If you’re planning on sending money overseas, there’s a good chance that USD, GBP, or Euro is on the sending/receiving end of the transfer. Why? Because these three currencies make up a significant chunk of daily international money transfers.
Many people around the world look for a remittance provider that can save them money on the transfer fees and provide them sweet margins on the exchange rates. If you’re one of those people, be sure to check out this article because it’s just for you. Here, we’ll provide you with three top choices offering the best deals on USD to GBP exchange rates.
XE
XE’s vast scope of support covers +100 countries and currency pairs. In addition, it’s a recognized brand in the remittance market, and thanks to its technology and wide presence, it can complete most transfers within just a day. Here, we’ll provide you with an example of a USD to GBP transaction with XE for a clearer picture of the transfer fees and the exchange rates.
Now, let’s say you’re planning to convert 100 USD to GBP. Here’s how it’ll look with XE:
What you initially pay: 100 USD
Transfer fees: 20 USD (XE doesn’t support a local bank account as a receiving method).
The total amount: 80 USD
The Exchange Rate: 0.7114 (The exchange rate is 1.2% lower than the mid-market range, adding 1.60 USD to the transfer cost)
What you eventually get: 56.91 GBP
Xoom
The most significant upside to using Xoom is you can access various pay-in and pay-out options such as bank accounts, debit cards, and credit cards. Xoom can complete most transfers within 1-2 days despite having exchange rate markups and relatively high fees.
Here’s the 100 USD to GBP scenario with Xoom:
What you initially pay: 100 USD
Transfer fees: 5 USD (Xoom’s transfer fee)
The total amount: 95 USD
The Exchange Rate: 0.6943 (The exchange rate is 3.6% lower than the mid-market range, adding 4.5 USD to the transfer cost)
What you eventually get: 65.9585 GBP
Lycaremit
Lycaremit is a recognized name in the remittance market that charges minimum, transparent fees and supports over 50 countries worldwide. In addition to supporting a wide range of pay-in and pay-out methods, Lycaremit can send money anywhere in the world in two days maximum. Moreover, the RSA 256-bit encryption enables super-secure transfers to any part of the world.
Here’s what you get when converting 100 USD to GBP with Lycaremit:
What you initially pay: 100 USD
Transfer fees: 2.5 USD (Lycaremit’s transfer fee)
The total amount: 97.5 USD
The Exchange Rate: 0.7130
What you eventually get: 69.517 GBP
Bottom Line
With the vast spectrum of remittance services on the market, it can be overwhelming to find the one that suits your needs. If you’re using a bank, you should know that the USD to GBP exchange rate is nowhere near what you’ll get with online remittance providers.
However, a reasonable exchange rate is insufficient if you end up paying significant transfer fees. Therefore, you should narrow down the search to a provider that offers higher exchange rates and charges lower fees. All this precisely describes what you’ll get with Lycaremit. Please contact us right away and get the best deal.
