Send money internationally to the UK (GBP) using the mid-market exchange rate. Check and compare the rates from the major financial providers.
Send money to the UK
What is the best GBP exchange rate today?
How much does it cost to send money to the UK?
- 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.
British economic situation
As we all know, the United Kingdom experiences a lot of movements in its economy these days. Since the European Referendum on June 23 2016, the UK does not belong anymore to the European Union.
What impact does the Brexit have in money transfers?
The decision to leave the EU has a considerable impact on the exchange rate of Sterling against the other major currencies. The day following the referendum was one of the most volatile days in the history of currency exchange rates and probably one of the worst days for the global economy as a whole.
Since there is no recent precedent of a country leaving the EU, no one knows what the future holds. British expats or foreigners in the UK can understandably be worried about Brexit's impact on their finances. What does that mean for the British? The exchange risk has been confirmed: the fall in the pound is hugely unfavorable for expats who earn money in sterling and pay bills in another currency, for example someone with UK pension income living abroad.
Below the graph of the exchange rate GBP against euros (from the 5 of June to mid of July). We can clearly see the fall if sterling against euros, valued at:
- Before the Brexit: around 1GBP for 1,3EUR
- After the Brexit: around 1GBP for 1,15EUR
The sterling lost between 10% and 15% of its value against the euro. It's even worst with the $.
The current volatility has little to do with how Brexit pan out but more to do with investors panic.
A few figures about demographics and remittances in UK
How many British are abroad?
5,2 millions British citizens live abroad, of which: 1,2 million live in Australia, 750'000 in the United States of America, 675'000 in Canada, 380'000 in Spain, 315'000 in New Zealand, 305'000 in South Africa and 250'000 in Ireland.
How many foreigners are in UK?
7,8 millions of foreigners live in United Kingdom. The nationalities the most represented in UK are: 756'000 from India, 661'000 from Poland, 476'000 from Pakistan, 413'000 from Ireland, 311'000 from Germany, 240'000 from Bangladesh, then USA, South Africa, Nigeria and China.
Given that Australia is the country which holds the widest British community, it is not surprising that remittances to UK mainly come from Australia. The country received a total of 5,4 billions $ in 2015, 1,3 billion$ sent from Australia (according to the World Bank's report 2015).
Top5 sending countries to United Kingdom:
- Australia: $1'360 millions sent
- USA: $828 millions sent
- Canada: $719 millions sent
- Spain: $403 millions sent
- South Africa: $321 millions sent