Send Money To United Kingdom
The United Kingdom (the UK) consists of England, Wales, Scotland, and Northern Ireland. With 64.1 million inhabitants, the UK is the 22nd most populous country in the world. A key global player diplomatically and militarily, the UK plays leading roles in the EU, the UN, and Nato. Although the UK is a member of the EU, it is not part of the Eurozone and looks unlikely to join in the near future. This means that is does not use the European currency, the Euro. The United Kingdom is the sixth largest economy in the world and maintains a great deal of economic, cultural, military, scientific, and political influence around the world. Unsurprisingly, thousands of transfers take place all around the world on a daily basis that sees money being transferred to the UK.
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Currency and Foreign Exchange
The UK’s official currency is the pound sterling (GBP), or the pound, as it is more commonly known. The pound is also the official currency of Jersey, Guernsey, the Isle of Man, and the British Antarctic Territory. With origins dating back to the year 760, the pound sterling is the oldest currency in the world that is still in use and is currently the fourth most traded currency in the foreign exchange market, after the US Dollar, the Euro, and the Japanese Yen. Perhaps unsurprisingly given the UK’s position within the European Union, the most popular sterling exchange rate is the EUR to GBP rate.
Money Transfer Regulations in United Kingdom
The UK does not have any foreign currency controls, meaning that you are free to transfer as much money in and out of the country as you wish. There are also very few barriers to transferring money in or out of the county, on account of the UK being a member of the EU. It is important to remember, however, that although the UK does not have restrictions on money coming into the country, the country you are sending the funds from may well have different regulations so make sure you check these out.That said, the UK does operate a strict money laundering legislation and enforces the EU’s 2007 Wire Transfer Regulation (WTR), which seeks to combat money laundering and terrorist financing. Under the UK’s Transfer of Funds (Information on Payer) Regulations, payment service providers (the business that is handling the transfer) must ensure that electronic fund transfers (wire transfers) include all of the necessary information about the person initiating the transaction (the payer). So, if you’re considering sending money to the UK from within the EU, be prepared to prove your identity!
When transferring money to the UK, there are a number of different options available for you to choose from. Different options offer different benefits and the best option to choose will depend upon the amount you wish to transfer and how regularly you will be making transfers. Sometimes when it comes to sending money, the process can seem daunting, complex and often expensive, but this needn’t be the case! It’s about understanding what will work best for you based on your individual requirements, and finding the right help.Wire transfer is the most commonly used payment method. When it comes to sending money via wire transfer, the two main options are via a high street bank or a specialist international money transfer company such as the Western Union. You can also send money into the UK using a cash payment method such as MoneyGram. This allows money to be transferred into the UK and collected in cash by the recipient (in the currency specified by the sender). This can be a relatively expensive option and is generally reserved for instances where you need to move money at speed or if the recipient doesn’t have a bank account within the UK.
Potential Difficulties of Sending Money to United Kingdom
The main difficulties you may encounter when sending money to the UK are potential fees and hidden charges, and exchange rates. It’s worth noting that most transfer service providers, whether they are high street banks or specialist providers, charge a number of fees, charges and commissions to the sender, and sometimes also to the recipient. These can prove quite costly so it’s definitely worth shopping around and comparing the various providers before transferring your money to the UK. Exchange rates are another thing to look out for. Just as when you buy foreign currency for travel abroad, when you transfer money into the UK (or into any country for that matter), your transaction will be affected by the ever-changing exchange rate between your currency and the GBP. The larger the amount you are transferring, the greater impact a poor exchange rate will have so it’s highly advisable to shop around and make sure that you’re getting the best conversion rate possible.
Why use sendthatcash.com?
Often, people automatically turn to their bank if they are looking to transfer funds from one country to another. This may not be the most cost effective or efficient option, however, there are a wide range of international money transfer services that may offer faster and cheaper transfers, without the high fees and hidden costs that many banks apply to these transactions. The good news is that if you’re looking to transfer money to the UK, sendthatcash.com will allow you to compare a host of transfer methods and services in order to identify the very best deal with a regulated and secure money transfer provider.