Send money abroad at the cheapest exchange rate

There are several apps that let you transfer money abroad securely. Among these, Transferwise is one of the best free options we’ve used because the process is incredibly simple and – in our experience – offers the best exchange rate. You can read more about the service and why Richard Branson invested in it, on its website: www.transferwise.com. It lets you send money to 59 countries, including the United States and Australia, as well as nations across Europe and the Asian sub-continent.

To use it, open the app (Android www.snipca.com/23325; IOS www.snipca.com/23326), tap ‘Sign up’ to create a new account (or ‘Log in’ if you already have an account). Once you’re signed in, tap the blue circular button at the bottom. On the following screen, enter the amount (in pounds) you want to send and which country you want to send it to. You’ll see the exchange rate offered by the app and how much you’ll save compared with sending money via your bank (see screenshot right). Next, tap Send Money.

Next, select the recipient - options include Myself, ‘Someone else’ and ‘A business/charity’. Select the appropriate option, type the recipient’s name, email address and their IBAN code, then tap Continue. You can now select whether you want to pay with your credit or debit card. Enter and confirm your bank details when prompted, then follow the onscreen instructions to check and confirm your transaction.

You’ll receive an email telling you when the money is likely to reach the recipient. Use the app to follow the progress of your transfer. The recipient will receive an email when the money has been transferred into their account.