Transferring Money
Learn about the best ways to transfer money to / from the UK
One of the most important things you can do when you first move to London from another country is to set up a currency exchange account. As an expat, you will likely need to send money back to or receive money from your home country.
Check out the three most common ways to transfer money...
Bank
Pros: You won't have to set up any other accounts - it's easy.
Cons: Typically banks charge excessive fees for currency transfers - there are much cheaper ways to transfer money!
Pre-Paid Cards
How it works: Buy a pre-paid card in you local currency at a fixed exchange rate and start using just like any other debit / credit card to make purchases or get cash from an ATM.
Pros: A great way to ensure you have access to British Pounds when you first move (before you have a bank account set up) and you can buy them online.
Cons: May not offer rates as good as a currency exchange company and may have hidden fees or charges - read the fine print!
Learn more about VISA's pre-paid cards here
Transfer Companies
How it works: Set-up an account and quickly transfer money between your accounts and currencies - typically at the best rates.
Pros: Typically offer the best currency exchange rates and the lowest fees - some even provide you with a personal contact to help you manage your currency exchange plans!
Cons: You have to have a UK address in order to set up an account, which means you won't be able to use one of these companies until you've moved here.
Learn more about different Currency Transfer Companies here
Learn more...
Or help figuring out how much rent you can afford? Read our blog on Calculating your Rent.