Sending money from the USA to the UK is an everyday necessity for all businesses, for example, for paying for family, offshore services, and cross-border investments.
But with so many options available, picking the most effective and economical one can be challenging.
The choice of money transfer channel influences not just the convenience and speed of the transaction but even the overall price in terms of exchange rate margins and fees.
Whether it’s through old-fashioned bank transfers, websites, or even cryptocurrencies, you need to know the pulses and minuses of each.
In this detailed guide, we are going to get you up to date with the most effective methods to transfer money from UK to USA, including the most popular methods, cost considerations, restrictions, etc.
Popular Methods to Transfer Money from UK to USA
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Bank Transfers (Wire Transfers)
Bank transfer is an old method of remitting money from your UK bank account to an American bank via the SWIFT and IBAN numbers.
Bank transfers have poor exchange rates and high charges and take 1-5 working days to be processed. It’s a good option for large, safe transactions.
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Online Money Transfer Services (Wise, Revolut, CurrencyFair, etc.)
Online providers like Wise, Revolut, and CurrencyFair offer competitive exchange rates and low fees, typically sending within 1-2 business days.
They are well-suited for low-value, low-cost, small to medium-sized transfers, offering better rates than banks.
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Money Transfer Companies (Western Union, MoneyGram)
These include MoneyGram and Western Union. They enable the recipient to take cash from the agent outlets or have it transferred to bank accounts.
They are quick, requiring a few minutes in most cases for cash pickup, but they charge highly for faster services.
Read about: The Best Way to Transfer Large Sums of Money Abroad
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Digital Wallets and Payment Apps (PayPal, Cash App, etc.)
PayPal and Cash App are two apps that facilitate real-time transfers among individuals. Transfers from digital wallet to digital wallet are real-time, while bank account transfers take 3-5 business days.
It charges differently for payment method and currency conversion, and it is appropriate for small, time-sensitive transfers.
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Cryptocurrency Transfers (Bitcoin, Ethereum, etc.)
Cryptocurrencies like Bitcoin and Ethereum can be transferred to another digital wallet immediately. Cryptocurrency is cheap to transfer, but the currency could fluctuate in value.
It’s ideal for customers who are already familiar with crypto and need immediate cheap transfers.
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Prepaid Debit Cards
Prepaid debit cards get filled and sent off to the recipient, and they use the card to purchase something or withdraw cash from an ATM.
The cards will take 1-3 business days, but there are charges based on the provider. The system is best suited for sending a few cards to postal enthusiasts.
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Forex Brokers and Currency Exchange Services
Transfer companies like OFX (Oz Forex) and XE have reasonable exchange rates for big transactions and are ideal for sending a large amount of money.
They do not charge, or very little, in the case of a transfer fee, but they may have a slight markup on the exchange rate to be paid. Transfers take approximately 1 to 3 working days.
Factors to Consider While Sending Money from UK to USA
When deciding how to send money from the UK to the USA, several factors should influence your decision:
Exchange Rate: The exchange rate directly affects the received amount for the recipient. There are a few providers that provide the mid-market rate, and some include a markup as profit.
Fees: Transfer fees are highly variable by provider and amount. Some providers charge a fixed fee, and others charge a percentage of the transfer amount. Always compare the overall cost.
Transfer speed: The speed of transfer differs according to the method. Bank transfers would take a few business days, whereas PayPal and Revolut offer almost instant transfers.
Payment method: The payment might be via bank transfer, debit/credit card, cash, or electronic wallets, and all of them differ in terms of fee and speed.
Hidden Charges: Watch out for hidden charges, like intermediary bank charges or currency conversion charges. The actual amount received by the recipient must be determined.
Security and Reliability: Use a well-known, regulated provider for the safety of your funds. Data protection and encryption must be looked for.
Customer Support: Customer support is also vital for large or time-sensitive transfers. Ensure that the provider is serviced both in America and the UK and has proactive customer service.
Money Transfer Limit To Send Money From UK to USA
The money transfer limit for sending money from the UK to the USA depends on the channel and provider. Here’s how it goes:
- Bank Transfers (SWIFT/IBAN):
Limits vary by bank. For instance, HSBC UK has an online transfer limit of £50,000 per day.
Fees: Typically, higher for larger amounts due to processing charges and potential intermediary bank fees.
- Online Money Transfer Services (Wise, Revolut, OFX, etc.):
Wise: Allows up to £1,000,000 per transfer for personal accounts.
Revolut: Generally, it offers limits up to £1,000,000, depending on the account type.
OFX: No maximum limit, but a minimum transfer of £100 applies.
Currency Fair: Permits transfer up to £10,000,000.
- Money Transfer Companies (Western Union, MoneyGram):
Western Union: Limits vary by transfer method, typically up to £5,000 per transaction.
