There are lots of reasons why people resident in the UK choose to send money abroad. They are perhaps sending wages back to their family, they might be buying property in a foreign property market or they are hoping to invest in something else, a charitable project for instance.
Sending money overseas is relatively easy if you’re sending from the UK to countries in the EU. To do this you could approach one of many foreign currency brokers, who specialise in sending money to European nations. They will be able to identify the best time to send money, i.e. when the exchange rate is most favourable.
When you’re sending money to countries outside of the EU, such as Africa then things might be a little bit more tricky. There may not be the same legal or financial infrastructure and so a few more limits on how much you can send etc.
With this in mind, you need to check various companies that specialise in sending money outside of the EU. They may have payment limits on amounts you can spend daily, and so you need to bear this in mind.
Payout will typically be in the local currency, and you may only be able to send money from individual to individual.
Obviously security is a major issue and you need to ensure that the receiver has a suitable photo-ID, so that they can receive the money without delay.
