It’s been more than 10 years since Poland joined European Union. 2004 marks a very special moment when millions of Poles decided to leave their motherland to look for a better future abroad.
What do you think, how many Poles are living in the UK right now? The official statistics estimate there are around 679,000 Poles inhabiting United Kingdom, while some people claim it might be even 1 million! Being a migrant usually equals being torn, with true and urging need to keep close ties with Poland. We might be far away, but we don’t stop thinking about our loved-ones, how to support them or pay for our bills or mortgages back home.
The numbers speak for themselves. In 2014 Poles have sent £ 833 millions back to Poland. This amount could have been much bigger, it they hadn’t wasted around £ 33 million on inefficient and overpriced international money transfers. How can it be? If you are interested, read this article written exclusively by Monito experts for you.
There many options available for people who want to send money home from the UK. With a little help from your friends and experts at Monito, you will find the most convenient way to transfer money to Poland that will meet all of your needs.
Let’s start with rather traditional approach. If you value personal contact and assistance, go with a physical kiosk or branch, where you can send cash. Money will be paid out directly to your recipient. This form of sending money abroad is relatively fast and good for smaller amounts. On the other hand, be prepared to wait in line! Those money-shops are usually pretty busy! If you feel safer sending physical cash, you can also visit the nearest branch of your bank and send money there.
Would you describe yourself as tech savvy? Then you could find online transfers super-handy, via bank or a licensed company. The other way to go is to send airtime to a mobile phone back in Poland, topping up recipient’s number with any amount of minutes.
It comes as no surprise, that the speed of your transfer depends on the method you choose to send your money to Poland.
One of the fastest ways is to send money via debit card, especially since that kind of transaction is settled instantly. Remember though, that the limits apply, so the maximum amount you can send is usually between £2000-5000 per transfer.
Using a credit card will give you the same speed advantage, but it usually don’t worth it as the additional payment processing fees are really important.
Because there are so many Poles living in the UK, the market is really saturated. Monito reference more than 24 companies on its live comparison.
As a customer, you can easily choose one of the international/UK companies, like Western Union, Xendpay or TransferGo, or pick a company that is specific to Polish market, like Sami Swoi, Easysend or England.pl.
Before you send money to Poland make sure, that you have all of the important numbers with you. What do you need? First of all, you need your Local Bank Information, like Bank SWIFT/ BIC Code, IBAN and account number.
What is Bank SWIFT? It is an international bank code. It identifies particular banks worldwide. The other name for Swift is Bank Identifier Code (BIC). A SWIFT code consists of 8 or 11 characters. If you need to check the SWIFT code of a Polish Bank, visit the website. SWIFT delivery usually takes around 24 h.
While sending money to Poland remember, that you can send them within SEPA, which is Single European Payments Area. It allows cross-border Euro transfers that can be described as an equivalent of a local money transfer.
While making international money transfer from the UK to Poland, the most important thing is to decided when you need your money to reach the recipient’s account.
The speed influences the final price of the transfer. The faster the money is on your recipient’s account, the more you need to pay for it. One might say, the standard in the industry is to have your money delivered within one business day.
A dozen of other parameters influence the price of sending money to Poland. You should check out Monito’s live comparison of more than 24 companies to find the cheapest or fastest!