Money Transfer Guide – International Payments, Banking & Business

By 
Matt Di Vincere (Chief Editor)
Last Edited Oct 09, 2023

Below you can find our Money Transfer Guide, help you our readers learn more about transferring money, banking, and business. All these articles written by the Money Transfer Comparison staff. Click here to read about us.

 

Best Money Transfer Services by Country

 

Send & Receive Money Internationally

Send Money Abroad

The guide simplifies the process of receiving money from overseas, emphasizing the intricacies and potential fees involved, and discusses various methods including banks, digital providers, currency brokers, cash, and eWallets like PayPal, highlighting the cost-efficiency of brokers for large sums.

Receive Money from Overseas

Examine international money transfers, factors impacting transfer times including destination, banks, currencies, intermediary banks, and initiation time. Explore the SWIFT system, faster alternatives like Wise.com, and non-bank services. Understand potential delays, various external factors, local payment times, and World Bank Remittances Data.

How To Transfer Large Amounts Of Money

Effective methods for transferring large sums internationally, emphasizing specialized currency brokers over banks. Overview international transfer services, top companies, their fees, and qualities. Specific currency corridors and benefits of brokerage for large transfers in property, business, and pensions. Learn about convenient transfers to/from the UK, US, EU, and others while receiving expert advice on avoiding costly fees.

Receiving Large Amounts Of Money From Overseas

Learn how to efficiently and affordably receive large sums from abroad with detailed reviews and comparisons of foreign exchange companies and step-by-step instructions. Cover solutions for individuals, businesses, expats, freelancers, and special cases like fund repatriation and foreign checks, the guide aims to streamline overseas fund reception and maximize savings.

Can I Use a Debit Card to Transfer Money Abroad?

Top transfer companies that accept debit cards, payment options, potential pitfalls, and payment processes. Evaluating the advantages and disadvantages of using a debit card for overseas money transfers.

Sending International FX Payments

How to make international FX payments and save money, comparing banks, FX specialists, and online methods. Understand the differences between international and domestic payments, explore various FX payment services with use cases for businesses and individuals. Reviews of top FX payment providers and exploration of alternative payment methods like cryptocurrencies and multi-currency accounts are also included.

International Money Orders

The relevance of international money orders in the digital era, covering their functionality, availability, and acceptance in different countries. Delve into the potential of online international money orders, discussing features, costs, and safety considerations.

Is The Bank Transfer A Good Payment Method? (Travel Focus)

Explore the pros and cons of using bank transfers versus credit card payments for international travel expenses. Compare fees associated with credit card transactions, including foreign transaction fees and FX markups. Discover payment options for specific travel expenses like safaris, cruises, car hires, and hotels.

How to Transfer Pensions Abroad from UK

A comprehensive guide on transferring a UK pension abroad, highlighting important considerations and potential pitfalls. Understand the significance of transferring to a ‘qualifying recognised overseas pension scheme’ (QROPS) and explore top services for overseas pension transfers.

Can Zelle, Venmo & Cash App Send Money Internationally?

Delve into the limitations of Zelle, Venmo, and Cash App for international money transfers and uncover OFX as a proficient alternative for sending money globally from the U.S.

Compare Ways to Transfer Money

UK Currency Brokers Comparison

Dive into UK currency brokers, differentiating them from forex trading brokers, understanding their services, benefits, and how they compete with banks. Learn factors to consider when choosing a currency broker, how they cater to businesses, and the varying onboarding process for UK and non-UK clients. Perfect for those needing to send money internationally or exchange currencies.

Best Remittance Companies

Assist individuals in selecting optimal remittance providers to affordably transfer money internationally. Cover remittance companies, their benefits over banks, various transfer methods, and the impact of mobile transfers in sub-Saharan Africa. Gain tips on saving on fees, avoiding pitfalls, and effectively supporting families, making investments, and managing finances abroad.

Best Money Transfer Apps

The best international money transfer apps for Apple and Android, understanding their usage benefits, savings, and customer satisfaction. Explore the top three apps and other options, noting their features, compatibility, and user ratings. Learn about the pros and cons of app vs. desktop services, and gain insights into industry growth trends and app popularity.

Best Bank for International Transfers

The article examines the leading banks for international money transfers in key regions like the UK, EU, USA, Canada, and Australia, assessing factors like service, costs, and their suitability for wire transfers.

Money Transfer Fees & Costs Guides

Free International Money Transfers – Do they exist?

