Tips to Send Money from United Kingdom to another Country

International money transfers are a minefield of security concerns, hidden charges and documentation. There are some who send money maybe once a year whereas some send money to their loved ones on a monthly basis to either run a family, make investments, pay for mortgage on a second home and so on.
Whether you have to send money from United Kingdom to India or you have to transfer money to Philippines from the UK, here are some of the tips that might help you ensure a hassle-free remittance experience.
Comparing Exchange Rates
The first and most important tip to consider is- comparison of exchange rates. Banks have a high exchange rate whereas Western Union or PayPal also have high rates for currency exchange. So, if you wish to get competitive exchange rates, you need to select a reputed online remittance agency. Online remittance is the best option for ensuring quick, safe and cost-effective money transfer to different countries. Select few online agencies, find out exchange rates being offered by them and make a comparison.
Transfer Fees
Second tip is to compare transfer fee being charged by remittance agencies. Fee charged by banks for transferring money to Philippines or any other country is very high compared to online agencies. Some agencies charge merely 0.5% as transaction fee along with competitive exchange rates whereas some charge 0% transaction fee during festivals or certain seasons. This helps your family get maximum money.
Licensing
Third tip is to ensure that the online agency you have chosen is reputed, reliable and licensed to carry out money transfers. Remember, not all online money transfer services are licensed so; make sure you check the license details before choosing to send money. This is because they usually have hidden charges which means, your family will receive less than what you send.

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