Sending money internationally is an important way to support loved ones back home, but understanding how long it takes can help you plan effectively. From quick digital transfers to traditional bank transactions and postal services, the speed of delivery depends on several factors, including the method you choose and the destination country. This guide breaks down the different ways to send money abroad from the UK, their advantages and drawbacks, and tips to ensure your funds reach their destination safely and on time.
Factors That May Impact International Money Transfer Speeds
When working abroad, sending money back home can be a great way to support your family. Several factors determine how quickly your funds will reach the recipient. These include:
- How you are sending the money
- Where you are sending the money
- How the recipient will receive the money
There are three main methods for sending money: digitally, via a bank transfer, or through the post.
Digital Transfers
Digital money transfers, which include money transfer services or apps and mobile wallets, are often a quick way to send money abroad. With a service like Remitly, for instance, delivery can be fast. You can select a country to view Remitly’s delivery speeds and pricing for your destination.
Bank Transfers
Bank transfers can be an efficient way to send money internationally. However, processing times from both your bank and the recipient’s bank may delay the transfer. You might also face higher fees compared to using a money transfer app.
Postal Service
Sending money via post — for example, using a money order — is typically the slowest way to transfer money internationally. You’ll need to consider delivery times as well as delays due to weather, weekends, or bank holidays. Safety can also be a concern. Mailing cash or money orders has become less common because it’s less secure, harder to track, and less convenient than digital methods.
Which Is the Fastest Method for Transferring Money Internationally?
Digital transfers are often the quickest and most efficient option. Services like money transfer apps and mobile wallets typically process transfers quickly. Because the process is electronic, currency conversions can be done automatically, often at competitive exchange rates and with low service fees. In some cases, the recipient can receive the money within minutes.
Four Ways to Send International Money Transfers
1. Money Transfer Service
Money transfer services are completed online or via an app. You’ll need to create an account and can usually use a debit or credit card to send funds to another country.
2. Mobile Wallets
Mobile wallets provide another digital option for transferring money internationally. While some wallets don’t support direct international transfers, you can use apps like Remitly to send funds to the recipient’s mobile wallet. From there, they can either use the funds directly or transfer them into their bank account.
3. Bank Transfers
There are a couple of ways to complete a bank transfer:
- Using a money transfer app: These apps allow you to send money directly to the recipient’s bank account by providing their details.
- Through your bank: You can transfer money via an international wire transfer, either online or in person at your bank branch. You’ll need to provide the recipient’s bank account information.
Fees for international bank transfers vary between banks. The timeframe depends on the bank’s processing system and the specifics of their international transfer services.
4. International Money Orders
International money orders are not electronic and are sent via post. They can be purchased through postal services or certain banks. A money order is a document that allows the recipient to exchange it for cash. Typically, you pay for it with cash, a traveller’s cheque, or a debit card, as credit cards are generally not accepted.
Delivery Speed Varies by Location
The time it takes for your money to arrive depends on the destination country. If you use a money transfer app like Remitly, you can select the destination country and check the estimated delivery time. If transferring via your bank, consider time zone differences, weekends, and national bank holidays, which may cause delays.
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Money Transfer Speed FAQs
What’s the Fastest Way to Send Money Internationally?
Digital transfers, such as those done through money transfer apps or mobile wallets, are typically the fastest method. In many cases, the recipient can receive the money within minutes.
Is it Safe to Send Money Through the Post?
Sending money by post is less secure than digital or bank transfers. Money orders can be lost, delayed, or stolen, and tracking them can be difficult. For safety and speed, digital methods are generally recommended.
How Can I Track my International Money Transfer?
Most money transfer apps and services provide tracking options so you can monitor the progress of your transfer. For bank transfers, you can check the status through your online banking or by contacting your bank directly.
