Sending money to the USA in 2024? Here's the real deal: forget about the old-school bank transfers. They're slow and hit you with big fees. Instead, let's talk about the smarter choices out there.
We've got online money transfer services like Wise, Atlantic Money, and XE. These guys are all about making things quicker, cheaper, and easier. They specialise in sending cash overseas, and they do it without burning a hole in your pocket.
Here's what this guide will do for you: we'll break down the top services to use, show you how to avoid those sneaky extra charges and give you pro tips to get your money where it needs to go, fast and safe. And we'll explain why, in 2024, using a bank to send money internationally is like trying to text on a flip phone. So, let's get your money moving the smart way!
Top Money Transfer Providers to Send Money to the USA
| Name | Score | Visit | Disclaimer | |
|---|---|---|---|---|
 | 8.7 | Visitatlantic.money | ||
 | 9.2 | Visitwise.com | ||
 | 3XE | 8.6 | Visitxe.com | |
.svg) | 8.2 | Visit | ||
 | 8.1 | Visitinstarem.com | ||
 | 7.7 | Visitremitly.com |
When you're sending money to the USA, it's not just about picking a service and hitting 'send'. There's a bit of red tape to consider.
In the UK, the Financial Conduct Authority (FCA) is the key player. They make sure everything's on the up-and-up, especially when it comes to anti-money laundering laws. If you're sending over £1,000, be ready to share some personal details and proof of identity.
Now, on the other side of the pond in the USA, they've got their own set of rules. These are the Bank Secrecy Act and FATCA – all designed to prevent financial crimes. Sending more than $10,000? Your bank's going to give the IRS a heads-up. And they might ask you for some extra paperwork to make sure everything's above board.
So, what's the takeaway for you? Before we look at the best ways to send money to the US, take our advice: always stick with FCA authorized payment services. They're the ones doing their homework to verify customer identities, sniff out any suspicious transactions, and keep detailed records.
Looking for a top-notch way to send your pounds to dollars across the pond? Wise is your go-to. Based in the UK, Wise is a fintech champ specializing in sending your money overseas without taking a big chunk of it.
They're all about transparency and fair exchange rates. You get the mid-market rate, the same one you see on Google, with no sneaky markups. And their fees? Crystal clear and super competitive. We're talking fees as low as 0.35% plus £0.80 for sending GBP to USD. That's pretty hard to beat.
Speed is another game where Wise shines. Need your cash to hit the States quickly? With Wise, most transfers are lightning-fast, reaching the recipient within a business day.
If you're using a debit card, it's often instant. Even bank transfers only take a day or two. And the best part? Your dollars land straight into the recipient's US bank account.
With a Trustpilot score of 4.7/5 from over 300,000 reviews, people are loving Wise for its great rates, speedy transfers, and easy-to-use platform. Their customer service is also top-notch, making your transfer experience smooth and stress-free. Whether it's a quid or a grand, Wise handles your money like it's their own. And we love that.
- Low fees on GBP-USD transfers.
- Real mid-market exchange rate.
- Fast transfer speeds, often within 1 business day.
- Extra fees for credit card payments.
- No cash pickup option; only bank transfers.
- Exchange rates can fluctuate, affecting transfer costs.
When it comes to sending money from the UK to the USA without breaking the bank, Atlantic Money is your MVP.
They've made a name for themselves by offering a flat £3 fee per transfer. That's right, whether you're sending a little or a lot, the fee stays the same. No complicated calculations or percentage-based charges here.
But it's not just the low fees that make Atlantic Money a winner. They hook you up with the real-time interbank rate, the best rate you can get, with no hidden markups. This is a big deal because it means more dollars for your pounds.
They're particularly great for larger transfers over £5,000, where you really start to see the savings pile up.
Users are singing their praises on Trustpilot, highlighting their low fees, user-friendly app, and quick transfer times. Sure, there are a few grumbles about ID verification and bank transfers, but that's pretty common in the money transfer game.
In a nutshell, if you're looking to send GBP to USD without losing out on fees, Atlantic Money is your best bet. They keep it simple, cheap, and fast.
- Flat £3 fee per transfer, regardless of amount.
- Real-time interbank rate with no markup.
