Best ways to transfer foreign exchange from the UK

There are different ways and platforms available which will allow you to transfer money from the UK. But there are a few things that we need to take into account before we commit to a specific service. 

You need to take into account the amount you are sending and how often you will be sending it. Because there are platforms that will deliver your money faster but will charge you more. And another platform may not deliver the money as fast but it could be cheaper. The same platform can even offer both of these services. 

There are three ways you can send your funds abroad from UK, they are: 

1. Bank Transfer:

Bank Transfers was the only option to transfer money a decade ago. With the development of technology, transferring funds from your bank account has never been easier. 

You now do not need to go to the bank anymore, you can transfer funds online. Bank Transfers are widely regarded as the safest option by many.

But the problem with being the safest is it is expensive and slow. The exchange rate they will offer will not be competitive. Plus, there could be additional fees involved. 

Pros: 

  • *Safest way foreign exchange from UK.
  • *Convenient for regular transactions.
  • *Great for small transactions. 

Cons:

  • *Expensive fees.
  • *Exchange rate is not competitive.
  • *Takes around a week (4-5 days) for the transfer to be completed. 

2. Foreign Exchange brokers:

Foreign Exchange brokers are a great choice if you are looking to transfer a large sum of money. They are great for one-off payments which are above Three thousand pounds (>3000 pounds).  

Foreign Exchange brokers provide cheaper fees and some even will not charge you any fees if the transaction sum is big enough. Foreign exchange brokers offer the most competitive exchange rates when compared to Banks or money transferring firms.

Pros: 

  • *Excellent choice for large transfers.
  • *Transfer amount >3000 pounds, small to no fees.
  • *Fast transfer.

Cons: 

  • *Transfer amount <1000 pounds, higher fees.
  • *Less protection compared to bank transfers. 

3. Money transferring firms: 

Money transfer firms such as Western Union or Transferwise are great for one-off funds transfers. They offer you a very competitive rate irrespective of the transfer amount. 

It is great for small payments and can be transferred to a bank account or some other option depending on the country you are transferring to. 

Pros: 

  • *Great for small transactions.
  • *Fast transfer process.

Cons: 

  • *While the currency exchange rate may be competitive the fees can be higher than banks.
  • *Less safer compared to bank transfers. 

We now know what are some of the best ways to transfer foreign exchange from the UK. If you are transferring a large number of funds then you can consider Skyline FX

It is one of the best forex broker platforms available at the moment and they claim to save more than 5% for businesses doing their foreign transactions through them. 

They provide live exchange rates, transparent pricing, risk management and there are no hidden fees. So, if you are looking for a forex exchange broker then Skyline FX is the deal.

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