Cassava Remit is just one of many ways to send money overseas, including banks, money transfer firms and foreign exchange (FX) brokers.

Cassava Remit Money Transfer

Who are Cassava Remit?

Cassava Remit offers money transfers from the UK to countries such as Bangladesh, South Africa and India. Money can be transferred using a debit card or bank account and transfers can be tracked 24 hours a day. The company was founded in 2006 and is registered in the UK.

Choosing how to exchange your money

The best way to send money overseas depends on a number of factors including:

  • how much money you are planning to send
  • how much it is likely to cost
  • how often you are planning to do the money transfer
  • how the recipient wants to receive it
  • how quickly the funds need to reach the recipient

Follow these steps to help ensure you find the best deal to suit your requirements.

Step 1 – Identify your options

There are three main options for sending money:

  • bank or building society
  • foreign exchange (FX) brokers (like Cassava Remit)
  • high street transfer firms (such as Western Union).

Generally speaking – banks are safe and convenient for a regular payments.

FX brokers are usually the best option if you’re sending larger amounts, usually over £3,000.

Money transfer firms are fast at money transfers, but can be more expensive if you’re sending smaller amounts.

Step 2 – What will the cost be?

With Cassava Remit a wide range of possible fees and exchange rates can make it feel complicated to work out.

So, find out the total amount of foreign currency your pounds will buy, after all costs. This will give you a general cost you can now compare against other offers.

The costs are in three parts:

  • Foreign exchange rates – make sure you check these regularly, as they change quickly and you will want to snap up a great deal when you see one.
  • Sending fees – every firm will have a different cost for sending the money
  • Receiving fees – the money transfer company might require you to pay a fee at the other end too, knows as a receiver fee. If the recipient can’t cover this, don’t worry, as you will be able to pick up the cost.

Fees may vary depending on how much you decide to send, for example some exchanges offer better rates if you send more than £5,000.

An easy way to start is to get a quote from your bank to compare it to others, including quotes from FX brokers sites like FX Compared.

Step 3 – Confirm all the information

Once you have found the best value option, you will need to confirm the company can handle the amount you want to transfer and in the time frame you want.

If possible, make sure you get this in writing by email or post.

Make sure you hold onto all the paperwork and receipts in case you need to prove any details in the future.

Will my money be safe when I transfer it overseas with Cassava Remit?

Money in a UK savings account is protected by the Financial Services Compensation Scheme (FSCS) if a firm goes bust. With foreign exchange money transfer firms, it is not. There is no compensation scheme if a transfer firm goes bust.

Money transfer firms or FX brokers like Cassava Remit who are Financial Conduct Authority (FCA) authorised do have to follow certain rules that does increase the chance of getting your money back should the firm end up in trouble.

Read our page on checking the authorisation of a firm and what to do if something goes wrong.

If you’re sending a lot of money, you’re better off trying to increase the chance of being protected and using an FCA authorised firm.

Cassava Remit Customer Reviews

It’s important to see how other customers have rated their experience with Aftab Currency. Take a look at their up-to-date reviews on Trustpilot.

Trustpilot review

Information correct as of 14/06/21 (Trustpilot)

Using your bank or building society

Your bank or building society is always able to transfer money and is a safe and convenient way to send money overseas.

Pros

  • Easy to arrange – your bank will guide you through the process and it is even possible to transfer the funds via your mobile phone.
  • Convenient – banks and building societies are on the high street and you will be able to set up a regular payment, if it is required.
  • Safe and secure – you will be protected when you send money overseas using a UK bank or building society.

Cons

  • Sometimes lower exchange rates – for large money transfers, such as over £5,000, you will probably get a better exchange rate from a foreign exchange broker.
  • Not the fastest option – standard transfer takes 4-6 business days, but you can pay extra for an express service which takes 1-2 days.Some foreign banks charge a receiving fee too. You will be able to cover the receiver fee.

If you make regular payments

Many UK high street banks have their own branches overseas or special arrangements with overseas banks.

This can result in lower charges (or no charges) on overseas payments as well as more competitive exchange rates.

This is particularly useful if you need to make frequent payments abroad – as when, for example, you’re paying the bills on a second home abroad.

To benefit from the reduced fees, you often need to hold an account in the same name in both countries.

What you’ll need

  • The International Bank Account Number (IBAN) and Bank Identifier Code (BIC) for the account you’re paying to – the owner of the account can get these details from their bank or from a bank statement.
  • You will also need the IBAN and BIC from your own bank account, but if you are just transferring to another branch of the same bank, this may not be necessary.

Using an online or high street money transfer firm

Finding a money transfer firm to help you send money abroad is easy.

Some, like Western Union, have high street branches, and you can find MoneyGram in Post Office branches. Many also offer online services.

Pros

  • Range of services – some offer instant cash for your recipient, others can transfer money directly into a bank account.
  • Easy set-up – you don’t usually need an account. For smaller amounts, you might not even need identification.
  • Fast – a cash transfer can be completed in a few minutes. Sending from a bank account can take a couple of days.

