Money Transfers to the Falkland Islands? Taking a vacation or business trip to the Falkland Islands? Here are some tips for working with their currency, since they use both the British Pound Sterling and the Falkland Islands Pound.
Best Way To Make A Money Transfer
You should always looks for more than one transfer method to help reduce fees. Look for a low margin rate, which means more of your money stays your money. The Falkland Island Pound (FKP) is currently worth about 0.99Â£ and $1.30 in USD, so depending on where you're coming from you may have a better deal. An online transfer is recommended, especially if you plan to spend a large amount or use credit/debit cards. A physical exchange is only recommended for short, inexpensive trips.
Options to Send Money
If you're transferring funds to someone in the Falkland Islands, make sure you know which currency they prefer. If they would like British Pounds, then you can simply wire them the money in some cases. If they prefer FKP, use a comparison site to gauge before choosing a vendor. Currently KBRFX and World Exchange offer margins below 1% for personal funds.
Restrictions on Receiving or Sending Money
Besides the exchange fee, there a few limitations on a money transfer to or from the Falkland Islands. The sender should have a tracking number, which the recipient must also know to confirm the transfer. Most banks will also require several forms to be filled that require personal identification to complete. It is advised to limit the amount of FKP one brings out of the country as some visitors report having difficulty changing it back to their home currency.
The sending process is simple whether you use a bank or a currency broker. For banks, go to your online banking portal and looks for a wire transfer options, or an exchange button. Call the bank if you can't find one. Choose money to send, if it is a large amount you may be called to authorize the transfer. Enter the recipients banking's information, choose a currency, and follow any additional onscreen instructions.
The FKP or FKÂ£ can be used almost interchangeably with the British Pound. The British pound is pegged to the FKP, and makes up 13% of foreign trading and banking transactions. It has one of the highest trading volumes in the world, after the US dollar and yen.
The Falkland Islands have only one bank, called Standard Chartered. They are FCA and PRA regulated and available for all your transfer needs.
Find out more about the currency? To start with the Falkland Islands use the Falkland Islands Pound (FKP) as one of their currencies and the British Pounds Sterling (GBP) as their other. So when you choose to send money to Falkland Islands recipients you can decide which of the currencies you would prefer to send. In order to make your money go further it is a great idea to check the currency rate Falkland Islands currencies are at. By doing this you can then work out which is the best currency to exchange and send.
Wave goodbye to five-day transfers
If you have previously used bank transfers to send money to Falkland Islands recipients you will know that this can take a considerable amount of time. Having to wait for money in this way can be incredibly frustrating for both the sender and recipient. To ensure that your recipient gets his or her money instantly an online transfer using a secure provider could be exactly what you are looking for.
Transfer funds at your convenience
As well as being a speedy way to transfer money to Falkland Islands recipients an instant transfer is also incredibly convenient. You do not have to speak to a bank to set up a transfer and you will not have to fill in pages and pages of documentation. Many people are actually quite surprised when they realise they can transfer funds in less than five minutes once they have set up an account with an online provider. This makes sound sense if you are going to be sending money to someone in the Falkland Islands on a regular basis.