Do you need your parents to send you money from outside the UK to help with you costs while you are studying? Are you working in the UK and need to send money back to your family in your home country? Or are you running a business and need to pay your employees located in a foreign country? Just read on…I will introduce you to something way better and cheaper than standard (local bank), MoneyGram, WesternUnion, Post Office or PayPal international transfers.
I am currently living in the UK but my parents are still living in my home country. I have never actually needed to do or receive any international transfers as I was lucky to get a job soon after I started my studies and could support myself from the start. I had my foreign Debit card with me and in emergencies my parents would transfer some money to my foreign account (local transfer for them) and then I would withdraw cash from my foreign Debit card using UK ATM. My bank does not charge me that much – around £2.5 for each withdrawal and 3% conversion fee, but beware that this rate could be way higher with your own foreign cards! Unexpected things do happen and my dad ended up crashing his car this winter leaving my family without means of getting to and from work. As they are still supporting my younger sister, they had no spare money so could not really afford to buy a new car. Since I have been in employment for almost 4 years now I wanted to help them out, but the important question quickly came to my mind – how do I now transfer them my british pounds to their foreign account without paying too much commission? I did an in-depth analysis of all major international money transfer services and found a brand new service which is fast, secure, super easy to use and cheap! It is called TransferGo.
How much does it cost?
You only pay £2.50 transfer fee (regardless of any amount) and depending on the amount 1.3-1.5% currency exchange rate per transaction. Money will be automatically converted to recipients local currency and transferred directly to their account the next business day! Everything is done online – no need to leave your house and you will always know exactly how much money the person will receive before you proceed with your transfer.
Is it really cheapest?
Definitely yes, I have compared a price of transferring £500 using all providers and TransferGo was the cheapest of them all.
What are the limits?
You can transfer up to £5,000 equivalent of cash in one transaction. Initially the limit is set to £750 and two transactions per year maximum, but once you verify your identify (can simply upload a photo of your ID / passport) the limit is lifted. This is due to money laundering laws. There is also a limited list of countries you can send or receive money from. Here is the current list of countries which support cheapest money transfers from and to the UK:
- United Kingdom
Any special offers?
For limited time only, TransferGo are offering one free of charge transfer for all new users. All you have to do is to follow this link and register for a new account.