Cons

  • Fees are wide ranging– depending on the service you choose fees will be different and can be especially high for smaller amounts. You could end up paying £10 to transfer just £50, so be aware.
  • Exchange rates may vary on a daily basis – so make sure you compare costs on the day you plan to send the money. You can often do this online.
  • Less safe – the Financial Services Compensation Scheme (FSCS) does not cover these firms if they go bust.

Using a high street money transfer service

How it works:

  • You will find a money transfer service through a high street agent, in newsagents or at the Post Office.
  • You generally won’t need to open an account. Simply hand over the funds you want to send and pay any fees.
  • After paying you will get a reference number – give this to the recipient (and only the recipient). The recipient will be able to pick up the money you sent to the overseas branch or agency.

Before paying:

  • Make sure you know what the fees are before you sign up.
  • If sending ‘instant cash’ abroad, find out where the money will be collected. Then check with the recipient to ensure they’ll be able to get to that branch or agency. Increasingly, you might be able to send cash to a recipient’s mobile-phone ‘wallet’ if they have one (using systems such as M-PESA).

Using an online money transfer service

How it works:

  • Online transfers can take a few days, so they’re better suited to transfers that are not urgent.
  • Online money transfer firms allow you to make international money transfers through online services, often for a small fee.
  • To sign up, you’ll need to register your bank account or credit card details through the firm’s website – so you will need to have internet access and an email address.

Before sending money overseas:

  • Make sure you know what your recipient will need in order to receive the cash. If they need a bank account, internet access or an email address, get confirmation they have them before you sign up.
  • To protect your money, make sure you use a complex password that will be difficult to guess and don’t share it with others.

Using a foreign exchange broker

If you’re looking to send a large sum of money overseas, you’ll probably get the best deal from a foreign exchange (FX) currency broker.

Pros

  • Low fees – if transferring over £3,000, FX brokers won’t usually charge you fees.
  • Great exchange rate – FX brokers specialise in currency transaction and will likely offer a better exchange rate than a bank or money transfer firm.
  • Fast – money will usually be in the recipient’s bank account the same, or following day.
  • Regular payments – some FX brokers will deal with regular transfers.

Cons

  • Opening an account will take time – to make a transfer with an FX broker, you will need to open and pay into an account. This can take a day or two.
  • Smaller amounts don’t give the best deals – FX brokers are not generally best for sending smaller amounts of money.
  • Not as safe – The Financial Services Compensation Scheme (FSCS) does not cover these firms if they go bust.

How to use comparison sites to find the best deal

If you are searching for the best deal to transfer there are some things you need to keep in mind.

Always use more than one comparison site – some have special deals or don’t show all the providers, so you’ll miss out on some offers if you use only one site.

Make sure the deal works for your needs – with so much choice and differing prices, it can be easy to just go for the best price. But you should make sure the deal has everything you need, such as being FCA authorised, has a branch in the right location and so on.

Check the filters are not hiding some of the best deals. This is quite common and you could end up missing out on something great!

Look out for transfer scams

Unfortunately, there are scams that are out there trying to target people who are looking to transfer money. This means you need to be careful when you decide on a dealer, or an offer.

We don’t believe that Cassava Remit is a scam, but it’s important to be aware of the possibilities of scammers.

These are some of the main ways you can avoid being scammed:

  • If your deal looks too good to be true, it is probably a scam.
  • Don’t click on any random links you receive. Always ensure you are corresponding with a legitimate company.
  • Never give out your bank details until you’re certain you’re dealing with a legitimate company

You may need to transfer money in the future

You can choose to send money abroad using the current exchange rate.

However, if you’re concerned about the exchange rate changing for a future amount you’re planning to send, consider a ‘forward contract’ to lock in the exchange rate for a future trade.

Forwards are useful if you know you’ll need a large sum of cash at some point in the future.

For example, if you know you’ll need to cover the down payment on a holiday home in Spain but are worried about the pound weakening or the euro strengthening before it’s time to send the money, this method will let you lock in a rate.

If things go wrong with Cassava Remit

Regardless of which option you choose, make sure you keep all receipts and paperwork in case something goes wrong.

Money transfer forms and FX brokers are not covered by the compensation scheme, so are not as safe as using a bank.

If Cassava Remit is ‘registered’ with the FCA, they do not need to safeguard your money if they go bust.

However, if they are ‘authorised’ by the FCA, your money must be kept separate from company funds.

You can check Cassava Remit FCA authorisation on the Financial Conduct Authority website opens in new window.

When searching for other small firms, including money transfers agencies such as Western Union, it’s a good idea to find the postcode so you can narrow your search.

Alternatives to sending money overseas with Cassava Remit

For many purchases and payments – like online shopping from overseas stores – a credit or debit card is a convenient alternative to money transfers.

Avoid sending a foreign bank draft (similar to a UK cheque) overseas.

It’s going to be slow and expensive, because you’ll have to pay foreign bank charges (and possibly UK bank handling charges).

About the author

Scott Nelson

Scott Nelson is a financial services expert, with over 10 years’ experience in the industry, including 6 years in FCA regulated companies. Read more
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