Post Office Money International Transfer Review
Author: April Summers
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Since 1986 the Post Office has played a pivotal role in connecting people across the UK via their delivery services. When it comes to delivering international payments, customers are always looking for the fastest transfer times, most convenient services, and safest options. In 2015 Post Office Money was launched, and through this umbrella brand, the Post Office offers insurance, banking, travel money, and personal loan services.
In this review, we will be focusing on Post Office International Money Transfers: the exchange rates, fees, payment processes, and everything else you need to know about arranging international remittances through the Post Office.
Post Office Money has a wide branch network benefiting from over 11,638 Post Office branches across the United Kingdom, as well as Western Union’s massive disbursement network of more than 200 countries and territories. Post Office brought Western Union on board in July 2019, as a way to expand their cheap money transfer services to all corporate customers.
Post Office International Money Transfer Exchange Rates and Fees
If you are thinking of making an international money transfer using Post Office Money, we recommend taking the time to compare their exchange rate margins and fees against other money transfer companies in order to understand the total cost of your payment.
Exchange Rates
With Post Office International Money Transfers, the payment destination will determine the exchange rate spread applied to the transfer. For example, at the time of writing, customers sending GBP 200 to the United States will be charged 1.74% above the mid-market rate, and comparatively, customers sending GBP 200 to Australia will be charged 2.81% above the mid-market rate.
Your currency route will determine the exchange rate spread you are levied. However, for some transfer routes, such as the United Kingdom to Spain, cash pick-ups attract a much higher margin than direct-to-bank transfers.
Fees
The fees charged by the Post Office depend on the transfer payment method and how the beneficiary receives the money. For example, at the time of writing, customerssending money to Spain, for cash pick up, the transfer fee will beGBP 1.90, which is the flat rate. Sending funds directly to a recipient’s bank account is a fee-free.
Additional Costs
Aside from the transaction fees and exchange rate margins, you may also be subject to other fees. For instance, if you pay for your transfer using a credit card, the issuer may charge you a cash advance fee. Your recipient may also be charged bank landing fees and intermediary fees if they choose to have the transfer deposited in their account: check with your bank before making the transfer to avoid surprise charges.
Post Office International Money Transfer Pros and Cons
Post Office Money provide efficient ways to make international money transfers but before you jump in, there are some pros and cons to consider.
- Wide sending and disbursing network: Post Office Money's online network covers 200 countries and territories
- Variety of payment and pay-out options: Pay for your transfer using cash, debit or credit card, or bank transfer. Recipients can receive funds via cash pickup, bank deposit or mobile transfer
- Quick account signup: Customers report an easy and efficient onboarding process with Western Union
- Upfront exchange rates and fees: The rates charged are clearly displayed and customers can decide whether to transfer or wait for a better rate of exchange
- No mobile or in-person services: Online only service which can be accessed via the Post Office Money website
What Kind of Payments Can I Make With Post Office International Money Transfer?
Post Office Money has a variety of transfer payment options and pay-out methods you can choose. Here is a breakdown of what’s available.
Payment methods available
You can pay for your transfer using any of the following methods:
Bank Transfer: Payment can be made directly from your bank account for onward transfer to the recipient
Klarna Transfer: Payment can be made via bank transfer using Klarna's services
Debit/credit Card: You can link your card and pay for your transfer this way too
Please note bank transfers can take 1 - 3 working days to be processed: for more information check our guide on wire transfer speed and transfer times.
Withdrawal Options Available
There are two main withdrawal options available for the Post Office Money's online services:
Bank Deposit: If you choose bank transfer, the funds will be deposited directly into your recipient’s account
Mobile Transfer: If the recipient you are sending to has access to mobile money services, Post Office Money may be able to send funds directly to their account
How to Send and Receive Money With Post Office International Money Transfer
As money transfers can often be unnecessarily complicated, we want to help our users by providing a simple step-by-step guide to sending and receiving money using the Post Office.
Sending Money Online Through the Post Office
One of the easiest ways to send money with the Post Office is online through their website. The Post Office has simplified money transfers and the whole process from setting up an account to sending money can be achieved in less than ten minutes.
Sign Up for an Account
Once you’ve signed up for an account, you’re ready to get started. To begin, log in and choose where you want to send the money and then enter the amount you want to send. Depending on the currency route, you may not be able to send larger amounts.
