Send money internationally from the UK to Serbia (GBP to RSD) using the mid-market exchange rate. Check and compare the rates from the major financial providers.
Send money from the UK to Serbia
Send money from the UK to Serbia
How much does it cost to send money to Serbia?
- International money transfers shouldn’t be expensive.
- Make sure your provider doesn’t add hidden fees or bad exchange rates to your money transfer.
- You should choose a provider that uses the mid-market exchange rate to convert your money.
Sending money to Serbia
There is no country which holds a big community of Serbian people. Serbian people are spread in many countries, many European and English-speaking countries. According to the UN department 1.3 million of Serbian people live abroad. The countries where they are the most represented are Germany, Austria, Switzerland, Croatia, the United States, Turkey, France, Italy and the Netherlands. The principal reason of Serbia's emigration is the research of a better situation and job opportunities.
Those migrants abroad send money back home to their family or their relatives. But they are not the only ones. A lot of European companies do business with Serbia. The cost of labor is below the european average that makes Serbia an attractive country for its workforce. For example it is advantageous to hire freelancers as the latter can work from Serbia and the cost of the service will be lower than a freelancer in Western Europe.
The country received $3.3 billion of remittances last year, mainly sent from Germany, Switzerland, Austria, the United States, Croatia, Turkey and France.
So what are the solutions to send money back home to Serbia and to pay a company or a freelancer there on a regular basis?
Should I use my bank to transfer to Serbia?
Banks are the first place where people go to move money internationally. It is easy as the bank already have your personal information and your money on an account. But they are expensive they don't charge a big transaction fee while transferring but instead they offer a poor currency exchange rate, far below the official market exchange rate (you can find it in Google or Reuters).
Moreover it is sure that your bank can allow a transfer to Serbian account. Ask the bank first. Also you never know when the money will be received on the recipient's account. It can be advantageous if your bank has an international branch in Serbia.
A better option is to use a money transfer operator as it is specialised in moving money overseas and so provide good rates.
How to compare the solutions and choose the best option?
As said earlier the best choice is to use a money transfer operator as these companies provide a wide range of services. Depending on your current need you might be able to find one which offer the best rate for a specific transfer.
Their pricing are different depending on the payment method you choose (bank transfer, credit card, debit) and on the delivery method you choose (bank deposit, cash pickup, mobile recharge, prepaid card). The rates offered depend also on the speed of transfer you need. Generally speaking a bank-to-bank transfer will be the cheapest but also the longest. A payment by card will be faster but a bit more expensive. The fastest way to receive the money is to collect it by cash at a specialised agency.
The best solution to send money to Serbia really depends on what you need. That's why it is important to always compare before any transfer. It is now possible thanks to comparison platforms which show in real-time the rates of the money transfer companies.