It has never been quicker, easier and cheaper to send money to the US from the UK.
How To Send Money to the US from the UK
With thousands of international companies based in the United States, there are many reasons you may need to send money to the US from the UK. Whether you are paying for specific goods or services, transferring money between companies or simply sending money to a relative or friend, it is important to have options.
There are plenty of safe ways to send money to the US from the UK. From the many options available, you can prioritise the methods offering the best exchange rate, fastest transfers, or lowest international fees.
|Provider||Transfer Amount||Fee||Speed||Visit Site|
|£100||£0.50||1-4 Business Days||Get a Quote >>|
|£100||£1.41||Instantly - One Day||Get a Quote >>|
|£0||Same day||Get a Quote >>|
Methods to Send Money to the US from the UK
Sending Money to the US via Debit Card
When sending money to the US via debit card, it is worth noting that you are probably not getting the best currency exchange rate. Additionally, you may be hit with an admin fee or cost of transfer. However, you can also use your debit card via another method. These include payment of a foreign exchange broker or payments made via online transfers.
Sending Money to the US via Mobile Payment Services
Google Pay is available in both the UK and the US meaning you can use this service to transfer money between the two countries. Apple Pay can be used to send and receive money within the US however transfers made outside of the US may incur fees.
Sending Money to the US via Bank Transfer
One preferred method is transferring the money directly from a current account via a bank transfer. Typically banks offer a less competitive exchange rate than a foreign exchange broker, though this varies between banks. When sending money from the UK to the US through a financial institution transfer, you will incur a typical fee of between £10 to £40 per transfer.
Can I Send Money to the US via Cryptocurrency?
As of the start of 2020, Bitcoin was legalised in the US along with other countries including the UK. This can often offer a faster, cheaper and more streamlined solution. It also allows for the transfer of large sums of money. However, there are strict guidelines that need to be taken into account. The FCA (Financial Conduct Authority) strictly regulates cryptocurrency use in the UK. Specifically, they have banned the sale and promotion of derivatives of cryptocurrency payments to amateur investors.
You can send money to the US for as little as 0.76 GBP per transaction
Can You Send Money to the US For Free?
Most money transfer methods from the US to the UK involve some form of incurred cost. These usually come in the form of varying exchange rates. TransferWise is recognised as one of the cheapest ways to send money to the US. This will typically cost a flat fee of 76p + 0.35% of the amount that is being converted.
How Long Does It Take to Send Money to the US?
Depending on the service provider chosen, transfers from a UK account to a US account typically take between 1-3 business days.
What Do You Need to Send Money to the US?
To make any payment transfer from the UK to the US, you will need the recipient details. These typically include the name of recipient, account name, routing number (9-digit number identifying location of bank account) and bank account number. For most online payment transfers, you will need only your bank details, debit card, credit card or swift code. However, some foreign exchange brokers ask for additional documentation. This would normally be a valid photo ID and a recent utility bill or bank statement.
Is it Safe to Send Money to the US from the UK?
Experts suggest reading the customer reviews before choosing any money transfer service. Also crucial is checking for FCA approval on any service that you use. You can ask for a record of their FCA enrolment number or review the FCA details on their website. This means that the service is FCA-authorised and thus the accounts are safeguarded.
Sending money abroad is never totally risk-free; however, widely-respected money transfer services are committed to ensuring the safe transition of funds. General advice is to never send your password or security information over email. Be vigilant with any phone or email correspondence and never feel pressured to make a cash transfer by a foreign exchange broker.