Discover cost-effective ways to transfer money internationally, debunking the notion of free transfers and explaining how banks and money transfer firms profit. Popular methods of sending money abroad and evaluating their cost-effectiveness.

International Money Transfer Fees

Uncover the varying fees and costs among major banks in the UK, Europe, USA, Australia, and other countries. Highlighting disparities within the same country, the article emphasizes the impact of hidden FX markups on total transfer costs.

Non Sterling Transaction Fees Explained & How to Avoid Them

Explore non-sterling transaction fees, understanding what they are, when charged, and how to avoid them. Compare fees from major UK banks to cheaper challenger banks and fintechs. Learn about the best currency accounts/cards, calculate non-GBP transfer fees, and get tips on using cards abroad.

How to Avoid Intermediary and Beneficiary Bank Fees?

Discover how to avoid recipient bank fees in international money transfers. Understand the role of intermediary banks and their potential fees. Explore solutions like currency brokers or transfer providers to bypass SWIFT transfers. Learn about the differences between domestic and international payments and how SEPA and SWIFT networks work.

International Money Transfer Fee Calculator

Navigate the complexities of international money transfer fees with a user-friendly calculator that compares costs between banks and top online transfer services, highlighting potential savings with detailed disclaimers for transparency.

Best Exchange Rates for Bank Transfers

Uncover the nuances between official interbank and private/corporate exchange rates, learn about spreads, markups, and factors influencing rates. Understand the perks of currency brokers and online money transfer platforms, how to get the best rates, make currency predictions, use hedging tools, and understand the impact of global events on currency volatility.

Banks & Banking Guides

Best International Bank Accounts in UK

Explore international bank accounts ideal for expats or those living abroad, offering multi-currency support and foreign exchange payments. Compare leading banks and fintech solutions for the best features and savings on fees.

Best Bank for International Transfers

The article examines the leading banks for international money transfers in key regions like the UK, EU, USA, Canada, and Australia, assessing factors like service, costs, and their suitability for wire transfers.

International Money Transfer Fees

Uncover the varying fees and costs among major banks in the UK, Europe, USA, Australia, and other countries. Highlighting disparities within the same country, the article emphasizes the impact of hidden FX markups on total transfer costs.

Best Multi-Currency Account

Multi-currency accounts are gaining popularity for their flexibility and better exchange rates compared to banks. Fintech companies offer these accounts to businesses and individuals, enabling them to send and receive foreign currency payments with lower fees.

Best Euro Accounts UK

Compare Euro accounts offered by traditional retail banks and neobanks in the UK. Explore pros and cons of each type of provider. Discover the best multi-currency accounts, such as Wise, WorldFirst, and Moneycorp.

Best USD Accounts UK

Compare different USD bank account options available, highlighting their features and advantages. Get guidance on transferring money between the US and UK and learn how to open a USD account.

Best AUD Account UK

Discover the best Australian Dollar (AUD) accounts for UK-based businesses trading in Australia. Explore multi-currency digital accounts that offer reliability, affordability, and quick setup. Compare different account options and learn how to open an Australian bank account from the UK.

Best JPY Account UK

Benefits of opening a Japanese yen (JPY) account in the UK for businesses selling in Japan. Save on currency conversion costs by collecting revenues and paying suppliers in the local currency. Compare top-rated JPY accounts available in the UK and find alternative options to save money on currency exchange for businesses exporting to Japan.

How to transfer Euro to a UK bank account

Learn about the best ways to transfer Euros to a UK bank account for cheap, and understand what the process entails.

How to Open a U.S Bank Account Without Residency

Discover the advantages of having a USD bank account, including increased competitiveness, operational efficiency, and fee savings. Learn about FinTech platforms like Wise and OFX that simplify the process of opening a US bank account for non-residents, making it easier and more convenient.

About The SWIFT, BIC, IBAN, Routing Number And Sort Codes

Unravel the complexities of banking codes like SWIFT, BIC, IBAN, and sort codes, vital for international finance. This guide clarifies their meanings, uses in global payments, and the importance of getting them right to avoid costly errors.

Foreign Exchange (FX) Rate Guides

Best Exchange Rates for Bank Transfers

Uncover the nuances between official interbank and private/corporate exchange rates, learn about spreads, markups, and factors influencing rates. Understand the perks of currency brokers and online money transfer platforms, how to get the best rates, make currency predictions, use hedging tools, and understand the impact of global events on currency volatility.

