Thursday, July 4, 2013

Sending Money to People in Other Countries

These days there is an ever-increasing amount of people both going abroad for holidays as well as choosing a foreign country as a place to live or retire. 

This increase in the amount of people residing overseas has also meant that there has been a steady rise in the demand for international money transfers from banks and of course independent transfer companies.

In fact, these days most high street banks can transfer money to overseas accounts, as well as the independent money transfer companies that are now found in most town centres. For people that transfer money overseas on a regular basis there are other options and by visiting or other similar companies you can actually set up an account for dedicated international transfers. 

There are however, a few simple things to remember before you set off to the bank or transfer office to send money to your backpacking daughter or maybe even send funds as part of an overseas business investment. Below we will look at a few of these considerations, which will definitely save you time and possible even some money.

Your ID

Before you set off out to the bank or transfer office make sure that you have some proof of identity that you can present to the bank teller or transfer staff. These days all international transfers need proof of ID before they will send funds. This is due to international regulations regarding money laundering as well as the illegal funding of terrorist organisations. If you forget to bring your ID you will quickly find out that you have just made a wasted journey and will have to return home to retrieve it.

Pick your Day

A money transfer can take from 10 minutes to 7 days to reach its intended destination. Most banks however can generally get the money to the recipient in around three working days. So, if you are sending money to someone using a bank, remember that the beginning of the working week will always be advantageous. If someone finds themself in a situation where they are very desperate for cash, it is generally a good idea to pay the extra fees and use an instant transfer service.

The Exchange Rate Margin

If you are transferring larger sums of money overseas for maybe a business or an investment, it’s very wise to check the exchange rate margin. This is how much the service provider is actually taking from the currency exchange. If you are only sending a small amount the rate is not really so important but on larger transfers it can seriously add up. So, before you actually send your money make the calculations to make sure that you are not losing too much on the exchange rate.

Your Receipt

Remember to keep your receipt in a safe place, this will be your only proof of sending if for some reason the transfer does not go through cleanly. Keep the receipt until the person you have sent the money to confirms the transfer. It is just a precaution but if you are sending funds to some of the more remote areas in the world, still a good idea.


An IBAN or an international bank account number is something that you will need if you are sending money to another persons bank account outside of your own country. This number will be on the top of your bank statements next your sort code and will be clearly marked ‘IBAN #’. You will also need to know the IBAN number of the recipient’s bank account before the funds can be transferred.

About the Author:
Currency UK at is a money exchange business that is dedicated in helping clients move pounds in foreign currency across the globe. 

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