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    The Best Money Transfer Companies in the United Kingdom & Why You Should Be Using Them
    11-11-2020

    The Best Money Transfer Companies in the United Kingdom & Why You Should Be Using Them

    Over the last decade, money transfer services have been steadily growing in popularity. There are a multitude of reasons for this and most of them are to do with the fact that technology is transforming how we live, how we work and how we travel. The rise of the internet has turned the world into what many people now refer to as a global village. Continued technological advancements have an increasing impact on both our view and approach to the world, and it is clear that this trend will continue into the future. And if it is indeed money that makes the world go round, it makes sense that how we deal with money is changing too.

    As a result, money transfer services and currency brokers have become the new norm, with over 100 companies in existence in the United Kingdom (UK) alone today. This article has been put together in order to let you know what money transfer companies are, the benefits of using their services and, to provide a comprehensive guide to what the best options in the UK are.

    What are Money Transfer Companies?

    As you may have already presumed, money transfer companies allow you to transfer money to an overseas bank in any currency you so choose. This means you can exchange your local currency to any foreign currency and transfer the money to another person, business or, even another account owned by you in a different country.

    How Do They Help You Save Money?

    Simply put, money transfer services can help you save money because, unlike certain bank service providers, they make it simple to understand how much you will have to pay for the transfer, and exactly what exchange rate you will receive. This means you will never send or receive money only to realise that you have had to pay more than you bargained on the exchange rate and/or other additional fees.

    What Added Values Do They Offer?

    Money transfer companies are available to everyone as there is no requirement to have a bank account. Most of these companies know that we are living in a technology-driven world and so, they allow you to send and receive money straight from your smartphone. If transferring money through an online system is not to your preference, often you can make a transaction either over the phone or via email.

    In addition, if you are using money transfer services as a small business or as an online seller, you will have the ability to have multi-currency accounts, which allows you to obtain payments in a variety of currencies and then quickly exchange them to your local currency. Furthermore, money transfer companies often provide expert advice on the currency markets and allow you to access to FX hedging tools like Forward Contracts, which can help you lock today’s rate for future use. Ultimately, the existence of money transfer companies means you can now safely and cheaply transfer money to international destinations.

    The Best Money Transfer Companies in the UK

    Once you realise the potential use of money transfer companies in your life, there comes the predicament of choosing which option is best for you. There are so many to choose from that it can be a daunting task. How do you know if you can trust them? Will you be charged additional fees you were unaware of? Will I get my money back if something goes wrong?

    Luckily, we have compiled a list of 10 money transfer companies in the UK in order to make it as easy as possible to decide which transfer service you would like to use. So, without further ado, let’s take a look at a selection money transfer companies in the UK in order of recommendation...

    #1 Revolut


    Revolut is a British financial technology and banking services company that has its headquarters in London. It originally started as a travel card that gave you access to cheap exchange rates and is quickly becoming one of the most popular bank transfer services in the world. They claim you can top-up your account with several currencies, making it the perfect option for those of you who are constantly moving between countries with different currencies. It is also completely free to set up and maintain your account, with a one off payment to order your physical card.

    - What Do BritainReviews Users Say?
    The one user who left a review offers up lots of praise for Revolut and was clearly impressed with the service. The review points out that the service was safe, secure, and incredibly simple to use.

    #2 MoneyCorp

    MoneyCorp is an international company that offers foreign exchange as well as global payment services to both individual and corporate customers. While their head offices are in London, they exchange currency all around the world. MoneyCorp takes security very seriously and is authorised and regulated by the Financial Conduct Authority (FCA) for the provision of payment services.

    MoneyCorp is a tried trusted option, having been in operation as a high street currency dealer since 1979. It has more than earned its reputation as an honest company that puts the needs of its customers first.

    - What Do BritainReviews Users Say?

    The one online review highlights that the customer service will do their utmost to assist you with whatever needs you may have, but advises you to be as clear as possible when contacting them in order to receive the best possible service.

    #3 FairFX



    FairFX promotes itself as the only card you need for travels, and with 35 million locations in over 190 countries, it is not hard to see why. FairFX is primarily based in London and prides itself on expert and human customer support that is available 7 days a week, 365 days a year.

    They underwent a brand refresh in 2020, launching a new multi-currency card to adapt to their customers wants and needs. Furthermore, they were voted the nation's most recommend payment services provider by YouGov in the same year.

