You have three main option when you decide to transfer money to the UK. However, each of these comes with different benefits and costs so it is worth doing a little research before you choose.
The first option is to check out the sterling exchange rate on offer from your local high street bank.
However, even if this is competitive you will need to bear in mind that banks tend to impose fees each time that you transfer money to the UK with them.
These extra costs can sometimes outweigh the convenience of using a bank in your home country to transfer money to banks like Lloyds TSB or HSBC.
But if you need to transfer money to the UK to somebody who cannot access a bank account, then a Money Sending bureau might be a more suitable option.
These are small establishments found on high streets and in shopping malls around the world.
Unfortunately, they tend to be poorly regularly, have rather uncompetitive currency exchange rates and impose per-transfer fees in the region of ten to 15 per cent.
To avoid these costs you could always consider the third way of transferring money to the UK: a foreign exchange broker.
Brokers shift huge volumes of currency every day so they are able to offer very competitive sterling exchange rates.
RationalFX can go one further and provide you with a low fee service, which should lower your costs considerably.
You can open an online account with us for free today. It's quick and easy and will allow you to check out the exchange rates we have on offer without making an instant commitment.