Bank Transfer Rates

Published on in Foreign Exchange News by

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Bank Services to Send Money Overseas

For the organisations that are based in United States of America but have business relations or branch offices in the UK, it may be necessary to send money to UK to pay for products/services purchased, for the payment of office space rent and for the payment of salaries to employees in the office. Transfer of money between two branches of the same bank does not involve charges and is therefore a very convenient and economical to send money abroad. You can actually send money abroad free using this facility. If an organisation’s vendor or supplier in UK does not have account in bank, a cheap way to send money abroad is via bank wire transfer.

Bank wire transfer, also referred to as telegraphic transfer service is availed by numerous individuals and organisations to send money abroad. An individual or organisation in one country can easily send money to a bank account in another country via bank wire transfer. When you send money from US to UK, the amount sent in US Dollars is converted into Great Britain Pound Sterling as per the existing exchange rates. The bank that sends the money through wire transfer needs to have the receiving bank’s IBAN and/or SWIFT address before giving effect to the transfer of money. Bank wire transfers that are completed and credited to the recipient’s account are immediately available for the account holder’s use. International bank wire transfers can otherwise take up to 2 or 3 days (if the recipient does not have a bank account).

Want to compare alternatives and ways to send money from US to UK or check the exchange rates before you choose a bank for wire transfer service?

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