The United Kingdom leads the world’s net exporters of financial services. Its capital, London houses several headquarters of global banking institutions and fintech innovators. The Pound Sterling is quite famous in the foreign exchange market with millions of residents in the Kingdom. If you want to send money between these two countries, you will need to know some key features of the service providers available here. Generally, dozens of international money transfer providers are available but each other has a special feature that distinguishes it from the others. According to a survey, XE offers more speed than most providers while Wise and VertoFX offer the affordability of fees and no hidden charges.
If you are looking to send funds to a receiver in Singapore, this guide provides information on the best way to send money internationally, in terms of speed, safety, and affordability.
Methods of money transfer
There are two categories of sending money out of the kingdom; the cheapest and fastest ways.
For cheapest transfer
Charges are based on the type of transaction and the amount sent to the beneficiary. With its headquarters in London, Wise is an online platform with relatively small charges and competitive exchange rates without hidden charges. It takes at least one day for receivers to get the money sent. For further information about how exchange rates works, visit its website.
For fast
Speed is a significant factor in international money transactions. Persons who wish to send funds out to Singapore must consider the processing time when choosing a provider. XE offers the quickest services among other providers that allow SDG to GBP currency transactions. Registered with FINTRAC, it has a Money Transmitter license from New York. Takes at least 3 working days to process all transactions.
Other methods of transfer
If you do not want to use online service providers, you can choose to send from a local Bank account or use an international wire transfer.
Bank account transfer
Transferring with banks and international wire transfers is a common method as they provide security and are considered convenient. The cons of using these methods include slow processing time, hidden charges, and exchange rate markups. It usually takes at least 1 to 2 days to process a transaction, and in the case of an error, even longer than a week.
International wire transfer
Transferring by an international wire transfer sometimes requires a SWIFT or BIC code to initiate the transaction. There are sites online that offer information on SWIFT codes and a calculator to find the right one for you. For individuals who do not mind the processing time, this method is safe and reliable. They can use rate alerts to find more favorable exchange rates to use when they want to transfer a large sum of money.
Requirements
The following are requested to initiate a transfer overseas.
- Name and address of the receiver
- Account number, bank routing number, etc.
- Name and account number of the sender
- Purpose of transfer
- Relationship between sender and receiver
Available payment methods
Although service providers allow deposits and transfers using various payment methods, they do not all provide every available method. The commonest methods of payment are bank account transfer and credit/debit card payments.
Paying with a credit card
For users who want to transfer their funds yet avoid many charges during transactions, Wise is a provider that allows payment with a credit card. It is simple, less stressful, and does not cost much. For more details on how to do this, visit their website.
Paying with a debit card
With XE, you can transfer funds online, paying with your debit card. This is similar to using a credit card, but it is advised one obtain more information on the process and the charges it attracts.