MoneyGram: Allows up to £6,000 for online transfers, with higher limits in-branch.
- PayPal:
Limits are up to $10,000 per transaction, subject to account verification.
Fees: These may be substantial, particularly for international transfers and currency exchange.
- Cryptocurrency:
Generally, no limits are imposed by service providers, but exchanges may set daily or monthly caps.
Fees: Variable, influenced by market volatility and potential regulatory considerations.
- Forex and Currency Exchange Services (XE, Currencies Direct):
Typically, there are no set limits, but transactions above certain thresholds may require additional identification checks.
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Cheapest Way To Send Money To USA From UK
The cheapest way to send money from the UK to the USA typically involves using online money transfer services that offer competitive exchange rates and low fees. Here are some of the best options:
| Service | Fees | Exchange Rate | Speed | Best For |
| Wise | 0.4% to 0.7% (depending on amount) | Real mid-market rate (no markup) | 1-2 business days | Medium to large transfers |
| Revolut | Free up to £1,000/month, then 0.5% | Real market rate (weekday) | Instant to 1 day (Revolut-to-Revolut), 3-5 days for bank transfers | Smaller amounts, regular users |
| CurrencyFair | £2.50 fixed fee + small exchange margin | Close to mid-market rate | 1-2 business days | Large transfers where fixed fees save money |
| OFX | No transfer fees, small exchange margin | Competitive (slight markup) | 1-4 business days | Large transactions (£1,000+) |
| PaySend | Fixed fee (around £1 or less) | Slight markup on mid-market rate | Minutes to a few hours | Quick, small-to-medium transfers |
| Remitly | Low or no fees (economy), higher for express | Markup on mid-market rate | Express: minutes, Economy: 3-5 days | Urgent small transfers |
For small to medium-sized sums, Wise offers the best combination of low charges and real exchange rates. Revolut is best suited for small frequent transfers, especially within the Revolut network.
CurrencyFair and OFX are best suited for large sums since they charge fixed fees and competitive exchange rates. For speed, PaySend and Remitly are best suited for quick, small transfers.
Time To Send Money From UK To USA
How quickly to send money from the USA to the UK depends on the transfer method and provider. Below is a summary of how quickly in general:
- Bank Transfers (IBAN/SWIFT)
It is 1 to 5 working days.
It can be slow, especially if there are middleman banks.
- Wise (formerly TransferWise)
It is 1 to 2 working days.
Smaller amounts can be sent quickly, especially if senders and payees are both connected with Wise.
- PayPal
Either instantly or 1 business day (if both also happen to be PayPal affiliated).
Should arrive to a bank account in 3–5 working days.
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- Revolut
Practically instant when sending Revolut-to-Revolut. Bank transfer in 1 or 2 business days.
Quicker if sending with Revolut; otherwise, slow banks.
- MoneyGram
Cash collection takes minutes; bank deposit takes 1-2 working days.
Instant cash transfers but with delayed bank deposits.
- Western Union
1-2 business days for bank deposits, minutes for cash collections.
Time is based on delivery type (e.g., cash pickup is the quickest).
- OFX (OzForex)
1 to 3 business days.
Typically, a day or two, but longer if the bank intermediary is utilized.
- CurrencyFair
1 to 2 business days.
Quicker for small transactions where both account holders are registered.
- Remitly
It can take 1 to several hours.
Economy: 3 to 5 working days.
Express is faster but more expensive.
- Prepaid Cards or Cryptocurrency
Prepaid Cards take 1–3 working days, issuer dependent.
Cryptocurrency: Generally, in an hour (but it depends on the speed and network of the cryptocurrency).
Conclusion
There are a multitude of options to transfer money from the UK to the USA, each with its own best fit criteria. To achieve the quickest speed, Western Union and PayPal will make money transfers in real time.
To get the best prices, Wise, Revolut, and CurrencyFair are the top choices for small to medium-sized transfers. For large transfers, OFX is great value with excellent exchange rates.
Always weigh your need for convenience, cost, and speed in choosing a money transfer method.
FAQs:
What do I need to send money from the UK to the USA?
Typically, you will need an ID (e.g., passport or driving license), proof of residence, and recipient details (name, address, and bank details). Large payments also need proof of origin of funds.
Will there be tax implications to sending money to the USA?
Normally, private transfers are not taxable, but over $10,000 may have to be made to the IRS. It is advisable to get professional advice.
Are online money transfers between the USA and the UK safe?
Yes, if with a reputable provider like Wise or Revolut. Look for FCA registration and make use of encrypted services that use multi-factor authentication.
How do exchange rates work in money transfers?
Exchange rates exchange currency for another. If you make a money transfer, the company exchanges your money for the country you are sending it to at an exchange rate, maybe with a markup.
Some companies allow you to “lock in” a rate to avoid variations.
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