You need to set up a money transfer account in order to transfer money to a bank account overseas.
If you are looking to find the best money transfer account you will need to compare Currency Brokers and high street banks in order to find the best account for you. You will need to be registered with a Currency Broker or a bank in order to send money to bank account overseas due to UK money laundering regulations.
At Compare Currency you can compare transaction fees and each currency provider specialist area in a simple table to find the best provider for your requirements. Each Currency specialist can be contacted for a completely free no obligation quote.
Getting a transfer money account
Different rules apply to different currency providers, typically opening a transfer money bank account with a bank can be quite a time consuming process. You will need to have a current account with that bank and have to go into the branch to open this account with identification. It can take up to 7 days for the account to be opened, and during this time exchange rates may have moved and you can no longer obtain the exchange rate you were looking to achieve. On the other hand if you already have a current account with the bank in which you are looking to use to make a money transfer then you can transact instantly.
Setting up a money transfer account with a specialist currency broker is an extremely quick and easy process which can be done over the telephone, the currency brokerage can use online verification systems to check your identity. Your account can be set up within the hour for you to start sending money to a bank account overseas. If you fail the online verification you may be asked to send a certified copy of photographic identification and a utility bill to the currency brokerage.
How you can fail online identity verification – Legitimate reasons
If you are not registered to vote
Do not have some form of credit, e.g. loan, credit cards, mortgage
Recently changed your name
The best money transfer bank account
As out international payment tables shows you the best money transfer account is not with a bank!! Opening an account with a specialist currency provider is quicker to open, enables you to achieve better exchange rates, receive specialist currency information and buying/selling tools plus is completely free. The currency brokerage will convert your money and upon your instruction make the bank account money transfer into your beneficiary account.
Find the best money transfer account now
Send money to bank account overseas
If you are planning to send money to a bank account abroad you will need to have the following information to make a successful money transfer:
Bank account name
IBAN (International bank account number)
SWIFT BIC (International Bank Sorting code)
Bank name
Bank address
Beneficiary Reference (The message you would like to go with your transfer e.g. From Mr A Smith)
Find the best money transfer account at Compare Currency.
