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When you need to send money to the UK, Regency FX will help you achieve the most from the currency you are converting.
As an independent currency specialist, we have lower overheads than the banks enabling us to pass on the savings to you. So, whether you need to transfer money to the UK or send money abroad from the UK, Regency FX is here to help you.
We can also discuss and agree on the right time to exchange your money rather than using a bank or online-only system and having to accept the rate they give you on the day. Regency FX is committed to keeping the cost of sending money affordable and can assist with UK international money orders.
There are four simple steps when sending money to the UK which are: identity check, get an exchange rate, make your payment and finally your money is sent to the UK!
Identity check. In line with the Anti-Money Laundering (AML) Regulations, all money transfers are subject to identity checks. This is to protect you and the sender from falling foul of organised crime and to ensure your UK bank transfer ends up where you intended.
Exchange rate. At Regency FX we will ensure you get the best exchange rates possible on the proposed date you are sending money to the UK. Because we carry out many UK bank transfers every day you can be sure the very best rates are secured for your UK bank transfer.
Make your payment. To send money to the UK, simply complete the details of your UK bank transfer and the money is sent to the intended UK recipient.
The two main costs involved are:
Most banks will charge transfer fees however most money transfer companies do not.
Exchange rates are not standard as each company will set their own rate, usually the more money you want to transfer the better the exchange rate.
With bigger transfers the exchange rate normally stings more than the transfer fees,
Some banks will even charge two transfer fees, one for the sending bank and one for the receiving bank.
You will need: the name on the account, a UK bank sort code and a UK bank account number.
The sort code is 6 numbers and the bank account number is 8 numbers.
If the account number is only 7 numbers, then you will need to add a 0 at the front of it.
The timeframe can change depending on what banks are used, different time zones and public holidays.
Generally, it takes 1 to 2 working days for a EU to UK money transfer to go through.
From the US it usually takes 2 to 3 working days.
It can take 3 to 5 working days for other countries outside these areas.
No matter if you chose to use a bank or money transfer company then the payment will go through SWIFT.
SWIFT is a secure way of transferring money across the world.
There are three ways in which you can send money to the UK: cash transfer, debit or credit card and bank transfer.
Cash transfers are the fastest method however there are limits on how much you can send.
With a cash transfer your money can be at the desired location within an hour and you do not even need a bank account to do it!
The popular cash transfer companies are, Xoom, Azimo, Ria and Remitly.
The next method is to send money via a debit or credit card.
This can be deemed as safer than a cash transfer.
This method is known for the smaller amounts like a cash transfer as it is not as cost efficient as a bank transfer.
Bank transfers are the last method, these are generally the most cost-efficient way of sending money to the UK.
Money transfer specialists can assist you with these transfers.
Currently there is not a limit for how much money you can send to the UK.
Banks tend to set their own limits.
The banks limits are normally £50k to £100k daily.
When you need to send large amounts of money this can be a pain as it will take you much longer and cost you more money.
Money transfer specialists do not have daily limits, this is the better option when sending large amounts of money.
Finding the best exchange rate can be tricky as the rates are moving around every few seconds.
The better the exchange rate, the more money you save.
However, not all of the rates that you see online are real rates.
Companies such as XE, DailyFX and Oanda will provide live rates however these rates are not actually available to customers.
They are known as ‘interbank rates’
This means that only the banks and large financial constitutions can use these.
Not even large corporations that trade in the hundred million a day can use them!
It is best to get a direct quote from a money transfer company or a bank to ensure the rate is real.
When comparing different companies, make sure you do it at roughly the same time so the comparison is accurate.
Many people know about the transfer fees but they forget about the exchange rates.
Exchange rates are not a standard rate.
They vary depending on what bank or money transfer company you use.
A small change can affect the exchange rates massively.
UK banks do not offer competitive rates.
Some people are not aware of what they have even been charged for by their bank for a SWIFT transfer.
The big banks charge 3-5% in exchange rate costs on a SWIFT transfer.
It also depends on the amount of money you are sending, usually the larger the amount of money, the better the rate is.
Exchange rates tend to be more costly than the transfer fees.
For example, with a SWIFT transfer of £240,000, if the bank had a 3% exchange rate margin, then you will be charged £7,200 off the exchange rate.
That is a lot of money to be paying in costs!
Banks will not help and guide you with a SWIFT transfer.
As the rates are changing constantly, choosing the right time to make the transfer can be very important.
Many money transfer companies will help you pick the right time and let you know what is happening and if the rate moves in your favour.
The better the exchange rate, the more money you will have in your pocket.