Aug 142014

By Mohammed Waseem

London based money transfer service provider, Speed Fast operates in the UK and Switzerland and allows users to send money to over 80 countries at great rates. They have partnered with banks and agents in each of these countries for smooth processing and timely delivery of money. In addition, they have partnered with Western Union and Ria for sending money to all countries supported by them.

Senders can pay in order to send money, by visiting one of Speed Fast shops – in other words, branches – or they can visit their agents or pay using phone or internet. They strive to provide good customer service in the language that the customer prefers, including English, German, Portuguese, Spanish and Italian. They also claim to offer rates better than other companies.

Speed FastOther than money transfer, Speed Fast also deals in money exchange without charging any commission and offering better rates than others in the market. They buy and sell USD, EUR, BRL and CHF. In addition, they also provide check cashing services. Launched in 2002, they have been striving to build trust among customers and provide better services.

Speed Fast guarantees delivery of payment within 2 business days. Payment has to be made by transferring the money to Speed Fast’s bank account or by paying in cash. The current exchange rates can be confirmed from here. Based on the country (UK or Switzerland), users can select the country from the bottom.

This link can be used to make transfers online by remitting money into Speed Fast’s bank account. But before doing this, they have to register for the service. I found the registration process to be old fashioned, downloading PDF forms, printing them, filling them manually and sending them by email to or to any of their main offices in the UK and Switzerland, by post.

Aug 032014

By Mohammed Waseem

With decades of experience dealing with money, UAE Exchange has grown big and expanded to many countries. They are present in all the continents of the world and operate in over 30 countries. In addition, they have partnered with other companies to expand their reach. They can take the sender’s money anywhere in the world.

They are rapidly growing in the UK and are promoting their business. Last year, they offered gold bars to the winners in monthly draws. They completed 10 years of operation in the UK in 2013. They have been the remitter of choice for many expatriates in the UK and elsewhere, which has made them remain in business for so long and has gained them good experience. They are continuing to explore ways to optimize their operations in all areas of money transfer.

A UAEXCHANGE branch in the UK

A UAEXCHANGE branch in the UK

The flagship product offered by UAE Exchange is bank transfer. It enables senders to transfer money to almost any part of the work, directly into the recipient’s bank account. They have access to places, in which, many other leading money transfer services are unheard of. They have partnered with over 150 banks for this to work; both individual transfers, as well as corporate transfers are supported in this. Senders need to visit one of the UAE Exchange branches to make the transfer.

They offer online money transfer through Money2Anywhere, which is a highly secure way of transferring money online. Apart from this, instant money transfer is also offered in partnership with MoneyGram, XpressMoney and through Associate Bank Transfer (ABT). With the first two, over 250000 agents can be reached in the world, for recipients to collect cash payouts.

ABT allows senders to transfer money instantly to select countries, with option for the recipient to collect cash from any UAE Exchange branch or their associates. Apart from money transfer, UAE Exchange also deals with money exchange and gold loans.

May 112014

By Mohammed Waseem

Sending money internationally requires complete knowledge about the services, companies, exchange rates and so on. It is necessary that senders read and ask about various money transfer services and compare them to choose the best service. Few countries have websites which act as information providers to senders and receivers of money, helping them get the best rates while saving time and money. Few of these websites provide information about the money transfer companies upfront, while others require the users to contact them and then they contact the former with specific information. is a UK based website for providing information about the money transfer services in UK that offer best exchange rates on international transfers. They provide free information about different currency transfers around the world and give the information passed on their website to a UK based money transfer company, so that they can contact the sender with more information about their service. They are owned and operated by Currency Index Ltd.

Screenshot_2014-05-11-17-28-01-1Users logging on to their website can check information and news about currencies and countries they want to send money to. The website is good for such information and not for those who want urgent information about money transfers. It should also be noted that no information about services is provided upfront, users are expected to wait until they are contacted with specific information. They take a day or even 2-3 days to contact the sender; and the company suggested is primarily Currency Index Ltd.

The website is also good for information about best practices in money transfer, specific to each country. Users can read them and avoid mistakes when they use any money transfer service.

Apr 142014

By Mohammed Waseem

Sending money has become very easy today, thanks to the continuous innovations in the money transfer industry. Companies dealing in foreign exchange, most of them offer international money transfers as well. On such company is RationalFX, a UK-based exchange house, which operates Xendpay, the online money transfer service with offices in the UK and France.

Xendpay is among the most reputed money transfer services of UK, which has transferred over $2 billion worldwide and is among the fasted growing privately owned financial services businesses. They operate in approximately 90 countries worldwide. They guarantee better rates and lower fees along with 0% commission charged. Senders can send anything from £20 and pay by bank transfer, credit or debit cards and iDeal (applicable only for EUR transactions). In addition, they provide a “No Surprise Guarantee” which means that if any of the intermediary banks makes a deduction for some reason, they will refund that deduction in full to the sender.

