From 1st January 2021 the rules has changed for EU citizens visiting, working or studying in the UK.!
Newcomers need to apply for a Work Visa or in some cases a Student Visa.
Read more about it here
There are various ways to transfer money abroad. Learn how you make a transfer by your bank, online transfer services and other money transfer companies with cash in hand options.
International money transfer through your bank
You make an international payment via online banking or at your bank’s branch in person. The fee for the transfer is around £10 – £25. You’ll also be charged around £5 by the receiving bank you are sending the money to. It is automatically deducted from the total amount of money you have transferred. Charges vary by banks.
The transfer time takes approximately 3 business days.
To make an International Payment, you’ll generally need the following:
- The full name and full address of the person you are sending money to (the recipient)
- The recipients International Bank Account Number (IBAN) or their account number
- The name and the address of the recipients’ bank ( Including the BIC – Banking Identifier Code)/ SWIFT code/ clearing code
Wise online transfer
Online or Mobile app money transfer service. Reliable, fast, low fees, best Mid-Market exchange rates. Download or visit Wise.
The fees are: conversion fee about 0.35% – 5% and a flat fee about 65p – £2.
For example: Sending £100 in Euro, the fee is 0.35% + 80p that is £1.15.
The money transfer can take a few minutes to 3 business days.
To make an international transfer, you will generally need the following: The recipient’s name, email address, recipient’s bank details. If you do not know the recipient’s bank details, then their email address will be sufficient. Transferwise will send an email link to the recipient, where their bank details can be added. Both parties will receive a confirmation email.
At Wise you can also benefit from a contactless debit card that can be used in the UK and abroad, with excellent conversion rates and free card payments within the EU. You can also add multiple currencies to the card such as British Pound, Euro, US Dollar, Canadian Dollar, Australian Dollar, South African Rand, Japanese Yen, Indian Rupee, Nigerian Naira, Kenyan Shilling, etc.
Azimo online transfer
Your first two transfer are free! Transfer money internationally online for free of charge of your first two transfers after signing up with Azimo.
The transfer time is about 24 hours on business days. Transfer fee is about £1.49.
Western Union express service
Reliable, fast service. Services are available online and at High street shops including some Post Offices, Travel money services and Off licence local shops. For online transfer or to locate a shop, visit Western Union website.
Transfer takes approximately 30 minutes.
Transfer and receiving options:
You can transfer money online directly to the recipient’s bank account or to receive it in cash at any Western Union service provider. Online payments can be made by bank transfer or debit or credit card.
You can also make a cash or card payment in person at any Western Union shop.
Fees are between £1.90 – £30 depending on the amount transferred, the method of payment and how the money is received.
To make an international transfer, you will generally need the following: The recipient’s name and address. You will receive an MTCN number, which should be given to the recipient. To collect the money in cash at a Western Union service shop, the recipient will need the MTCN number and his/her identification document, e.g. ID card, Passport, Driving licence.
Other Money Transfer Services
You can use a Paypal account to transfer small amounts of money e.g. less than a few hundred pounds (Both the sender and the recipient need to have an account). Visit www.paypal.com to find out more. You can also use MoneyGram services.
Opening a bank account in London