Compare money transfers to America with Finance.co.uk and find the best deal for you. Whether you're sending money to a relative or buying a property.
We're on a mission to improve the finances of the nation by helping you to spend wisely and save money
We're on a mission to improve the finances of the nation by helping you to spend wisely and save money
By Laura Rettie, Personal Finance Journalist.
Finding the right deal when making an international money transfer can be difficult. Read our handy guide to discover how to get the best deal for you when sending money to America.
There are a number of ways you can send money to America, each with its own benefits and drawbacks. Some of the most popular ways to send money to the US are:
International bank transfers, also known as wire transfers, allow you to send money directly from your UK bank account to an American bank account.
The majority of banks will offer an international payments service, although to use it, you will likely need to have an existing account open with them. Whilst it may seem like a wise choice to use your current bank when making an international transfer, it could be costly. Many banks will charge a relatively high fee and offer some of the worst exchange rates, though this does vary between individual providers.
Some digital banks, such as Monzo or Starling, can offer competitive rates and fees when it comes to international transfers, but it's still worth comparing all your options.
Currency brokers may be a good option if you need to send a large sum of money or make regular payments to America.
Currency brokers provide tailored services and FX expertise. They frequently find the best exchange rates and the lowest fees for their clients.
To use a currency broker to send money to the USA, you'll most likely need to open an account with them; you may also be able to lock in your exchange rate for a set period of time, which is useful if you plan on making regular payments.
Money transfer apps and online money transfer providers are the newest and one of the most popular ways for people to transfer money abroad.
These could be a good option if you're looking to make a one-off or smaller payment to America. Money transfer apps will often offer lower fees than banks and allow you to make payments from your phone.
Money transfer agents, like Western Union, are the original way to send money abroad, and whilst most of them now have online or app facilities, you would traditionally need to, and still can, visit a branch to speak to an agent face-to-face in order to make a transfer.
Money transfer agents provide a range of money transfer solutions; they offer the ability for the recipient to go to a local branch to collect the money in cash or to deposit it into a bank account.
Transfer agents often charge lower fees than banks, though they're not always the cheapest option, and the total fees and exchange rates you need to pay can vary depending on several factors such as recipient country, currency and how you pay for the transfer.
The amount it costs to send money to the USA depends on several factors, including;
It's important to compare your options and weigh up the total cost of the transfer to find the best deal.
How long it takes to transfer money to America can vary between providers and also depends on what payment method you choose. Some will offer transfers "in minutes" whilst others can take between 1-5 days.
International bank transfers will usually take between 1-5 business days, whereas cash transfers through money transfer agents or using specialist money transfer apps can mean the money is available almost instantly.
Some providers will offer you a faster transfer for an additional fee, whilst others will give their fastest transfer as standard. So it's important to compare providers and consider all your options, especially if you're looking for a quick transfer.
The details you need to be able to transfer money to America will depend on the method chosen for both sending and receiving and the provider you use.
Below is a list of details that you might need, so be prepared to provide:
Different providers may impose a minimum or maximum transfer amount, but as a general rule, there is no limit to the amount of money you can send to the US.
If you're planning on sending a large amount of money to the USA, it's a good idea to research any American laws, regulations and tax implications, and if you're unsure, speak to a specialist.
The best way for you to transfer money to the US will depend on your individual needs. It's important to do your research and consider all options and costs before choosing a provider. Using a comparison site like ours is a good way to get a clear picture of different providers.
The information provided does not constitute financial advice, it’s always important to do your own research to ensure a financial product is right for your circumstances. If you’re unsure you should contact an independent financial advisor.
Different countries have different rules regarding how any money received is taxed, but it is likely to depend on the reason for receiving it, such as gifts from family members, income from rental properties abroad or inheritance.
If you’re unsure whether the money you transfer or receive from abroad is subject to taxation, it’s a good idea to seek the help of an independent financial adviser.
Whilst there are a number of online money transfer scams, it is generally safe to send money abroad online. As long as you use a regulated, reputable company and do your research, your money should be safe.
The exchange rate providers offer is based off the interbank rate, which changes regularly. Some companies will offer customers a worse exchange rate than they buy the currency for in order to not have to charge a transfer fee. Some companies will do this as well as charging a transfer fee.
It’s a good idea to compare the total cost of different transfers to find the best deal.
Yes, all UK-based money transfer companies need to be either authorised or registered by the FCA (Financial Conduct Authority).
FCA authorised companies are generally the safest option, as they have to safeguard your money by keeping it separate from company funds, making it easier to get your money back if the company goes bust.
FCA-registered money transfer companies don’t have to place the same safeguards in place; they simply need to prove they are based in the UK and that managers haven’t had any convictions for financial crimes.
If you want to check if a company is authorised or registered by the FCA, you can check the Financial Services Register.
Some money transfer companies won’t be based in the UK, so it’s worth checking if they are regulated by foreign equivalents.
