Send Money from the UK to Moldova

There’s a lot to consider when you send money from the UK to Moldova.

Whether you’re looking for the fastest or cheapest way to send money to Molova, comparing providers can be overwhelming. 

So, I’ve done it for you!

In this article, I’ll explain the best ways to send money from the UK to Moldova so you can find the right money transfer service for your needs.

What’s the Best Way to Send Money from the UK to Moldova?

The best way to send money from the UK to Moldova is usually through online money transfer services like Profee, Remitly and Revolut. 

These services offer competitive exchange rates, low fees and various delivery options. 

You can initiate transfers easily from your computer or smartphone, and funds typically reach the recipient within 1 working day, making it a fast and eliable option for sending money to Moldova.

However, many of these services have a limit on the amount of money you can send from the UK to Moldova, which may make it unsuitable for larger transactions.

In this situation, a traditional bank transfer may be a better way to send large amounts of money to Moldova.

Bank transfers are secure and reliable but typically have higher fees and a less favourable exchange rate than online money transfer services, which means your recipient will receive fewer Moldovan lei.

What’s the Cheapest Way to Send Money from the UK to Moldova?

The cheapest way to send money from the UK to Moldova is through an online money transfer service like Profee, which offers a competitive exchange rate of 22.043665.

Providers like Proffe, MoneyTO, Western Union, MoneyGram and Remitly offer free transfers for new customers, helping you reduce the cost of sending money to Moldova.

Similarly, Paysend doesn’t charge a transfer fee if you send money to a Moldovan bank account instead of a card, which will help to make your transfer cheaper. 

Although Revolut offers one of the strongest exchange rates, their transfer fees reduce your potential gain, meaning your recipient would eceive more lei through Profee.

It’s worth noting that you can’t send money in Moldovan lei through Remitly and Xoom. Instead, you need to send money in either euros or US dollars. However, at the time of writing, your recipient would still receive slightly more money through Profee after converting it.

What’s the Fastest Way to Send Money from the UK to Moldova?

Profee is the fastest way to send money from the UK to Moldova, with funds received nearly instantly. 

However, as you can see from the table, there’s not much separating each provider.

Providers like Revolut Remitly and Paysend offer transfers to Moldova within minutes of initiation, which is ideal for urgent situations.

How you choose to send your money will influence the transfer speed. For example, Western Union can transfer money within minutes by cash, within two business days by card or within 4 business days by bank transfer.

Can I Send Money from the UK to Moldova Online?

You can send money from the UK to Moldova online in several ways.

1. Online Money Transfer Services: Providers like Remitly and Profee are best suited for individuals who want to send money from the UK to Moldova quickly and conveniently. They offer faster transfer speeds, more competitive exchange rates and lower transfer fees than other methods. Still, some providers limit the amount you can send to Moldova, which could be an issue for large transfers 
2. Bank Transfers: Ideal for those who prefer traditional banking methods, bank transfers are secure, with funds sent directly to popular Moldovan banks like MAIB and Moldindconbank. Although suitable for sending large amounts of money, bank transfers typically have higher fees and a less favourable exchange rate than online money transfer services, making them less cost-effective. 
3. Digital Wallets: Platforms like PayPal and Skrill offer near-instant transfers between accounts. Whilst convenient for small transfers to friends and family, the high transfer fees for international transfers make it expensive for frequent transfers.
4. Cash Pick-Up Services: Providers like Western Union and MoneyGram allow you to send money online for the recipient to collect in cash from a designated location in Moldova. Useful for when the recipient doesn’t have a bank account, it’s less convenient and has higher fees than other methods.
5. Prepaid Debit Cards: You can preload funds onto a prepaid debit card online for the recipient to withdraw or purchase in Moldova. Although they’re fast and convenient, prepaid cards may have limited acceptance compared to traditional debit or credit cards.
6. Cryptocurrency: This method is ideal for individuals who are comfortable with digital currencies and want to take advantage of potentially lower fees and faster transfer speeds. However, cryptocurrency has limited acceptance by merchants and individuals in Moldova, and exchange rates are highly volatile.