Today’s Currency Exchange Rates

This page provides current interbank exchange rates for major currencies like GBP, USD, EUR, and others, highlighting that these rates are used for bank-to-bank transactions and are not typically offered to the public, with banks applying a spread on currency exchanges.

How The Economy Impacts Currency Exchange Rate

The relationship between the economy, currencies, and exchange rates. Learn how factors like interest rate differentials, current account, public debt, and trade account affect supply and demand dynamics, shaping currency appreciation or depreciation. Understand the significance of future expectations in driving market volatility and making informed decisions when exchanging money.

How Much Money is Transferred Internationally Each Year

The world of global money transfers, analyzing the substantial funds flowing across borders annually and their impact on industries and economies. Delve into key areas such as remittances to developing countries, international trade, B2B transfers among smaller enterprises, and overseas investments.

Oil Prices Impact on Currency Rates and Economy

Analyze the dynamic link between oil prices and currencies, highlighting how price changes impact economic health and currency rates, with insights on inflation effects and central banks' strategies to manage these fluctuations.

What is Currency Pegging?

Discover the nuances of exchange rate pegging, where countries stabilize their economy by fixing their currency to another, the strategy's advantages for business predictability and growth, alongside the risks of depleting foreign reserves and the 'debt barrier' challenge.

What Is The Libor Rate?

The LIBOR rate, a benchmark for global lending rates, influences commercial borrowing and derivative pricing. Calculated daily, it affects everything from personal loans to national economic policies, with its fluctuations impacting retail finance and public borrowing costs.

The Foreign Exchange Controversies

The article reveals the most controversial cases in the foreign exchange and money transfer sector, featuring companies like Dahabshiil with alleged links to terror funding, Western Union criticized for high fees and scams, and Crown Currency Exchange, which collapsed under fraud accusations.

International Money Transfer History And Timeline

Tracing the evolution of international money transfers, the article provides a comprehensive timeline from the establishment of industry giants like Western Union to the modern-day innovations and disruptions brought by companies such as Wise, with milestones including regulatory changes and significant mergers.

Business Foreign Exchange Matters

Business Foreign Exchange

Discover the potential benefits of dedicated corporate FX services for international transactions. Gain a brief overview of top business FX services and uncover tips for maximizing the advantages of using a corporate foreign exchange specialist.

How FX Hedging Works?

Learn about the five pillars of a successful currency hedging strategy, explore instruments like forward contracts, limit orders, and stop-loss orders, and discover top companies for hedging currency risk.

Currency Forwards Contracts

Discover how forward contracts allow individuals and businesses to secure exchange rates for future transactions. Delve into the popularity, pros and cons, and common questions surrounding forwards. Gain valuable insight on the best and most accessible specialists for booking forward contracts.

FX Options for Hedging

Learn about the process of buying and selling FX options, different hedging strategies, and various types available. Discover recommended platforms for purchasing FX options and learn how they can be used for speculative gains or hedging against currency movements.

FX Swaps

Learn about FX swaps, their distinctions from FX forwards, and their suitability for short-term currency solutions. Discover top providers of FX swaps for small and medium-sized businesses.

FX Limit Orders

The benefits and risks of using foreign exchange (FX) limit orders for businesses seeking to hedge their positions in the FX market without venturing into the costlier and more regulated options market. Explore the top brokers for purchasing FX limit orders, learn the distinctions between limit orders and stop-loss orders, and gain insight through real-life examples.

FX Payment Automation

Explore the transformative impact of automation on the payment industry. Fintech startups such as Airwallex and Kantox are at the forefront, offering cost reduction and competitive exchange rates, challenging traditional financial players. As AI advancements replace white-collar professionals, the article examines how payment automation has the potential to revolutionize international commerce.

The Best Online Payment Gateway Systems in the UK

A comprehensive comparison of the top five online payment gateways for small businesses in the UK. Evaluating factors such as fees, credibility, security, cost, and overall quality, the author presents a detailed analysis of each payment gateway.

FX Risk Management

With the increasing importance of exchange rates and the rise of ecommerce, SMEs and corporations face heightened risks. The article explores key elements of currency management, such as currency mapping, streamlining accounts through treasury management, and developing an effective FX strategy.

How to Invoice International Clients from UK

Navigate the complexities of invoicing international clients with this comprehensive guide tailored for UK businesses. We offer practical tips and information to ensure successful invoicing while complying with current legislation and best practices.

