For anyone looking to send money abroad, the number one priority has to be to do it securely, ensuring that all your cash gets to its recipient intact. You also need to consider the fees involved in these transactions so that the amount of money you send is not eroded by the cost of the transfer.
There can be many reasons why you need to send cash overseas. It might be emergency money to help someone out who may have had their credit cards and foreign currency stolen. Or it could be a large sum of money for a big, planned purchase such as a holiday home.
Make Sure Your Money Gets There Safely
As with many areas of finance, moving money abroad is open to being targeted by fraudsters. So even if you are in a hurry to complete a transaction quickly, take the time to use a reputable and trustworthy company.
Paypal
As long as both parties have an email address, PayPal is an excellent way to send money overseas and at speed. If your accounts are already set up, then the money will arrive almost instantly into the recipient’s PayPal account. From the comfort of your own home, it takes just a few minutes to tap into the details. The cash then needs to be transferred to a bank account to be withdrawn.
Other Options
Your own bank is also worth thinking about and offers peace of mind. UK banks will often have a link to a bank abroad, allowing you to transfer money with no fees. If, for example, you are a parent with a child traveling or working abroad, then it can be a good idea for you to set this up before they go so you know you have a secure and quick way of getting cash to them. If your current bank doesn’t offer the service then it could be worth moving to one that does.
It’s also possible to send money abroad to someone without a bank account, or someone without easy access to one, perhaps because they are living somewhere remote.
In this situation, you can go to a money-transfer company. Well-known names include MoneyGram and Western Union. They allow the recipient to collect the money at one of their agent locations, which can typically be found widely abroad.
For convenience, you can do the transaction at an agent, on the telephone, or via the internet. It’s important to know, however, that you will not be protected by the Financial Services Compensation Scheme as money-transfer companies are not covered. That means you may not get full compensation if anything goes wrong with your transaction.
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