Sending Large Amounts of Money from the UK to Moldova

Revolut is the best way to send large amounts of money from the UK to Moldova. 

For most currencies, Revolut doesn’t have a maximum amound you can send. Where a limit is in place, it will be shown in the Revolut app before you initiate the transfer.

In contrast, providers like Remitly and Xoom have tiered limits, restricting the amount you can send within 24 hours, 30 day and 180-day periods. These limits will be enough for those who want to make one-off payments but could be an issue for recurring transfers.

You can often increase your maximum transfer limit by compiling verification checks and submitting further documents like copies of a valid passport and proof of address. 

Exchange rates and transfer fees may also vary depending on how much you want to send to Moldova, impacting the amount of MDL your recipient will receive. Some providers offer discounted fees and enhanced rates for larger amounts, whilst others increase their transfer fees to cover their costs.

Can I Set Up Regular Payments from the UK to Moldova?

You can set up regular payments from the UK to Moldova in various ways.

1. Online Money Transfer Services: This method is best for individuals who want to send money regularly, with the flexibility to adjust the amount or frequency as needed. Transfers through services like Remitly and Revolut are convenient and easy to set up but may be subject to maximum transfer limits.  
2. Direct Debits: Ideal for paying businesses in Moldova for services, such as utility bills or memberships, direct debits reduce the risk of missed payments. However, as the business initiates, you will have little control over payment timings or amounts. 
3. Standing Orders: Suitable for fixed amounts and regular payments like monthly rent or loan repayments, standing orders can be set up with your UK bank. Although reliable, you may be unable to make adjustments without cancelling your standing order and setting up a new one. 
4. Digital Wallets: Platforms like PayPal are best for regularly sending small amounts of money to friends and family in Moldova. Transfers are fast and convenient but have lower maximum transfer limits than other methods. 
5. Cryptocurrency: Ideal for those already familiar with digital currencies like Bitcoin or Ethereum, some cryptocurrency platforms allow you to schedule regular payments to a digital wallet. Although fast, this method is unsuitable for most recipients due to a steep learning curve.

Sending Money from the UK to Businesses in Moldova

The best way to send money from the UK to businesses in Moldova is through online money transfer services like MoneyTO and Paysend. You can transfer funds directly to the business’s Moldovan bank account, typically received within 24 hours.

These services are convenient and cost-effective, but some may limit the amount you can send, which could be an issue for larger transfers.

If you encounter such limits, traditional bank transfers are a reliable alternative. You can transfer money directly from your UK bank account to the business’s Moldovan account without third-party involvement.

While bank transfers are secure, they can be slower and involve higher fees than online services.

Some financial institutions offer tailored corporate payment solutions for businesses making frequent or large payments to Moldova. These services include bulk transfers, currency hedging, and invoice integration.

However, they may come with higher fees and require additional documentation.

Depending on the amount being sent, you may need to provide further information, such as the business’s 13-digit Identification Number of Organization (IDNO) and a copy of the invoice or contract

How to Send Money from the UK to Moldova

How you can fund your transfer from the UK to Moldova depends on your transfer method and provider.

Some of the most popular methods for paying for your money transfer to Moldova include:

1. Bank Transfer: Ideal for individuals who have sufficient funds in their UK bank accounts, bank transfers are secure and suitable for funding large transfers to Moldova. However, processing times are longer than transfers paid by card, making it unsuitable for emergencies. 
2. Debit Card: This method is convenient for fast payment processing and is widely accepted by transfer providers. Although fees are lower, it has limited protection against fraud compared to credit cards.
3. Credit Card: Suitable for those who want to defer payment for urgent transfers or earn rewards on their spending, credit cards have higher fees and interest than debit cards, making them less cost-effective.
4. Digital Wallet: Platforms like PayPal offer quick payment processing with enhanced consumer protection but have limited acceptance by money transfer services. 
5. Cash: Ideal for those without a traditional bank account, cash payments are less convenient than electronic payment methods and may incur additional fees for cash handling. 
6. Cheque: This method was once popular but is now less common for money transfers to Moldova due to the slow processing times. Although it helps provide a paper trail of the transaction, it also has a higher risk of loss or theft than other methods.

