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Learn More: Send Money Overseas

Technological changes are making ways to send money overseas easier, faster and more secure than ever before.

Our "Learn More" series provides businesses with an introduction in subjects of foreign exchange and international payments.

Advantages Of Sending Money Online

  • Send money internationally directly from a bank account or credit card, using a PC. 
  • Send money overseas to emerging markets with ease.
  • Money transferred via central bank real-time gross settlement (RTGS) systems such as the U.K.’s CHAPS (Clearing House Automated Payment System) can arrive in the same day.
  • Sending money in sterling or foreign currency can be done by money transfer or card.
  • FX can be handled by the card or service provider – no need for multiple currency accounts, or pre-funding money transfers in minor currencies.
  • Sending money to some foreign countries, such as India, can be done via online money transfer directly to the recipient’s bank account if the currency is in sterling. 
  • Online money transfer services can be integrated with invoicing and accounting software, reducing the need for manual reconciliation and streamlining cash flow management.

"It has never been so easy to make international money transfers. The days of having to send paper cheques, which took ages to reach their destination and then had to be processed by local banks, are gone."1

Sending Money Overseas Benefits Businesses That:

  • Sell goods and services through online marketplaces or directly to customers in foreign countries, and want to accept payment in multiple currencies.
  • Have – or want to develop - supply chains covering several countries or continents.
  • Need to send money to subsidiaries and partners, or remit profits back to parent companies located in foreign countries.
  • Have employees and contractors in multiple countries linked by the Internet and telephone.
  • Use migrant workers, who want to send money overseas to their families and friends.
  • Need to handle cash flow in multiple currencies efficiently and cost-effectively.

"Notably, for most businesses, the largest operating expense is that of their human capital, in the form of their payroll expense."2

Points To Consider While Sending Money Overseas

  • Sending money online to foreign countries can still take several days, depending on settlement method and if a number of correspondent banks are involved.
  • Money transfer providers have to comply with know-your-customer and anti-money laundering regulations. The checks required can slow down money transfers. Central bank RTGS systems such as CHAPS may incorporate streamlined processes that speed things up.

"SWIFT’s member banks will need to ensure not only that their software is secure, but their employees and partners are trustworthy. For in the end, systems are only as secure as the people who use them."3

The Author

With 17 years experience in the financial industry, Frances is a highly regarded writer and speaker on banking, finance and economics. She writes regularly for the Financial Times, Forbes and a range of financial industry publications. Her writing has featured in The Economist, the New York Times and the Wall Street Journal. She is a frequent commentator on TV, radio and online news media including the BBC and RT TV.


1. "How Technological Innovations In International Money Transfers Are Improving Business Efficiency", American Express FXIP Blog;
2. "Foreign Payroll Obligations & Foreign Exchange Rate Fluctuations", American Express FXIP Blog;
3. "Cyberthefts In Banks Highlight The Importance Of Security In Wire Transfer Systems", American Express FXIP Blog;

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