Whether you are sending GBP to the United States for personal or business reasons, millions of international remittances are sent to the United States every year. With an estimated population of 331 million people and the world’s highest GDP, it is safe to say the United States is a global superpower. As the number of money transfer specialists providing services from United Kingdom to United States continues to rise, it has never been easier to send money to the US safely and securely.
When considering how to send money United States from United Kingdom there are some key aspects of the transfer that will impact the best provider for your needs.
There are plenty of international money transfer providers for United Kingdom to United States. The fastest provider is WorldRemit. The cheapest transfer provider we found is Wise at 0.5% Above Mid-Market Rate.
If you’re looking for the best combination of price, speed, and reliability we recommend using TorFx when sending GBP – USD.
This means that by using TorFx for online money transfers to United States from United Kingdom, you are likely to save on transfer fees and benefit from fast speeds – so your recipient will get more money and have it delivered in less time.
Alternatively, if you are unable to access TorFx for any reason, our comparison engine has found XE and WorldRemit also to be very good options when sending GBP to USD.
If you are looking to make an international transfer, in some cases you might need to know the SWIFT/BIC code of your recipient in United States. If you’re unsure what it is, check out our SWIFT calculator to figure out the correct SWIFT code in United States.
In the United States of America, the US Dollar is used in all 50 states, but what some people don’t know is that it is also used in over 60 other countries outside of the US. These include Central and South American countries like Ecuador, El Salvador and Puerto Rico. Due to its stability and widespread use, the demand for the US Dollar has been strong and steady for the most part. The biggest highs and lows in USD value on record came as a result of major global events such as the Gulf War, the Global Financial Crisis and during Presidential Elections.
Conversely, the GBP/USD rate, which refers to the Pound sterling as the base currency and the US dollar as the quote currency, is the third most traded major currency pair globally.
We do our best to present the best available currency rates and service providers for every feasible foreign exchange scenario. To find the best USD/GBP rate we conducted a case study, using our comparison table, to discover which companies offered the rate closest to the mid-market rate.
|Company name||Type of company||Exchange rate||Difference||Mark-up (%)|
|WorldRemit||Money transfer provider||210.05||5.12||2.43|
|Wise||Money transfer provider||211.08||4.09||1.93|
|CurrencyFair||Money transfer provider||211.49||3.68||1.74|
As you can see from this case study, the best exchange rates on offer are provided by top international money transfer providers, as opposed to banks. In this instance, the markups incurred for services provided by a specialist money transfer company ranged from 1.7 – 2.4% compared to international bank transfer markups of 7 – 8%.
Artiom is a marketing graduate from the University of Portsmouth, Artiom’s primary experience is in SEO but he has a broad knowledge of all facets of digital marketing. He optimises the organic experience on MoneyTransfers.com with the content team, manages and creates unique marketing tactics, and generally supports the overall growth of the website.