Best Global Payroll Services

Discover the top global payroll services for 2023 in this comprehensive analysis, designed to assist businesses of all sizes with their international hiring and payment needs.

Best Employer of Record Services

Employer of Record (EOR) services for hiring employees abroad without a local entity. It compares EORs to freelancers/contractors and introduces top providers like Papaya Global, Deel, and Remote.com.

Paying The ATO From Abroad

Discover the tax obligations for Australians working overseas, highlighting potential high fees with ATO’s suggested payment methods. The content recommends the efficient, cost-effective OFX for ATO payments from abroad, offering direct debit payments and seamless reconciliation using your PRN, making it an affordable, user-friendly solution for managing overseas tax obligations.

Digital Wallets

eWallets For International Payments

Compare larger wallets like PayPal and Skrill based on speed, ease of use, fees, country and currency restrictions, and functionality. Discover alternative money transfer companies and multi-currency accounts as cost-saving options for transferring and holding money in different currencies.

How to Withdraw Money From PayPal To Your Bank Account

Discover how to withdraw money from your PayPal account to your bank account. While PayPal offers easy withdrawals, businesses and personal sellers may find its fees comparatively higher. Alternative options are also discussed, providing potential fee savings and a customer-friendly experience.

How to transfer money from PayPal to Transferwise?

Learn how to transfer money from PayPal to a Wise.com account. Discover step-by-step instructions, including a comparison of payment fees between PayPal and Wise.com.

Safety, Tax, Compliance & Financial Regulation

Tax Implications of Transferring Money to the UK

Navigate the tax implications of transferring money to the UK. Understand factors like residency status, income, savings, country source of funds, remittances basis, inheritance tax, and fund repatriation. Gain insights into money transfers from different countries and arm yourself with valuable information.

The KYC Requirements in UK

Gain an overview of the Know Your Customer (KYC) process for individuals and businesses when registering with financial services providers, specifically money transfer companies. Explore required documents during onboarding and enhanced due diligence for high-risk customers.

International Money Transfer Regulation in UK (FCA Focus)

Understand the role and history of the FCA, different types of authorizations for money transfer providers, and discover top-rated authorized companies for secure transfers. Learn what to look for in a well-regulated, safe money transfer provider and the importance of choosing an FCA-authorized payment provider in the money transfer space.

How is Anti Money Laundering Regulated

The article details the intricacies of Anti-Money Laundering (AML) measures globally. It discusses the process of money laundering and the various sophisticated regulations in place to combat it, including the EU’s AML Directives, the USA’s Bank Secrecy Act and PATRIOT Act, the UK’s Money Laundering Regulations, and Australia’s financial laws. These regulations are essential for preventing financial crimes and vary in strictness across regions.

UK Banks & Scandals

The article sheds light on the history of financial misconduct by UK banks, focusing on malpractice, fraud, and the miss-selling of financial products. Notable scandals involve Lloyds Banking Group with fines for manipulating LIBOR and coercion in product sales, RBS Group with a guilty plea for money laundering and fines for mismanagement of small businesses, and Barclays facing repercussions for dark pool activities and LIBOR rate manipulation.

Declaring Foreign Bank Accounts to HMRC

Understand the significance of declaring foreign bank accounts to HMRC for UK residents. Explore potential penalties and legal consequences of non-compliance. Learn about worldwide income reporting requirements and the Common Reporting Standard, enabling HMRC to access offshore account information.

How To Obtain A Money Transmitter License In The UK

Delve into the comprehensive guide on acquiring a money transmitter license in the UK, regulated by the Financial Conduct Authority (FCA). Understand the significance of Money Service Businesses (MSB), the intricacies of EMI and PI licenses, and the step-by-step process to ensure compliance and secure authorization.

Is The Bank Transfer A Good Payment Method? (Travel Focus)

Explore the pros and cons of using bank transfers versus credit card payments for international travel expenses. Compare fees associated with credit card transactions, including foreign transaction fees and FX markups. Discover payment options for specific travel expenses like safaris, cruises, car hires, and hotels.

Is a Bank Transfer Safe?

Discover the importance of reputable payment providers and secure payment networks. Learn how to avoid phishing scams and man-in-the-middle attacks. Implement tips like two-factor authentication, strong passwords, and regular account monitoring for enhanced security and peace of mind during bank transfers.