- No maximum transfer limit, ideal for larger amounts.
- Some issues reported with ID verification.
- Bank transfer problems occasionally experienced by users.
- Limited to bank account deposits; no cash pickup option.
XE, a veteran in the currency exchange and money transfer arena since 1993, offers a solid option for sending money from the USA to the UK.
What sets XE apart is their no-nonsense approach to fees – they generally don't charge any for transfers. Instead, they make their cut from exchange rate markups, typically around 1-1.5% for USD to GBP conversions. While not the absolute cheapest, XE still beats many traditional banks hands down in terms of competitive rates.
Speed is another plus with XE. Expect most transfers to hit UK shores within 1-4 business days. Need to send a smaller amount quickly? Transfers under $3,000, especially those funded by cards, often reach their destination much faster. Sometimes they arrive within minutes. However, for larger sums transferred via banks, a window of 1-5 days is more common.
When it comes to sending limits, XE is pretty accommodating. You can send up to a whopping $535,000 per transfer online, with a minimum set at just $2. This flexibility makes XE a great choice. You can use it whether you're sending small personal amounts or larger sums for business or investment.
XE offers diverse payment methods, such as bank transfers, debit and credit cards. However, using cards might invite additional fees. In the UK, recipients get their pounds directly deposited into their bank accounts.
XE's reputation is backed by a solid Trustpilot score of 4.3 out of 5 from over 55,000 reviews. Customers frequently praise XE for their favorable rates, speed, and reliability. However, it's worth noting some users have reported issues with the app/site usability and occasional hiccups in verification or bank transfer processes.
- No transfer fees.
- Competitive markups on USD to GBP.
- High maximum transfer limits.
- Exchange rate markups.
- Slower transfers for larger amounts.
- Some user experience issues reported.
How to Send Money to the USA Using a Money Transfer Provider
The process of sending money to the United States by using an online money transfer service is simple. You only need to follow these three steps to execute a transaction!
Step 1: Compare Providers to Find the One That Best Fits You
Step 2: Sign Up with the Chosen Provider
Step 3: Transfer Money
What Are the Fastest Ways to Send Money to the USA?
If speed is your need, Wise is your best bet for sending money to the USA. They're not just about being fast; they're about being lightning-fast. We're talking transfers that zip through in a flash, especially for major currencies.
This is a big deal when you're in a hurry and can't afford the snail pace of traditional banks or some other transfer services. With Wise, whether it's dollars or cents, your money moves at top speed, often arriving on the same day.
And here's a cherry on top: you can track your transfer every step of the way. No more guessing games or nail-biting waits. You'll always know where your money is and how long until it hits its destination. That's peace of mind on steroids.
What Is the Cheapest Way to Send Money to the USA?
Looking to send money to the USA without emptying your wallet? Atlantic Money is your hero. Their deal is simple: you pay a flat fee of £3 for any transfer. That's right, no matter how much you're sending, the fee doesn't budge. This is great news, especially if you're moving big amounts from the UK to the USA.
Forget about those tricky fees and exchange rate markups that you get with banks or services like PayPal or CashApp.
Atlantic Money keeps it honest with the real-time interbank rate. Translation? You're getting the best possible rate with zero hidden nasties. For anyone wanting to save big on international transfers, Atlantic Money's approach is a no-brainer.
What Are the Best Apps to Send Money to the USA?
When it comes to mobile money transfers to the USA, Wise, Atlantic Money, and XE are the apps you need on your radar.
Wise is a crowd-pleaser for its super user-friendly interface. It turns the often-complicated process of international transfers into a walk in the park. Atlantic Money, on the other hand, scores big for keeping things simple and wallet-friendly.
And let’s not forget XE – it's a powerhouse in foreign currencies, perfect for those looking for a blend of convenience and effectiveness. All these apps offer a smooth, simple way to manage and track your transfers, right from the comfort of your iOS or Android device.
Transfer Safety
Keeping your money safe is key when you're sending it to the USA. Here's how to make sure your hard-earned cash stays secure during its digital journey.
First things first: always stick to payment methods you trust. We're talking about the ones that have been around the block and have a solid reputation. Double-checking all the details of your transaction is like strapping a seatbelt on your money – it's a must.
