Decide Whether to Use Banks Or a Prepaid Debit Card to Transfer Money to England

Decide Whether to Use Banks Or a Prepaid Debit Card to Transfer Money to England

Unlike most other countries in the area that now use the euro, England still uses the pound sterling. Currently, $1 USD equals .62611 pounds, and 1 pound equals $1.59717 USD. However, this number changes frequently, which means you should check it the day you want to transfer money to England. This will let you know how much to send, since your recipient will receive the funds in pounds instead of US dollars.

Popular British banks include NatWest, Barclays, Lloyd's, and Standard Chartered. Additionally, some banks that are popular in the U.S. also exist in England, such as HSBC, Citibank, and JP Morgan. You can use any of these banks to transfer money to England, or you can use your local bank to send funds to a different bank that exists only in England. Typically, the cost is a bit higher to do so, but might be more convenient for your recipient.

Rather than just using your own bank to send money, you should shop around and compare fees. HSBC usually charges about $15 to $35 to send money; the smaller amount is to send money from your account online, while the larger amount is charged when you stop by a location and send cash. Bank of America charges $45 to transfer money to England in U.S. dollars, and $35 to send foreign currency, so if you have pounds, it will be slightly cheaper. Desert Schools Federal Credit Union has similar fees, as it costs $30 for all international transfers.

If you do not want to deal with bank fees, or perhaps you or your recipient do not have an account, there are other options. You may instead choose to send a prepaid debit card. All you would need in this case is their address, and you could send them the card. It might take about a week to arrive, but after that, you can add funds to it whenever you need to. The fee is $5 whether you send $10 or $1000, and you may use your credit card if you do not have a checking account.

In the end, you will probably choose the method that is easiest and fastest. If your friends or family need money now, you can usually transfer money to England within one to five business days, depending on the bank you choose. If they can wait about a week, you can send them a prepaid debit card. Once they receive the card, all your transfers will be instant. The choice is yours, but be sure to weigh your options carefully before you send any money.

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