What Details Do I Need to Send Money from the UK to Moldova?

To send money from the UK to Moldova, you typically need the following details:

1. Recipient’s Contact Details: The full name, address, e-mail address and phone number of the person or business you’re sending money to in Moldova.
2. Recipient’s Bank Details: If you’re sending money to a bank account, you’ll need the recipient’s bank name, the bank address, account number, 7-11 characters SWIFT/BIC code and 24-character IBAN.
3. Alternative Payment Details: If you’re sending money to a digital wallet, you’ll need the e-mail address or mobile number associated with the recipient’s account. 
4. Tax Information: Depending on the amount you’re sending and the purpose of your transfer, you may be asked to provide the recipient’s Tax Identification Number (TIN). In Moldova, this is the 13-digit Identification Number of Person (IDNP) or Identification Number of Organisation (IDNO). 
5. Further Documents: Your provide may require you to provide additional documents to comply with verification checks and regulatory requirements. These documents could include copies of valid government-issued IDs, such as passports, proof of address, and proof of source of funds. 

Make sure to double-check all the details before initiating the transfer to ensure the money reaches the intended recipient accurately and securely.

How Much Does it Cost to Transfer Money from the UK to Moldova?

How much it costs to transfer money from the UK to Moldova depends on your service provider and how much you send.

Generally, online money transfer services are cheaper than bank transfers. 

Some of the typical fees you may be charged include:

Transfer Fees

Your service provider may charge a fee for processing the transfer itself. 

Some services offer promotional rates or waive fees for first-time users or large transfer amounts.

Typically, transfer fees for online money transfer services can range from £0 to £5 per transfer, whilst bank transfer fees range between £10 to £30 per transfer. 

Exchange Rate Markup

When converting your money from British pounds (GBP) to Moldovan lei (MDL), the provider may apply an exchange rate with a margin. 

This margin represents the difference between the real exchange rate and the rate offered to customers, which means you will get less lei for your pound.

While online money transfer services usually have a markup of 0.5% to 2% above the mid-market rate, banks have a slightly higher markup of 1% to 3% above the mid-market rate.

Bank Charges

Banks involved in the transfer process may charge additional fees. These can include international transfer fees, intermediary bank fees, or correspondent bank fees. 

Intermediary banks involved in transfers through online money transfer services can charge between £5 to £20 per bank, whilst those involved through a bank transfer charge around £10 to £30 per bank. 

Recipient Fees

The recipient’s bank or money transfer service in Moldova may also deduct fees for receiving the funds. 

These fees are typically subtracted from the total amount received by the recipient. They can vary depending on the recipient’s bank and the method of receipt (e.g., bank transfer, cash pickup).

Recipient fees usually range between £0 and £10 per transfer.

Additional Fees

Some money transfer services or banks offer expedited or express transfer options for faster delivery of funds. These services often come with an additional fee, which is charged on top of the standard transfer fees. 

Express transfers typically cost between £5 to £25 per transfer for online money transfer services or between £20 and £50 for bank transfers.

How Long Does it Take to Send Money from the UK to Moldova?

It’s usually faster to send money from the UK to Moldova through an online money transfer service than by bank transfer.

Transfers through an online money transfer service like Remitly can arrive in Moldova in minutes, with most providers typically taking up to 1 business day. 

In contrast, sending money from the UK to Moldova via bank transfer can take between 3 to 5 business days for standard transfers, making them unsuitable for urgent situations. 

Bank transfers to Moldova take longer to complete as they involve processing by multiple banks and international clearing systems.

Some transfers may be subject to additional verification or compliance checks, especially for larger amounts or transactions involving certain countries. These checks can add processing time to the transfer.

Transfers initiated on weekends or public holidays may experience delays, as banks and financial institutions may have reduced operating hours or be closed entirely.

Frequently Asked Questions