Fill in Your Recipient Details
Choose whether you want to pay using debit/credit card or bank transfer. Fill in your recipient details as they appear on their ID, the purpose of the transfer and the source of funds.
Click Accept
Check that every detail you’ve entered is correctly captured and click ’Accept’.
Pay for Your Transfer
You can link your debit or credit card and pay. Alternatively, if you’ve chosen bank transfer, you’ll have to log into your bank account and transfer money to the indicated account. You have up to 14 days to transfer the money to the account before the transfer is cancelled.
How to Receive Money With Post Office International Payments
Your friends and family can send cash through the Post Office to billions of bank accounts across the globe. If you’re expecting to receive funds directly into your account, it couldn’t be more straightforward.
The time that the funds take to appear in your account can vary depending on several factors, from the location that the money is being sent from, to the timing of the transfer. On average, domestic transfers are typically completed within 24 hours, although users transferring between counties will find that their online money transfer can take between one to five business days to process.
Share Your Bank Details to the Sender
Simply let the person sending the cash know your bank details.
Receive Confirmation Number
Once the sender has completed the transaction, they’ll be sent a confirmation with an MTCN number which they will be able to share with you.
Track the Transaction
You can use this MTCN number to track the transaction through the Post Office website.
Receiving Money From the Post Office to a Western Union Agent Location
Thanks to the Post Office’s partnership with Western Union, you can pick up cash from any one of Western Union’s 500,000 agent locations worldwide. International transfers can take between one to five business days to process.
Share Your Details to the Sender
Make sure the person completing the transfer knows your details.
Receive Confirmation Number
Once the person has completed the transaction on their end, they’ll be sent a confirmation with an MTCN tracking number which they can share with you.
Go to the Location With Your Government-issued ID
Visit your chosen Western Union agent with your MTCN number and a valid form of ID. This should be a government-issued ID, such as a passport, driving licence or Govt. Office/GOCC ID. You’ll receive your money once your details have been verified.
Receiving Money From the Post Office Direct to a Mobile Wallet
In selected countries, you’ll be able to directly into your mobile wallet. Although, in many cases this payment can be instant, international transfers can sometimes take between one to five business days to process.
Share Your Details to the Sender
Make sure the person completing the transfer has your correct name as it appears on your ID, your wallet service provider and wallet mobile number.
Receive Confirmation Number
Once the transaction has been completed, you’ll receive an SMS containing an MTCN number, which you can use to track the funds. You’ll also receive an SMS once the money has been delivered into your account.
History
Post Office Money is the umbrella brand for the UK Post Office Limited which houses all its multi-award-winning financial products. The provider also carries the Post Office’s vision of becoming a major player in the financial services sector.
Leveraging the wide branch network of the Post Office, the provider has positioned its services in convenient locations and high streets across the UK. When it was registered in 2015, Post Office Money onboarded over 3 million customers who had subscribed to the insurance and banking products offered by the Post Office, and a further 9 million from foreign currency trading.
Regulatory Compliance
Post Office Money is a registered trademark of Post Office Limited. Customers' personal details are safeguarded by industry-leading technology, with the same high quality security policies, rules and measures in place as used across all Post Office goods and services.
Encryption and Customer Data
Post Office Ltd and their trusted partners have detailed privacy policies that stipulate how data is collected, stored, and used. Post Office is well known in the market for their strict adherence to customer information privacy. They use advanced SSL technologies to encrypt customer data and browser interactions.
Investors and Awards
Post Office Money is a registered trademark of the Post Office Ltd which in turn is owned by Uk Government Investments. In terms of awards, here are some of the notable achievements the provider has had.
Moneyfacts Consumer Awards 2020: Post Office Money was shortlisted in the following categories
First-Time Mortgage Buyers’ Choice
High Street Mortgage Provider of the Year
High Street Savings Provider of the Year
Online Banking Provider of the Year
Personal Finance Awards 2015/6: Post Office Money was the winner in the Best Online Savings Provider, Best Credit Card for Use Abroad, and Best Travel Money Provider categories.
YourMoney.com Awards 2019: Post Office Money won in the following categories
Best Direct Home & Contents Insurance Provider
Best Online Life Insurance Provider
Best Online Travel Insurance Provider
Best Online Car Insurance Provider
Best Overall Online Provider
Since Post Office Money Offers more than just international money transfers, its recognition in the financial services industry spans far and wide.
