Transferring money to another state used to be a massive task. Fortunately, the days of sending large chests of gold coins on creaking old ships are long gone, as are the days of sending cheques abroad and sending ‘telegraphic transfers.’ Yes, money transfers are easier nowadays, but there are still lengthier, more expensive solutions as well as quicker, more reasonable ones. We’ll cover all you need to know about sending money to the UK from Asia in this article, including typical prices, helpful hints, and the best methods.
There are various reasons for people to send money across borders, including:
- Relocating to another country.
- Holidays.
- Transactions in business.
- Money is given as a gift to family and friends.
- Purchasing a home in another country.
To send money to the United Kingdom, you’ll need to have the following details.
- Account number and name.
- Sort code for UK banks (6 figures).
- Account number at a bank (8 figures).
Ways of sending money
There are several ways one can transfer money from Asia to the UK. You don’t need to utilize a bank to send money to someone’s bank account in the United Kingdom. It’s only one of the alternatives available to you. Banks, P2P (peer-to-peer) currency exchange platforms, and foreign exchange brokers are the three most common choices nowadays. Let us go over each one with you. These include the following;
Using a bank to transfer funds – This is the standard option. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) network allows you to transmit an international wire transfer from one bank to another. The SWIFT network includes over 10,000 banks in over 200 countries, making it quite extensive. It is, however, a somewhat costly option. Costs levied by the sender and the recipient banks, as well as any fees charged by the intermediary banks and financial l institutions, are frequently associated with SWIFT transfers. There can be up to three intermediary banks involved unless the source and receiving banks have a close relationship. Furthermore, banks typically apply a markup to the exchange rate, which is typically 4-6 percent higher than the mid-market rate (the one you see on Google).
The cheapest methods to transfer money
Using a peer-to-peer currency exchange platform to send money – The emergence of internet-based peer-to-peer foreign currency exchange platforms has shaken up the market dramatically in the last decade. These platforms are typically far less expensive than bank services because they use the real-time, mid-market exchange rate and incur meager costs. Importantly, these businesses provide a high level of security, as the Financial Conduct Authority has authorized and regulated every competent peer-to-peer platform operating in the United Kingdom (FCA). These services are known as ‘peer-to-peer’ since they pair you up with someone from another country.
Using a foreign exchange to send money busted– If you’re moving big sums of money abroad, such as more than $4,000, foreign exchange (FX) brokers can help. They charge fees for their services, although, for larger transfers, these fees are usually waived (or reduced). FX brokers add a markup to the exchange rate as well, but it is often far lower than the markup applied by banks. The ability to put up a forward contract is a major advantage of using an FX broker. This implies you may plan future foreign money transfers using today’s exchange rate, avoiding any unfavorable fluctuations.
Best companies to use when transferring money to the UK
- TransferWise, Initially known as Wise.
- WorldRemit.
- Western Union.
The amount of time it takes is mostly determined by the source of funds. Sending money from the EU to the UK normally takes 1-2 business days. Transfers from the United States usually take two to three days. It can take 3-5 working days from any other country.
