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Sending money abroad is crucial for the UK’s large expatriate community, whether for supporting family, managing investments, or other financial commitments.
While Remitly is a popular choice for international money transfers, exploring alternatives that offer better rates, faster transactions, or more convenient services is important.
These alternatives can provide significant benefits depending on your specific needs and preferences.
In this blog, we’ll explore the top alternatives to Remitly for international money transfers in the UK, and encourage you to consider Vance, an alternative solution that may better suit your needs.
1. Vance
Vance stands out for its competitive rates and commitment to providing a seamless user experience. It ensures that even first-time users can easily navigate the platform. Whether you're sending money for the first time or regularly transferring funds abroad, Vance offers money transfer services designed to meet your needs.
Key Features:
Google Exchange Rates: Get the exact currency exchange rates you see on Google - with no markups, ensuring you save more.
Flat £3 Transfer Fee: No hidden charges or fluctuating fees—just a straightforward, low-cost service.
Wide Currency Support: Vance currently supports transfers in GBP, EUR,AED, and INR, with more options coming soon.
User-Friendly Interface: Designed for ease, even first-time users can navigate effortlessly.
Secure Transfers: Advanced encryption keeps your money safe at every transaction stage.
2. Wise (formerly TransferWise)
Wise is another excellent option for sending money internationally from the UK. Known for its transparency, Wise provides the real exchange rate without hidden fees, making it a favourite for those who want to save on costs.
Key Features:
Real Exchange Rates: Wise uses the mid-market exchange rate, which is the fairest rate.
Low, Transparent Fees: Transfer fees vary by destination and amount, typically ranging from 0.4% to 0.6% of the total amount, with a small fixed fee of £0.20 to £0.30 on average.
Multi-Currency Support: You can hold and manage money in multiple currencies, making it easier to send funds globally.
Wise is perfect for those who prioritise getting the best exchange rate on their transfers.
3. Western Union
Western Union has been a trusted name in international money transfers for decades. Its vast global network makes it beneficial for sending money to countries with limited banking infrastructure.
Key Features:
Extensive Global Reach: Over 500,000 agent locations worldwide.
Multiple Transfer Options: You can send money online, via the app, or in person at one of their many UK locations.
Speed: Offers same-day transfers to many destinations, making it ideal for urgent needs.
Fee: The fee starts at £2.90 when sending online from the UK, though it varies depending on the destination and payment method.
Western Union is ideal for those needing a reliable and fast service, especially in areas with less developed banking systems.
4. Revolut
Revolut offers a modern and flexible way to send money internationally, particularly appealing to those already using its digital banking services. Revolut provides various account tiers, each with different benefits and fees.
Key Features:
Flexible Account Tiers: Ranging from free accounts to premium options with additional features.
Low Transfer Fees: Revolut charges a 0.3% variable transfer fee for most currencies, with a minimum of £0.30 and a cap of £5. A 0.5% currency exchange fee applies if you exceed your plan's allowance.
Fast Transfers: GBP and EUR transfers can take a few seconds to 2 working days, depending on the destination.
Revolut is great for those seeking a digital-first approach to managing finances and international transfers.
5. Ria Money Transfer
Ria Money Transfer is a solid choice for speed and convenience, particularly for cash pickups and small transfers.
Key Features:
Quick Transfers: Card-funded transfers are processed in 15 minutes to 3 hours, while bank transfers may take up to 4 working days.
Multiple Payout Options: Recipients can get money via cash pickup or directly into their bank accounts.
Low Fees: Fees for sending money from the UK generally range from £1 to £5, depending on the amount and destination. For instance, sending money to popular destinations like Mexico or Brazil might incur no upfront fee, but an exchange rate margin may apply.
Ria Money Transfer is ideal for sending smaller amounts quickly and efficiently, especially to locations where cash pickup is preferred.
Enjoy Money Transfers from the UK to India with Vance
Experience lightning-fast money transfers from the UK to India with Vance. Get real-time Google rates on all your money transfers with absolutely no hidden fees - no surprises, just the best deals on every transfer.
Stay ahead with our exclusive rate alerts, tracking the Dollar to Rupee so you can send money at your desired rate. Join a savvy community of over 100,000 NRIs who’ve collectively saved more than ₹50 Cr in transfer fees.
In Conclusion
Choosing the right money transfer service can significantly affect how much money reaches your recipient. While Remitly is a popular choice, exploring alternatives like Vance, Wise, Western Union, Revolut, and Ria can help you find a better service. Each offers unique advantages, whether better rates, faster transfers, or more convenient options.
This content is for general informational purposes only and should not be taken as financial, legal, or professional advice from Vance or its affiliates. While we strive for accuracy, the information may change over time. Vance makes no representations, warranties, or guarantees, whether express or implied, regarding the information's accuracy, completeness, or reliability. The comparison is based on publicly available data and is intended to assist users in making informed decisions. It is not a substitute for professional advice or consultation with financial experts. Please review your region's terms of use and product availability or visit the service provider's website for the latest pricing and service information.
FAQs
Q1. How do these Remitly alternatives compare regarding transfer fees in the UK?
Vance charges a flat fee of £3. Wise charges 0.4% to 0.6% plus a small fixed fee. Western Union starts at £2.90. Revolut charges a 0.3% fee with a minimum of £0.30. Ria's fees are variable but generally low
Q2. What payment methods are accepted by these Remitly alternatives in the UK?
They accept bank transfers and debit/credit cards. Western Union also accepts cash, and Revolut accepts payments via Revolut account balances.
Q3. How do these alternatives handle currency conversion for UK transfers?
Vance and Wise use mid-market rates without markup, while Western Union, Revolut, and Ria apply small markups to the exchange rates.
Q4. Are there specific regulations in the UK that impact these Remitly alternatives?
Yes, all these services comply with FCA regulations, which include anti-money laundering (AML) and know-your-customer (KYC) requirements.
Q5. What are the typical transfer times with these alternatives in the UK?
Transfers with Vance and Wise typically take 1-2 days. Western Union transfers can range from minutes to several days. Revolut transfers vary from instant to 5 days, and Ria transfers can take 15 minutes to 4 days.
Aayush is a strategic growth marketer with over 6 years of experience working in the US and European markets for various financial services companies. He has a proven track record of success in helping businesses grow, increase revenue, and improve marketing strategies.
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