Digitalization has brought many innovations. Nowadays, it is common to see people working remotely and receiving money from their clients. While remote gigs are quite nice, choosing the right platform to receive money from the United Kingdom in the United States of America could prove challenging. Sending money from the UK to the USA is even more tedious if you have never tried it before.
Although you can find several ways to send money online, some money transfer services may need to be improved. Additionally, you could bleed more money from transmitting charges if you are not cautious. Then there is the issue of fraudulent platforms and transfer duration.
In this article, we will provide a step-by-step guide on how to send money online from the UK to the USA without stress.
How to Pick the Best Money Transfer Service to Send Money From The UK to the USA
There are several online money transfer services today. However, not all of these mediums are dependable enough for you to use to send money to the USA. It would be best to consider several factors before choosing any service for online money transfers. These factors include
Transfer Fees
The major thing you need to consider before settling for any transfer service is the transfer fees. Most services have high transfer fees on transactions. Whether you use wire transfer or ACH, these services may deduct excessive charges for sending money to the receiving account. Looking for an online money transfer service that allows you to send money to the USA without excessive charges is best. You must note that all transfer services charge you for sending money to another account. However, the fee varies depending on the amount and medium you use.
Exchange Rates
Another thing you must consider before using a platform to send money to the USA from the United Kingdom is the exchange rates. You do not want to lose funds while transferring money to the US. Hence, it would help to look for a bank transfer option with favorable transfer rates. Such platforms make it easier for you to retain or enjoy better value for the money you transferred. Reputable brands usually have favorable exchange rates, perhaps because of their popularity and zeal towards satisfying their client’s needs.
Transfer Options
It is best to go for money transfer companies with good foreign exchange rates and various transfer options. Go for a platform that allows you to send or receive money in various ways, including digital wallets, bank cards, wire transfers, cash pick-up, Apple Pay, Google Pay, and other options. Such a platform allows you to send money abroad without depending on one transfer option.
Transfer Duration
Another factor to consider before selecting your desired money transfer service is the time it takes to send the money. Several reputable financial institutions usually send money overseas within two to three business days. However, it is possible to find money transfer specialists that take up to seven days before sending money to the recipient’s bank account. It is best to consider financial institutions that send money as soon as possible. However, you also need to note that such services may usually charge higher fees or have low exchange rates since they deliver your money faster than other money transfer apps.
Transfer Amounts
It is best to consider money transfer companies with larger transfers rather than small transfers. Such money transmitter companies allow international payments with large limits without alerting the financial crimes enforcement network. Additionally, you must consider a bank transfer platform that does not charge hidden fees for large transfers.
Account Requirements
Some transfer companies require several things, like bank statements and verification, before creating a bank account number for you. Once you have a bank account overseas, you can easily send money internationally.
How to Make an International Money Transfer From the UK to the USA
You can use several platforms to make money transfers from the United Kingdom to the United States of America. Here are a few ways to send money internationally from the United Kingdom to the USA.
- Using international money transfer apps
- Using bank transfers
1. Using International Money Transfer Apps
Several international money transfer apps allow you to send money directly to an international bank account using your credit or debit card. Additionally, these money transfer platforms use bank transfers to make it easier for you to send money without going to the bank physically. All you need to do is get the account details of the individual you want to send money to, then make your transfer.
Although several of these platforms support international transfers, we will only talk about some that make sending money from the UK to the USA easier. We will focus on the king of money transfer Payoneer. These platforms have more competitive exchange rates and low transfer fees. Hence, people prefer to use them instead of going to the bank or using other platforms that charge premiums for transferring money online.
Payoneer: The Platform to Help You Send Money to the USA From the UK
Payoneer is the best, most reliable service to transfer money online from the United Kingdom to the USA. The brand has promising benefits you enjoy by opening an account with them. With Payoneer, you can send and receive funds without depending on a merchant bank account. Interestingly, the platform is similar to Venmo or PayPal to other platforms like Stripe or Square. Due to its remarkable services, most freelancers, e-commerce marketplace users, and international businesses prefer to use Payoneer. It is no surprise that platforms such as Upwork and Airbnb endorse this platform for their users.
With this platform, businesses can send payment requests directly to customers. Hence, customers can use a bank account or credit card to pay for services rendered. The business can use the money via the Payoneer debit card or deposit it into its unique bank account.
While funds are usually available instantly, it may take about two to five days for the money to land in your bank account once you request a withdrawal. However, you can make immediate ATM withdrawals using the Payoneer Mastercard.
Payoneer Features
Certain things make Payoneer the best service for businesses. Payoneer is not a regular merchant account like other platforms. Hence, the platform does not hold funds but transfers your money directly into your Payoneer account. The money does not stay in your Payoneer account but gets deposited into the bank account opened when you register on the platform.
One good thing you will enjoy with this service is the direct integration services. Payoner integrates with several large marketplaces like Upwork, Airbnb, Walmart, Amazon, Fiverr, and eBay. Businesses can leverage the “Make a Payment” feature to send money directly to Payoneer account holders without additional fees.