Always think about who's handling your money. Choose a transfer provider that's got the green light from a big-time regulator. In the US, look for services regulated by bodies like the Financial Crimes Enforcement Network (FinCEN) or state regulators. They will be the ‘bodyguard’ of your transaction, ensuring everything's legit and compliant with the law.
Bank transfers in the US are generally safe, but as with anything, there's a 'but'. Be extra cautious when you're dealing with strangers and do not hand over your your cash to people you do not know.
Things to Consider When Sending Money to the USA
When you're sending money to the USA, there's a bit more to it than just hitting 'send'. Let's break it down:
US Local Authorities
In the US, when it comes to moving money, the authorities like to keep an eye on things. Any time you send over $10,000, it's gonna get reported. This is all about keeping things above board and making sure no shady business is going down.
Banks and money transfer services are the ones who do the reporting, so it's out of your hands, but it's good to know what's happening behind the scenes.
How Much Money You Are Sending Abroad
Now, how much you're sending can shake things up. Sending a small amount? Easy-peasy. But when you start sending the big bucks, things get a bit more complex.
If your transfer is more than $10,000, it'll get flagged for a check by the authorities. It's nothing personal, just a routine check-up. While this doesn’t mean things will get more difficult, expect some questions. Most likely you will have to:
Prove your identity with a government-issued photo ID
Prove your address
Explain where your money is coming from
Again, this is all very straightforward. Worst-case scenario, your transfer may take a bit longer while you go through the verification process.
The Cost of Money Transfer Services
Costs can be a deal-breaker. Different services charge different fees, and they all have their own ways of calculating them. Some might take a cut from the exchange rate, while others slap on a service fee.
It pays to shop around and compare ways to send money to the USA. Services like Atlantic Money or Wise can be real wallet-savers with their low fees and mid-market rates.
Understanding Exchange Rates
When you're sending money to the USA, getting a grip on exchange rates is key. It's all about how many US dollars your British pounds can buy.
Keep an eye on the GBP to USD rate – it can change quickly and you may want to be able to act when the time is right. Services like Wise and Atlantic Money offer real-time rates, so you know you're getting a fair deal.
A favorable exchange rate can make a big difference in how much cash ends up stateside. So, timing your transfer when rates are good can be as important as choosing the right service. Just think of it as getting more bang for your British bucks.
Payment Type and Reason for the Transfer
Why you're sending money also matters—sending some birthday cash? Covering a bill? Or maybe you're splashing out on a big purchase? The reason can affect how much it'll cost you. Some services might charge more for business transfers compared to personal ones.
Tax Regulations in the USA
If you're sending a hefty sum, the IRS wants to know. Over $10,000 and it's reporting time. This isn't about paying extra tax, but more about keeping things transparent. If you're on the receiving end of a big transfer, you might need to fill out some tax forms to keep everything in check.
If you’re receiving money over $100,000, get ready to report it by filling out Form 3520, The Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts.
Also, if you’re not a US citizen, and you want to send money as a gift, you may have to pay taxes on payments to a US resident of $16,000 or more.
What Do You Need to Send Money to the USA?
If you are ready to send money to the USA internationally, here's what you'll need to get the ball rolling.
First off, you have to know who you're sending the money to. That means having the recipient's name and their bank details – think account number and routing number.
Now, if you're sending more than $10,000, things will get a bit more official. Different providers might ask for different things, but generally, you should be ready to provide:
A Reason for the Transfer: Why are you sending this money? Could be anything from supporting family to buying a car.
Your ID: A government-issued photo ID to prove you are who you say you are.
Proof of Address: This could be a utility bill or something similar that shows where you live.
Source of Funds: Where's the money coming from? The US authorities will want you to explain how you got it to make sure it's all legit.
What Do You Need to Receive Money in the USA?
If you're receiving money in the USA, it's usually a bit more straightforward. Most of the time, you'll need:
A Bank Account: This sounds quite obvious. To be completely honests, there are also ways to receive money without a bank account, so you will need at least access to some kind of payment service where the money can land.
Identification: You will need to prove who's really collecting the cash.
The requirements might vary a bit depending on how much you're receiving and who you're getting it from. But usually, it's all about making sure the money gets to the right person safely.
