system used by banks in the UK and around the world transfers your money to a foreign account within 5 working days. Fees are charged for transfers outside the EU and vary according to your financial institution. SWIFT is also referred to as BIC (Bank Identifier Code). You will need your SWIFT or BIC code, located on the recipient’s bank statement, to make a transfer. You will also need the recipient’s International Bank Account Number.
Currency Brokers and Agents:
You can find lots of them in yellow pages, via the web or look in our main bank section. Start the process by monitoring the exchange rate, then call your broker and purchase the amount you need transferring. The agent will buy the money for you and transfer into your overseas account.
Western Union and Moneygram
These two reliable international companies allow you to transfer money fast. To send more than £600 with Western Union you must have proof of identity. More than £2,000 will require two forms of identity. You can also send money over the phone and online. For more information consult: http://www.westernunion.co.uk
Moneygram is a slightly smaller operation working pretty much in the same way. Money grams operates international money transfers from local Post Offices or via Thomas Cook agents, http://www.thomascook.com/money/moneygram.
This system was set up by eBay for their bidders, but it has become a successful online system for everyone. Fees apply when receiving money but not when transferring. For transfers up to £1,500.00, the fee is 3.4 percent of the transfer plus 20 pence per transaction.
The consumer rights magazine “Which” has compiled advice and reviews on money matters. Check http://www.which.co.uk/money/