How to Send Money to London From the US

Sending money from the United States to London requires understanding various financial mechanisms and preparation steps. Selecting an appropriate transfer method is important. This process involves considering available services, the information needed, and the associated costs and delivery times.

Understanding Transfer Options

Several methods exist for sending money from the United States to London. Online money transfer services are a popular option, offering digital platforms for international remittances. Companies like Wise, Remitly, Xoom, Revolut, Xe, and WorldRemit provide accessible interfaces for initiating transfers, often facilitating direct bank deposits, mobile wallet transfers, or cash pickup options in London. These services are recognized for their speed and lower costs compared to traditional banks.

Traditional bank wire transfers are another established method for moving funds internationally. These transfers involve banks communicating through secure messaging networks, such as the SWIFT (Society for Worldwide Interbank Financial Telecommunication) system, to send funds between accounts. While secure, wire transfers can be slower and more expensive due to intermediary banks and their fees.

International money orders provide a physical, prepaid document, a secure alternative to sending cash or checks. They are available through postal services or financial institutions. Money orders are useful for recipients without a bank account in London. However, this method is slower than digital options, as the physical document must be sent and redeemed.

Essential Information and Preparation

Before initiating any money transfer to London, gather specific details for both the sender and the recipient. The sender needs to provide valid identification, such as a driver’s license or passport, along with proof of address for verification. This information helps ensure compliance with financial regulations and security protocols.

For the recipient in London, precise banking details are necessary. This information includes the recipient’s full legal name and physical address. The recipient’s bank name and address are also required. The recipient’s bank will have a SWIFT/BIC (Bank Identifier Code) and an IBAN (International Bank Account Number). The SWIFT/BIC is an internationally recognized code that identifies the specific bank. The IBAN is a standardized account number format used for international transactions, ensuring accurate routing of funds. For the United Kingdom, an IBAN consists of 22 characters, including a two-letter country code (‘GB’), two check digits, a four-character bank code, a six-digit sort code, and an eight-digit account number.

Be aware of transaction limits, as most financial institutions and money transfer services impose daily, weekly, or per-transaction caps. Transfers exceeding certain thresholds, such as $10,000, may trigger reporting requirements to the Internal Revenue Service (IRS) under the Bank Secrecy Act. Senders should confirm these limits with their chosen provider before initiating a large transfer, as exceeding them could lead to delays or additional verification steps.

Navigating the Transfer Process

Once a transfer method is chosen and information collected, the process of sending money follows a common sequence. The initial step involves creating an account with the chosen service or logging into an existing banking platform. After logging in, the sender selects the destination country (United Kingdom) and specifies the amount in US dollars.

Next, input the recipient’s details: full name, address, bank name, SWIFT/BIC code, and IBAN. Accuracy in these details prevents delays or misdirected funds. Senders then choose a payment method to fund the transfer, such as a direct debit from a bank account, a debit card, or a credit card.

Before finalizing, a review screen displays the exchange rate, fees, and the exact amount the recipient will receive. After confirming all details, the sender authorizes the transfer. Upon submission, a confirmation number or tracking ID (sometimes called a Money Transfer Control Number or MTCN) is provided. This identification number allows the sender to monitor the transfer’s progress until it reaches the recipient.

Understanding Costs and Timelines

Sending money to London involves understanding exchange rates and fees. An exchange rate indicates the value of one currency compared to another and fluctuates due to market dynamics, economic indicators, and political events. Financial institutions often apply a markup to the mid-market rate (the true exchange rate between banks), resulting in a less favorable customer rate.

Transfer fees vary among providers and are structured as flat fees, percentage-based charges, or embedded within the exchange rate markup. Using a credit card for a transfer may also incur additional cash advance fees from the card issuer. Comparing the total cost, including explicit fees and exchange rate markups, determines the most cost-effective option.

Transfer timelines are influenced by several factors. The chosen method plays a role, with online money transfer services often delivering funds within minutes to one or two business days. Traditional bank wire transfers take longer, between one to five business days. Factors such as bank processing times, daily cut-off times, weekends, public holidays, and time zone differences between the US and the UK can extend delivery periods. Anti-fraud checks and intermediary banks can also contribute to delays.