    - What Do BritainReviews Users Say?
    On this occasion, the one reviewer has been using their services for 3 years and is highly complimentary for the fact that they have had no issues in this time. A happy, long-term customer is usually a great sign.

    #4 OrbitRemmit

    OrbitRemmit offers a fast, safe, secure, and cost-effective way for you to transfer money overseas. This multi-award-winning company processes millions of transfers a year, has 24-hour customer services, and allows you to track the status of your transfer every step of the way. Their aim is to make the money transfer process as simple as possible and ensure that there are no hidden fees. They also guarantee that their exchange rates are fixed, meaning that the rate you see will be the rate you get.

    - What Do BritainReviews Users Say?
    The one user review recommends OrbitRemmit based on their reliable and speedy services, suggesting they are great option for international money transfers.

    #5 XE Money Transfer

    XE Money Transfer is best known for its online international money transfers, strong customer support and leading online exchange rate tools. They oversee money transfers in 60 currencies to over 170 countries, making them an efficient, safe and ultimately, inexpensive method to transfer money abroad. They are fully regulated in the UK, which means that they are required by law to to keep your funds safe and secure.

    - What Do BritainReviews Users Say?
    One reviewer loved the fact that they were assigned a personal advisor who explained all of the various options available. They were also satisfied with the email confirmations, which gave them confidence in the money transfer process. Another reviewer was also happy with their services but did raise the fact that it took longer than expected. However, they did suggest that this could have been because they were a first time user.

    #6 TransferGo


    TransferGo was launched in 2012 and has since built an impressive network with over 30 bank partners. They claim to offer low-cost, fast and secure global money transfers. They allow you to pay for a faster delivery option – and by fast, we mean fast – with the transfer arriving in 30 minutes. And if speed is not an issue, you can choose to pay no fees for a slower transfer, which usually takes up to 3 business days.

    - What Do BritainReviews Users Say?
    Five out of six of the reviews are positive, with users praising the service for being fast, safe, cheap and trustworthy. Two reviewers also pointed out the referral system, which allows you to earn a free £10 on your first transfer. The one negative review describes them as unreliable, claiming that their money didn’t transfer successfully and that they didn’t receive a prompt refund.

    #7 TransferWise


    Transferwise is a London-based online money transfer service founded in January 2011 by two Estonian entrepreneurs, Taavet Hinrikus and Kristo Käärmann. Like most of the best ideas, Transferwise came about due to necessity. Both Hinrikus and Käärmann were paid in one currency but needed to pay monthly bills in another. After months of transferring money the old fashioned way, the pair were frustrated by how much time and money this process wasted.

    TransferWise claim to let you know their fees upfront so you know exactly how much each transfer you make will cost before you make it. In addition, you can easily access their services via their app making this a fantastic option for those of you who need to transfer money on the go.

    - What Do BritainReviews Users Say?
    The reviews featured on BritainReviews are a mixed bag. Three reviewers out of fourteen state that they have never had any issues with money transfers. However, the majority of reviewers suggest you should be cautious before using TransferWise, explaining how they have had issues with delayed transfer times and hidden fees.

    #8 Wirex


    Wirex makes crypto and traditional currencies equal, allowing you to spend your money wherever Visa and/or Mastercard are accepted. You can instantly switch between your crypto and traditional currencies with zero fees making Wirex a great option for those of us who are embracing non-traditional currencies. Moreover, they provide you free ATM withdrawals up to £400 per month as well as no monthly maintenance fees.

    - What Do BritainReviews Users Say?
    Unfortunately, two users explain how had experienced issues in accessing their accounts and were critical of the support they received when trying to regain access.

    Additional Options

    MoneyGram


    MoneyGram is one of largest money transfer providers in the world, operating in more than 200 countries. They provide a cost calculator on their website and app, which allows you to easily work out the exact cost of using their services. We can recommend MoneyGram as one of the most International services around, but if your goal is to save money, we suggest you explore further options available to you before making your final decision.

    Pockit


    Pockit was founded in 2014 with their aim being to make a better current account for those who feel they have been left behind by high street banks. They claim to allow you send money to 29 countries and pay in any currency anywhere in the world that accepts Mastercard. In addition, you can take cash out at ATMs when travelling abroad. They pride themselves on the functionality of their app making this an ideal choice for those of us who like to do all on banking on their smartphone.

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