Xendpay Money TransferIn order to send money, the sender has to create an account on Xendpay website, view the live quote, provide remittance details and then make the payment. The fee depends on the amount and the destination country, but the general fee for payments in GBP are £3.99. The exact fees and limits can be known by visiting this link. They guarantee best exchange rate and fees in comparison to some of the leading money transfer operators including Western Union and PayPal. Delivery times depend on payout currency and the destination country; it may be anywhere between same day delivery to 2-3 working days.

Referring a friend can earn users Amazon vouchers worth £10, €12 or $15. The limitation, however, is that their transaction amount should be more that £300 or equivalent.

Most users are happy with their service and recommend others to send money through them for better exchange rates, better fees and an overall good service.

Feb 122014

By Mohammed Waseem

While discussing about European money transfer services, we must not leave out one of the best money transfer companies in the continent, which has been awarded Best Money Transfer Company for Europe in 2012 by the International Association of Money Transfer Networks (IAMTN). The company in question is World Remit which is based in the UK and has reach in over 100 countries across the globe.

World Remit is among the world’s largest dedicated money transfer companies with over 30 send countries and over 100 receiving countries. They offer a variety of payment options such as debit cards, credit cards and other local payment methods. The pay-out options include instant cash pick up, bank deposits, transfer to mobile wallets and international airtime top-up.

World Remit money is transferIn order to send money, a user is supposed to register and login to the World Remit website, enter the recipient details including the name, city and mobile number and then make payment in of the ways including debit card, credit card and bank account. As soon as the transaction is complete, the recipient is notified by SMS. Delivery depends on the option chosen. If bank deposit is chosen, the recipient is informed about the deposit, if cash payment is chosen, the recipient is notified with the tracking number and asked to collect the money and if transfer to mobile wallets or transfer as airtime are selected, money is sent accordingly and the recipient is notified. Once the recipient collects or receives the money, the sender is notified by SMS.

Cash is available almost immediately, while bank deposits take 1-3 working days. There are limits to maximum transaction amounts which depend on the laws and regulations of the countries. They charge a nominal fee, compared to many other money transfer services. As an example, I compared their fees and exchange rate with that of Western Union for sending 200 GBP from the UK to France. Their fee is 2.99 GBP and the recipient gets 238.94 EUR. On the other hand, Western Union charge 4.90 GBP for payment with bank account and 3.9 GBP to 19.60 GBP for payment with debit card or credit card and the recipient gets 228.92 EUR to 236.73, depending upon the services chosen.

World Remit also offers services based on local market needs. To name a few, Interac Online payment option in Canada and Send Money to Yourself service in Somaliland have been launched by the company to cater to local needs.

Cash transfer or bank transfer is not available in all supported countries while mobile airtime top-up option is available in most supported countries. If you are going to use this service, don’t forget to take advantage of the “0% fees on the first money transfer to all countries” offer.

Aug 112009
UK Post Office box

UK Post Office box

Magda Ali writes at that the British Post Office has launched a new Overseas Property Money Transfer service which allows people to transfer money between UK and overseas bank accounts. Customers can fix the rate of exchange for up to a year, which protects them against currency fluctuations.

”Until now, many users of international bank to bank money transfer services have found it to be an expensive business, with limited options for small transfers,” said Sarah Munro, Post Office head of money transfers, said. “They have often been unable to capitalise on the great rates offered by currency specialists because they weren’t buying in bulk. And they were also at the mercy of volatile currency markets, making it harder to get the most from their money.”

The service is aimed at people who:

  • make payments on foreign mortgages
  • own property overseas and have costs associated with maintaining that property
  • are paying utility bills
  • are bringing money back to the UK after selling property overseas
  • and others with regular payments such as pensions, salaries or school fees

”The Post Office Overseas Property Money Transfer service offers customers the ability to fix at a competitive exchange rate, giving them peace of mind for up to a year, which is a real advantage in current markets,” said Munro. “We calculate that with 0 per cent commission and our competitive exchange rates we will be saving customers a serious amount of money if they’ve just sold their house or are paying a deposit on a new property.”

The Post Office claims that a customer who transfers, for example, £700 over the course of a year, would save £528 in fees by using the Post Office’s money transfer service.Wow! That’s a huge savings. I don’t know if something like this would fly in the USA as private companies would object. I recently spent three years in Panama and transferring funds was a costly and complicated affair. I could have used a service like this. I imagine British citizens living overseas, or living in the UK with regular costs overseas, will find this service to be quite a relief.