Transfer Money

Weighing up your money transfer options can depend on a lot of things. Usually time, cost and security are the main factors to be considered when making a money transfer abroad. Xendpay can accommodate for all of your money transfer needs, including urgent money transfer requirements, which require next day delivery.

It may be that you need to transfer money to Spain, China, Italy, Canada, Australia, South Africa or somewhere else. Wherever you need to make an overseas money transfer to, with Xendpay you can make a budget friendly, fast and safe transfer.

Whether you need to send money to help out a family member or friend in an emergency or buying a car or property which is only available for a limited amount of time, Xendpay can provide you with options to help transfer your money rapidly to the destination you require.

Transferring money through your bank is usually the first option that customers consider but in the case of urgency, your bank is likely to be the least suitable for your money transfer. We have examined statistics which show that most high street banks take a minimum of 3-4 days for your money to be received, with some destinations requiring up to 12 days to receive your funds. See the table below for a comparison.

Transfer Provider	Transfer Length
	Next day, 3 day or 5 day options
Barclays	4-5 Days for North America or Europe, up to 8 days for others
Lloyds TSB	3-4 Days for popular corridors, up to 12 days for others
RBS	4-5 days

Secondly, there is then the option of agencies or bureaus which offer 'rapid' money sending services. The catch here is they will charge a significant transfer fee as well as deduct a commission which is typically between 3 and 5%, but could be as high as 10%! On top of this, the margins that they impose are very high, which reflects in the exchange rates offered to their customers.

The best way to save both time and money is to use Xendpay for your international money transfers. We offer a fast service and charge nowhere near as much as the alternatives available.

How to transfer money between banks?

Transferring money between banks can be done in a number of ways. With growing and more complex scamming systems, being careful of how you transfer your money can make it safer, and even cheaper.

To start with, when transferring money between banks you will need:

• Your bank and account details you wish to transfer from.
• The bank and account details you wish to transfer to.

Is the transfer domestic or foreign?

If foreign you will require:

• IBAN number
• SWIFT code
• Or both

Depending when you need the funds to be available in the beneficiary’s bank account, the costs involved can determine the choice you make.

Wire transfer

Using a bank wire transfer is seen as the most pragmatic and fastest way of sending money between banks especially internationally.

It involves contacting your bank and requesting the amount you wish to send to, what bank will be the recipient, who the recipient is and when you need the money to be received.

For international wire transfers your bank via SWIFT will send a secure message to the recipient bank requesting transfer according to your instructions.

Transfers vary from a few hours to even a few days before funds are made available and the service comes at a relatively high cost.

Cheque

Using a cheque to transfer money between banks is less costly than a wire transfer although they require a longer clearing period for funds to be available. You could be waiting for up to 7 days for a cheque to clear in your account.

However, depositing international cheques can take up to 2 weeks to clear! This is because the cheque deposited needs to be sent back to the issuing bank to be processed and verified to be cleared.

In cash

Sending cash is not advisable if a large amount of money needs depositing. Nobody wants to be carrying a large amount of cash around with them as there are dangers involved and a lot of money is estimated to go missing in the post each year.

Why should I make an overseas money transfer through Xendpay ?

• Inexpensive - Competitive exchange rates and low cost transfers

• Convenient - Simple to use and convenient online service, available 24/7

• Safe and secure - Xendpay ensures the utmost security for all users on their website by utilising the latest online security protocols and using high-level encryption on all sensitive information.