Asda Money Transfer: Fees, Rates and Transfer Times

It’s a good idea to shop around if you’re looking for an international payment service, to make sure you get the best available deal. There are lots of different payment services available, which offer different payment routes, and fee structures, so you’re sure to find the right one for you out there.

Asda Money works with Ria, the third largest money transfer service in the world, to provide international payment services. Asda has between 314,000 to 350,000 pick-up locations throughout more than 140 countries¹, and can provide cash for collection, direct bank transfers, and in some cases cash for home delivery to your recipient². Compare the prices on offer with other providers such as Wise before you make a final decision.

A quick comparison between Asda Money and Wise. Read on after that for the full information.

Banks and money transfer providers often give you a bad exchange rate to make extra profits.

Wise is different. Its smart new technology skips hefty international transfer fees by connecting local bank accounts all around the world. Which means you can save up to 8x by using Wise rather than your bank when you send your money abroad.

Check out how to make your first transfer with Wise. And give it a try.

Oh, and while you’re at it, check out Wise’s borderless multi-currency account. Where you can manage and send dozens of currencies all from the same account.

Now, back to what you came here to read.

Here’s all you need to know about making an international transfer with Asda Money.

How does an international transfer with Asda Money work?

From the UK you can only arrange transfers online with Ria/Asda Money³. It's not possible to go to an agent location in the UK to set up your payment. However, the money you transfer can then be collected in person from an agent in any of the more than 140 countries Ria serve, or even delivered to the recipient’s home in some cases. Here are the options available.

Cash pick-up

You can arrange your payment online from the UK, and have the money sent to a Ria agent near to your recipient. Your recipient can then simply pick up the cash in person, sometimes in as little as 15 minutes⁴, by showing their photo ID and the order PIN number², which you’ll be given when placing the transfer. There's a full list of the countries served by Ria agents available on the Asda Money website⁵.

Home delivery

If your recipient is in Hungary, Vietnam, Armenia, Philippines, Dominican Republic or Nicaragua, you can arrange to have the payment sent directly to their home by courier. To get their cash, the recipient will need to sign for the delivery and show a photo ID².

Bank deposit

You can arrange an international payment to be deposited directly in your recipient’s bank account, through Asda Money. Asda Money will transfer money to most major banks around the world - you’ll just need the IBAN or SWIFT code for your recipient’s bank account².

If you’re considering this option, it’s good to know that international transfers very often use the SWIFT network. This payment route is very commonly used by traditional banks for international payments, for example, but it can prove relatively expensive. The SWIFT network involves several banks - often called intermediary or correspondent banks - working together to move money from one country to another. Up to 3 banks can be involved in a transfer, and each one can charge their own fees for the service.

This causes a problem because it’s tricky to say in advance exactly what the cost of the transfer will be - and your recipient might get less in the end than you expect. Here’s what Ria’s terms and conditions say about extra charges or deductions³:

“In addition to any fees charged by us a Payment Transaction may be subject to other fees and costs and exchange rates payable to other parties for example banks and other payment institutions involved in the Payment Transaction as well as deductions that may apply”

If you’re planning on making an international payment using a direct bank transfer, it’s well worth checking out the different services available to get the best deal for you. For example, Wise payments don’t use the SWIFT network, so there are no intermediary bank fees to worry about. Transfers are made using the real exchange rate with no markup, and can therefore work out considerably quicker and cheaper than using a traditional bank. More on that later.

You could make it even easier to arrange international payments online with a multi-currency borderless account from Wise. With this smart new account, you can hold your money in any of over 40 different currencies, make international payments directly to friends and family, and receive fee free payments in major currencies such as US, New Zealand and Australian dollars, euros and British pounds. See if you can save time and money with Wise, today.

What are the fees when you want to transfer money overseas with Asda Money?

The Asda Money website has a price calculator⁶ so you can check the exact cost of the transfer you want to make. Here’s an outline of the fees you can expect to see, as a quick reference point.