You also stand to enjoy free setup fees and credit card payments. Payoneer does not support point-of-sale payments but has a unique and interactive mobile app. You will also enjoy more than 150 currency exchanges with the platform. Payoneer charges up to two percent in bank transfer fees and does not have any annual fee. However, you will pay a $29.95 fee if your account remains inactive for 12 months.
Pros
- Interactive bank app
- Easy bank transfer
- More than 150 currency exchanges
- Access to a Payoneer Mastercard
Cons
- No credit card payments
- May have high card transaction fees
How to Use Payoneer to Send Money to the USA From the UK
- Open an account. Simply type in Payoneer to your browser or download the app on your device.
- Then go to sign in to create an account.
- Enter your information as prompted by the website or app. The information that will be asked for is your name, address, I.D and bank details.
- Once you have officially joined Payoneer, go to the Pay tab on your device.
- Enter the details of the recipient in the USA and the amount you wish to send.
- Click Send and voila! Your bank is now a few pounds lighter and you have sent the money.
2. Using Bank Transfers
If you are one person that likes in-person banking, you can visit a physical bank to transfer money to your client, friend, or family member. Although it is quite tedious, you can make a bank transfer to a US bank from the UK. You may want to use this method if you have cash and do not know what to do. While this method is safe and does not require much, you will waste time in the banking halls and incur certain charges.
Several outstanding banks in the United Kingdom will allow you to make a wire transfer via Western Union to someone in the United States. A disadvantage of this payment method is that you cannot track the payment made unless you visit the bank to find the transfer status.
Are There Other Alternatives One Can Use to Send Funds to the USA From the UK?
Wise: Owning a Wise account is one of the best things to happen if you want to send money to a destination country without visiting the bank. Wise functions like a regular bank because it has agent location hours for people sending money internationally. The platform has grown over time and has over 12 million customers. Interestingly, Wise sends money up to eight billion dollars monthly to more than 80 countries worldwide.
The platform allows you to hold and spend over 54 international currencies, including the United States Dollar. Once you sign up with this online banking platform, you get a Wise multi-currency account that gives you access to several global currencies. Also, the platform gives you an international debit card that you can use to withdraw money in 200 countries. You can also use an international debit card on Google and Apple Pay.
also allows you to receive a local payment using your US routing number, euro IBAN, UK account number, and lots more. This specialist money transfer service allows you to send money abroad or own multi-currency bank accounts that allow you to exchange and hold over 50 currencies.
Another good thing you will enjoy with Wise is its transparent exchange rate. The platform has no markups on its mid-market exchange rate. Furthermore, Wise displays its money transfer rates, transfer fees, and other charges for you to see and understand. Hence, you can use the platform or find another if you dislike the services offered. Note that you enjoy modern approaches to sending money internationally when you use Wise. Instead of relying on the outdated SWIFT network popularly used by local banks, Wise uses its customized payment method to help you move money from one international bank account to the other.
Overall, Wise is cheaper, easier, and faster to send money from the United Kingdom to the US. Wise has remained a unique name in the online banking sector because it has its payment network, which cuts the excessive costs and inefficiency experienced by traditional banks when sending money abroad.
Different transfer fees apply when using Wise to transfer money. YOu can send money from your bank account and incur a 5.41 EUR fee. Alternatively, you can use the fast transfer option, which allows you to send money from your credit or debit card with a 9.47 EUR fee. The easy transfer option allows you to send money from your bank with an online account or payment. The easy transfer option costs 6.61 EUR. Note that it will take at least 39 hours before your recipient gets money in their bank account.
Why Is It Better to Use Payoneer
Payoneer is a tried and tested service with great reviews. It is best to consider money transfer services with a good reputation. A specialist money transfer company with a good reputation is the best way to send money online because it has garnered the trust of its users.
So, the best way to send money internationally is through online mobile transfer apps. One of the most reliable and trusted platforms you can use to send money from the UK to the US is Payoneer. Payoneer has excellent rates for its customers. Additionally, you can also enjoy several benefits like low transfer fees, instant withdrawals with a Payoneer Mastercard.
Conclusion
You can use several ways to send money from the UK to the USA. As we have explained in our article, you can send money internationally through online transfer platforms or via physical banks.
The best way to send money to your friends, clients, or family in the United States from the United Kingdom is to use online transfer platforms. While there are several platforms online, we recommend using Payoneer.
Payoneer has one of the best transfer rates. Additionally, you will enjoy excellent exchange rates and fast delivery. Unlike other platforms, you stand to enjoy referral bonuses and free Payoneer to Payoneer transfers, among other benefits.
Interestingly, you can also monitor your progress transactions using the Payoneer mobile app or the online website.
Our article also includes a detailed guide on picking an excellent platform to send money from the United Kingdom to the United States. You must use this guide to determine the best, most useful transfer app.
Paul Martinez is the founder of EcomSidekick.com. He is an expert in the areas of finance, real estate, eCommerce, traffic and conversion.
Join him on EcomSidekick.com to learn how to improve your financial life and excel in these areas. Before starting this media site, Paul built from scratch and managed two multi-million dollar companies. One in the real estate sector and one in the eCommerce sector.