With online money transfer options, wire money to anyone and anywhere has become easier than ever. Besides, it is cheaper than traditional options like sending money using banks and other financial institutions, which can be extremely expensive, especially when transferring money internationally. In such situations, using online money transfer services is more convenient and affordable. Before proceeding, it is important to research the various options, services, and providers available for online money transfer.

Top online money transfer options and modes in the UK

Payment Service Providers (PSPs)
These generally have lower fees and quicker processing times than conventional banks. Businesses usually use payment service providers to accept online payments, but individuals can also use them as online money transfer options when they want to wire funds domestically or internationally.

Mobile Payment Apps
With smartphones becoming indispensable devices, the popularity of mobile payment apps has also soared. Using mobile payment apps, one can transfer money directly from one’s mobile phone. Several top mobile manufacturers have developed payment apps that are compatible with their  own  range of phones. Most of the time, these apps must be linked to a bank account or a debit/credit card to enable fund transfers.

International Money Transfer Services
When one is looking for international money transfer options for seniors, students, or other family members, these specialised services are good options to consider. Most of these services have their own online platforms to allow individuals to transfer funds internationally. One has to simply initiate the transfers online and send the funds to recipients who are residing in another country. The recipient can get the funds through cash pickup or as direct deposits into their bank accounts. But unlike mobile apps, the transfer can take some time to appear with these services. Yet, these are more likely to be secure than mobile payment apps.

Peer-to-Peer (P2P) Platforms
These platforms are relatively new entrants to the online money transfer domain. With a peer-to-peer transfer platform, one can transfer money at much cheaper  price points .  This  is because the fees are quite low, and mid-market exchange rates are utilized for fund transfers. The way these platforms work is similar to collaborative services like taxi-sharing apps.  That said, one needs to use these platforms cautiously since most are  quite  new and  not  well-established.

Popular online money transfer providers in the UK

Remitly
Remitly offers some of the lowest rates of exchange for international money transfers and is known for offering trustworthy and reliable services. For years, it has been providing a quick and secure service that promises an elevated customer experience whenever funds have to be transferred without any hassle. Moreover, its dedicated app makes the transfer process all the more convenient.

Wise
Wise is another reliable, cost-effective option that can be used to transfer money abroad. It is popular amongst those who usually send small to medium-sized funds at quite low rates. It has its own dedicated app that customers can use to register themselves and send money wherever they want.

Western Union
Western Union is one of the top international money transfer services. These services can be used to send money all across the globe. It is considered reliable and trustworthy since the brand has been in business for decades. Additionally, it has several payout networks spread all over the world. Using its app, customers can send and transfer funds, as well as track the transfer online.

WorldRemit
For those looking for affordable international money transfer services, WorldRemit is a good option to consider. Aside from this, customers who want to send cash pickups abroad to their recipients can also find this service quite useful. Moreover, WorldRemit’s services can be easily integrated with other popular mobile apps, such as M-Pesa GCash, making it easier and quicker to send money.

Revolut
Revolut offers an app-based alternative to banking. One can use it to send money instantly anywhere in the world. The exchange rates are quite competitive, so one doesn’t have to worry about the high money transfer fees.  In fact,  Revout can  be also  used for money transfers even within the UK. But, the money can be sent  only  if the recipient  also  has a Revolut account. In addition, Revolut offers some of the top prepaid travel cards for customers who want to ensure their money is safe whenever they need to travel abroad.

Atlantic Money
Atlantic Money is an app-based international money transfer service. Customers can send money anywhere in the world from the UK for a flat fee, which is quite cheaper than other services. Besides, funds can be transferred in any currency at a live exchange rate without additional fees.  The services include instant money transfer  as well as standard  delivery options that  can  take a couple of days.  Moreover, customers can also receive money transfers through the app.