Transferring Money

Search jobs

The ways to make a money transfer from abroad to a UK account are electronic transfers, a banker's draft and travellers' cheques. You may exchange foreign currency into UK currency (pounds Sterling) going to a bureau de change or maybe to a foreign exchange counter in a bank. The total of pounds you will obtain depends on the exchange rate which is provided, and perhaps you also will have to pay a commission for the exchange.

There are many ways of transferring money or sending money to the UK. You should converse about convenience and cost with either your bank at home or your chosen bank in the UK before deciding which the best bank for you is. The transfer must be effectuated before any currency transactions can take place. The money must be deposited in the bank (you should communicate your country of origin of this) or placed directly in the appropriate central bank.

The time taken to transfer your money will fluctuate depending of the system you used. Please know that your home bank will surely charge you for any transactions and the UK bank will also make a small commission charge.

You can transfer your money to the UK using different ways:

Electronic transfer

The electronic transfer of funds is one of the easier ways for making a money transference. However, you can only arrange a transfer if you possess a bank account in the UK. You will need to give the information of the bank in your home country with your UK bank's name and address, sort code and account number. Don't forget to present your name as shown on your UK bank account. Although electronic transfer is one of the easier ways to transfer funds it is also the most expensive.

You can check if the bank will charge any amount for these services and also how long the process will take. We would also suggest that the person sending the money preserve a copy of all the relevant documents for any problem.

International money order

You can acquire an International Money Order in your home country and can either deposit it into a bank account in the UK or cash it at a post office. If you wish to exchange the money for cash you will need to assure that the money order is in pounds sterling. You will also need to take your passport to the post office with you as identification.

Banker's draft

Another way to transfer money is using a banker's draft. This is a document generated by your bank in your home country which can be sent to you through the post. The banker's draft will be paid into your bank account in the UK but it will be not exchanged for cash. If the banker's draft is made in pounds sterling you will elude paying commission and the money will be available in your account more quickly.

Back to:
Money and Finance in UK
MBA Abroad