As we mentioned earlier, it’s important to understand that international bank transfers are often made using the SWIFT network, which can mean that there are further fees to pay on top of those quoted by Ria/Asda Money. Up to 3 intermediary banks can be involved in arranging a SWIFT transfer, and each one of them can charge their own fee for handling the payment. It’s usually impossible to be completely sure in advance what SWIFT charges will be added to your transfer fee. That can mean that your recipient gets less than you would expect.

If you’re worried about hidden fees, check out an alternative transfer service like Wise, to avoid the SWIFT network.

What are the currencies that Asda Money supports?

Asda Money, through its partner Ria, has agents in more than 140 countries. However, in most cases these are locations where recipients can collect their cash, rather than agents who can arrange a payment for you. From the UK for example, you can only place transfers online, although you could have your recipient collect the payment in person from an agent in many other countries. A full, detailed listing of the countries served is available on the Asda Money website⁵.

Compare the service on offer withWise, who can help you arrange international payments to and from a wide range of countries and currencies.

What is the exchange rate you get with Asda Money?

When you use the price calculator available on the Asda Money website, you'll be given the current exchange rate for your currency pairing. However, to see whether or not the rate on offer is fair, you’ll want to compare it to the real, mid-market exchange rate. That’s easy enough to do - you can simply Google it, check a website like XE or Reuters, or use an online currency converter.

It's worth checking the exchange rate because many banks and international transfer services won’t offer the real exchange rate to retail customers. Instead, the rate they give includes a markup, or spread, which they then keep as their profit. This isn’t transparent and can mean your payment costs you more than it should.

On their fees section on the FAQ, Asda does state they charge a fee on the exchange rate, but they, unfortunately, don’t specify how much they’ll charge⁷:

”Our exchange rate is monitored all the time, and is calculated depending on the country where you’re sending money. Our exchange rate fees are among the best in the market.”

You can avoid this hidden fee by using an international transfer service which offers the real mid-market exchange rate every time, like Wise.

Are there any limits to the amount that you can transfer with Asda Money?

There's a daily limit to the amount you can transfer with Asda Money, and depending on the country you’re sending to, there may also be a monthly cap. You can send up to £1,800 per day, up to the monthly maximum⁸.

Asda Money suggests that you contact their customer services team to check the monthly limit for the country you’re sending money to - more about how to do that, later.

How long does an international transfer with Asda Money take?

How long your transfer will take depends on the payment route, and the country you’re transferring money to. In some cases, cash for collection can be available in just a few minutes, but an international bank transfer is likely to take several days.

How can you contact Asda Money?

If you need to talk to a member of the Asda Money/Ria team, you can contact them in a couple of ways⁹:

• Call customer services on 08000855272
• Email the team on asdamoneytransfer@riafinancial.com

And if you want to contact Wise to discuss an international payment or ask a question, you can get in touch with their support team.

Getting the best value for your international payment will mean that your recipient gets more in their pocket, and you don’t pay any more than you have to for the transfer. Before you choose an international payment provider, compare the services out there - including both the upfront fees, potential hidden costs, and exchange rates used - to find the right one for you.

Sources used for this article:
1.https://money.asda.com/money-transfer/
2.https://money.asda.com/money-transfer/benefits-faqs/#what-are-the-delivery-options?
3.https://riamoneytransfer.asda.com/legal/terms-and-conditions
4.https://money.asda.com/money-transfer/benefits-faqs
5.https://money.asda.com/money-transfer/countries/
6.https://money.asda.com/money-transfer/
7.https://money.asda.com/money-transfer/benefits-faqs/#how-much-does-it-cost-to-send-money-online?
8.https://money.asda.com/money-transfer/benefits-faqs/#how-can-i-send-more-than-%C2%A31,800-in-one-day?
9.https://money.asda.com/contact-us/#contact-asda-money
*All sources checked on December 12, 2018