Top Destinations for Post Office International Money Transfers
Post Office Money allows you to transfer funds to more than 200 countries and territories. At the time of writing – August 2022 – the following countries are the top destinations for international money transfers:
Western Union has relationships with most of India’s major banks, a benefit that is also passed onto Post Office customers through their partnership with Western Union.
Post Office customers can send money transfers to all 50 of the US states, if you have your recipient’s account number, ABA routing number, address, and phone number.
Customers using the Post Office to send money to Canada will find that in most cases cash transfers are instant, whilst bank transfers can take around 4 business days to clear.
CustomerSupport
In case you want to follow up on your transaction or you have any other query, you can always reach the customer support team on the following platforms:
Email: Customers can receive help by emailing PostOffice.CustomerCare@westernunion.com
Phone: Support is available 24/7; customers should call 0800 026 5756 to speak with an agent
Summary
Post Office Money is a registered trademark and financial services umbrella brand under the Post office Ltd: a trusted UK brand with a long history. It was registered in 2015 and immediately took over all the financial services under the Post Office including international money transfer services.
Post Office Money International Money Transfers can be sent to more than 200 countries and territories, and with a variety of transfer payment and pay-out options, customers can choose what’s appropriate for them based on the requirements of their remittance.
One particularly attractive aspect of this international money transfer provider is the wide disbursement network they offer for cash pick-up transfers. Conversely, Post Office Money may not be the ideal provider for customers sending large amounts as the transfer limits vary depending on the destination. For this reason, those transferring large amounts abroad may want to consider other alternatives.
Users can conduct a quick analysis with the help of our money transfer comparison tool, as well as discover whether Post Office International Money Transfer is the right option for their international payment.
Frequently Asked Questions about Post Office Money
Does Post Office International Money Transfer have a mobile app?
Post Office Money does not currently have a mobile app, however, their platform is optimised for mobile viewing.
How fast is a Post Office International Money Transfer?
Cash pick-ups and mobile transfers are delivered in minutes. Bank transfers, on the other hand, may be delivered the same day but can take 1-2 business days to arrive depending on the destination and intermediaries involved.
Are there maximum and minimum transfer amounts?
The amounts you can send vary depending on the transfer route and pay out method. Cash transfers usually have lower limits compared to bank transfers. If you need to send more than £799.99 within a five-day period, you will need to have your identity confirmed first. Once your identity has been approved you can send up to £4,000 within a three-day period. Although if you choose to make your payment by bank transfer you can send up to £50,000 per transfer depending on the selected country. The bank transfer option is limited to UK residents only.
Can I trust Post Office International Money Transfer?
Post Office Limited has had an unrivalled run since its inception in 1987. Bringing together a total of 11,638 branches in its network, there are no high street banks that can match the Post Office for their number of locations in the UK.
Over the years, the Post Office has offered financial products to its customers in conjunction with the Bank of Ireland. However, in January 2015, it decided to launch a new entity called Post Office Money which would take over their financial services.
Here is a look at how the provider has managed to carve a niche for itself, built on the trust and customer loyalty of the Post Office brand.
What happens if I previously had an account with Post Office International Payments provided by moneycorp?
The Post Office ended their relationship with moneycorp in July 2021. This means that any previous accounts held with moneycorp no longer exist. Instead head to the Post Office International Payments section on their website to sign up for a new account through the Post Office’s current partner, Western Union.
How do I know that my money transfer is complete?
Once you have completed your transfer, you’ll receive a receipt with a tracking number (MTCN) which you can use to track your payment.
Who provides international payments services on behalf of the Post Office?
The Post Office’s foreign exchange and international payments services are provided by Western Union. Western Union is one of the oldest money transfer companies on the market and has been providing money transfer services for over 160 years.
Can I cancel my transfer?
Yes, you can cancel a transfer if it hasn’t been picked up. For cash pick ups, the transfers are delivered in minutes which makes it almost impossible to cancel. If you want to cancel, you should call the Post Office Money customer line on 0800 026 5756.
Does the Post Office offer any form of buyer protection?
The Post Office does not offer any form of purchase protection. The company strongly recommends that people using their services do not send money to people that they don’t know.
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