US vs UK
USD to GBP exchange rate keeps on changing as per market fluctuations in both UK and US. The USD and GBP are the most frequently exchanged currencies in the world today. This is a clear indication of the numerous exchange of currency that occurs between these two states.
The number of employers sending money to employees in the UK is high. Trade deals are high, families reside overseas and payments are sent daily from US to UK for items and service. You cannot lack a favorable channel for transferring money to the UK from the USA.
It is however important to consider all the options of money transfer before choosing your pick. This will help you make an informed decision as to which rates are fair for you thus saving you money and time. We have simplified it for you here at Exchange Rate IQ.
Best way to send money from US to UK
There are a number of options you can use when sending money from the US to the UK. You may choose to use online money transfer services that offer a more affordable rate thank most banks do. They offer competitive exchange rates as well as incentives such as no fees incurred during the transfer.
PayPal Transfers supports multiple currencies and is an effective way not only to transfer money from US to UK, but also to more than 100 other countries. It offers good exchange rates, better than those offered by banks but does not beat those offered by money transfer companies.
Various providers enable this transfer to happen whereby the recipient receives money either online or through their numerous agents located at various points. Trusted providers like Western Union and Travelex are a good alternative.
International Money Orders, Similar to bank checks, are relatively safer. However, they are a slower option and may cost a little more.
Factors to consider when sending money from USA to UK.
As for most countries, you have to consider a number of factors when choosing to send money from US to UK. These are:
The transfer option you choose will guarantee if you will get a favorable exchange rate and fees or if you will get your deliveries made in time. Independent companies see to it that this happens.
- The amount of fees you are willing to sacrifice matters depending on the urgency of your transfer or the size of your pockets.
- The transfer amount you wish to convey is one of the biggest factors that has to be put into consideration. This is because some companies offer limits to the amount of money you can send to UK from US.
- Customer support is important as you will want to be directed on the procedures involved in making your transfers a success.
- The flexibility of your transferoption also matters. A good transfer agency should offer you the option of scheduling your transfer ahead of time. Options like protecting your transfer against market fluctuations should also be availed to you. This can be done with a forward contract or a limit order.
- USD to GBP exchange rates: One interesting fact to know is that a strong currency always trades better when exchanged with that of another country. GBP dominates USD hence you will get less dollars per pound spent when making the transfers.
Exchange rates are determined on an hourly basis by the fluctuations in the economic and political conditions of a state and Exchange Rate IQ keeps you updated on this.