The idea of transferring large currency transfers can seem to be a scary one especially when you need to send it for buying property, for an inheritance, or financially to help your family and friends. If you need to send money abroad you must want a process that is safest, as well as cost-effective. There are multiple ways to exchange large sums of currency abroad. It may depend upon you whichever you find the best as per your needs. In this article, we will cover the best available ways to send money overseas.
Money Transfer Service
It has been around 40 years since the existence of various money transfer services. And hence these offer the most secure and fast way to exchange large sums of currency. The best part of using these services is that the whole process takes place online from signing up, selecting payment, verification process, and tracking payments. They are pretty safe to use and are regulated and authorized by the Financial Conduct Authority (FCA) to transfer funds from the UK. Usually, these services transfer money within 3 days of starting the process. Their fees are quite lower than banks just because they don’t have expenses of physical offices.
Bank to Bank Transfer of Money
Using a bank-to-bank transfer method you can send money from a local bank to any bank account operating abroad. A comparatively higher fee is charged by the banks and it may also include the overseas payment delivery charges to be charged by the receiving bank. Even a very large amount of money transfers can be organized using this method and it is possible over the phone as well as in person. If you have faith in your bank and don’t dare to use any other method plus you are ready to face their transfer charges, bank to bank transfer is best for you.
P2P (Peer to Peer Transfer)
This is a completely different method compared to the other traditional methods of large currency transfers. Multiple companies make use of these methods for transferring money overseas and for this, they match people selling currencies in one country with the people buying currencies in another one. A P2P transfer may often be quick as there is the least involvement of banks. Another advantage of using this method is there is no chance of any hidden fee which is otherwise charged in the name of a correspondent bank fee.
Cash Remitters for Smaller Amounts
If you want to transfer amounts under £2,000, you may find this method useful as the cost involved in this type of transfer is comparatively low. This method is ideal if you have a frequent requirement for small amounts of money transfers.
If you are completely familiar with digital currency, bitcoin can be the ideal option for you. For this, you need to set up your wallet with a bitcoin agency and fund it with British pounds. This amount is then converted into bitcoin and sent to the other person in the form of digital currency.
There are multiple more ways to make this transfer possible however, we have provided you with information regarding the best ways for large currency transfers.