Everybody knows that money is serious business. No matter how wealthy or modest you are, when it comes to money you tend to be extra careful, this is because making money is not a walk in the park.

Since making money is not so easy, sending money overseas either for business or individual needs should be done with careful guidance  to avoid loss of money.

If you have ever lost your hard-earned money during the process of making an international transfer, then you will understand the need to be attentive to these six mistakes that can cause money to be lost or delayed during the process of sending money to the UK.

In this article, I will quickly share common mistakes people make when sending money to the UK and ways to avoid repeating the errors.

Settling for higher processing fees

Sending money to the UK is challenging enough, you shouldn't lose more money in the process.

Banks and financial service providers charge a fee for processing your transfers, however processing fee varies depending on the bank or server you use.

Compare the charges of different banks and transfer service providers to determine the one that is affordable and suitable for your needs.

When possible you should go for services with no processing fee, though this will come with some limitations like transaction amount or delivery speed level 

Another way to reduce processing fees is to send the money early enough, to avoid paying an extra fee for urgent transactions.

Payment of high markup fee 

Since you are sending money across borders to a different currency account, you should bear in mind that you will be charged a markup rate. This is the fee that banks charge to convert your currency into the currency of the recipient.

However, some servers and banks take advantage of this rate to charge very high prices, so it is important for you to compare the markup rate of different service providers.

Be sure that there are no hidden fees attached to avoid surprises or reduction of funds received by the recipient.

Sending money in your currency, instead of the recipient's currency.

The foreign currency exchange market is hardly stable. Between the time when you send the money and when the recipient receives the money, the price of exchanging your local currency for GBP (Great Britain Pound) may not be the same.

For instance, if you want to send 3000 dollars at 1 dollar = 0.78GBP, there is a possibility that the price of the currencies can either drop or rise, which ultimately leads to a change in the total amount received.

You can prevent this from happening by changing your local currency to the GBP before proceeding with the transfer in order to protect the value of the total amount sent, so that the recipient will not complain of incomplete/incorrect funds.

With

Unconfirmed delivery time.

With international transfers, the problems of inconsistent delivery time is unavoidable, so it is essential for you to decide early enough on the method of transfer you intend to use as this will determine the delivery time.

If you want to send money to the UK through mobile transfer apps like OhentPay, it is typically faster unlike when you send it using the traditional bank transfer methods 

Apart from the choices of transfer method, other factors that can cause a delay in delivery time are.

• Difference in time zones
• Money transfer service provider
• Currency you are sending the money in (non-major currencies takes longer time)
• Holidays and Weekends
• Delivery Methods
• Intermediary banks 

With all of these factors in place, it is important for you to make your transfer as early as possible to beat any possible delay in transaction. 

However, if you want your money to arrive on time, despite all of these potential delays you will have to pay an express fee.

Error in the recipient's details 

Inputting the wrong details during a money transfer to the UK is a very costly mistake because there's almost no way to reverse the transaction once it is submitted 

Incorrect details can lead to the money landing in a wrong account or the funds getting stuck in the processing system 

So it is essential for you to confirm and double-check the required details like;

• The recipient’s full name, account name and home address
• The currency you want to change the money to 
• The recipient’s International Bank Account Number 
• The Society for Worldwide Interbank Financial Telecommunication (SWIFT) code or Bank Identifier Code (BIC) of the recipient’s bank.

After confirming these details with the receiver, ensure that you fill it on the form accurately as well to avoid loss of money.

Insufficient research on transfer medium.

There are several ways to send money to the UK, some are cheaper, some easier, some are more secure, while others are faster. It is important for you to know the medium you want to use for your international transfers.

Don't fall for the marketing hype of any brand, do your own research. Ensure you check their processing fee, delivery speed, markup rate, transaction limits and every other detail that will affect your transfer.

Don't leave anything to chance, remember the possibility of refund is low and you are trying to save time and money.

So don't move with the crowd, carry out your research and choose carefully the one that is suitable for your budget and needs.

One of the root causes of most mistakes that arises during the process of sending money to the UK, is unpreparedness.

An international transfer is not just something you can do as you deem fit, it requires preparation, research and accuracy to avoid waste of time and loss of money 

Sending money to the UK is a complicated process, and any mistake that you make during the process will get you disappointed.

So it is in your best interest if you go through this list again, this time more carefully so that you can easily pick any point that you missed and make your money transfer to the UK smooth and truly seamless.

Send money across borders!

Download