Send Money to the UK with Peanut — Coming Soon
Peanut is expanding to the United Kingdom. Soon you'll send money and have recipients spend locally via Faster Payments — no fees, no NIN needed.
Send Money to the United Kingdom with Peanut — Coming Soon
Peanut is expanding to the United Kingdom. Soon you will be able to send money to anyone in the UK and have them receive funds instantly via Faster Payments, the country's real-time payment system that processes over 5 billion transactions per year. The recipient will not need a National Insurance Number or a UK bank account to receive money. Just a passport and the Peanut app.
The UK is already part of the Peanut network for deposits and withdrawals via SEPA (for euro-denominated transfers). The next step is full local spending integration through Faster Payments, enabling recipients to move money in GBP instantly. Whether you are sending money to family, paying a contractor, or pre-loading funds before a trip, Peanut will connect you directly to the UK's payment infrastructure — no middleman fees, no multi-day waits.
Why Peanut Will Be the Best Way to Send Money to the UK
No Fees
Peanut charges nothing on deposits, transfers, or spending. Whether you fund your account via SEPA from a European bank, ACH from a US bank, or digital dollars from an exchange, the deposit is free. Sending to the recipient is free. Moving money via Faster Payments will be free. Compare that to what the alternatives charge:
- Wise: 0.4-1.5% in additional charges on every transfer
- PayPal: 3-4% cross-border fee, plus an unfavorable exchange rate markup
- Western Union: $5-$15+ flat fee per transfer, plus a rate markup built into the rate
For USD-to-GBP or EUR-to-GBP transfers, these fees add up fast — especially for people sending money regularly.
Better Exchange Rate
Peanut's exchange rate model converts digital dollars directly to the local currency at the market rate, bypassing the markups that traditional providers layer on top. While the exact rate mechanism for GBP is being finalized, the approach is the same: your recipient gets the most pounds per dollar or euro, without inflated markups hidden in the rate.
The GBP/USD and GBP/EUR rates are among the most liquid currency pairs in the world. Traditional providers still add 0.5-2% to the mid-market rate on these corridors. Peanut's model is designed to eliminate that premium.
Instant Transfers
Once Peanut launches spending in the UK, recipients will be able to receive money via Faster Payments — the real-time payment system that most UK bank transfers already use. Faster Payments operates 24/7/365, and most transfers complete in under 2 minutes, often in seconds.
Faster Payments is available at all major UK banks — Barclays, HSBC, Lloyds, NatWest, Santander — plus digital banks like Monzo, Starling, and Revolut. The recipient does not need a special app or account. Their existing UK bank account receives the funds directly.
No Local ID Required
Info
Opening a UK bank account typically requires a National Insurance Number, proof of UK address, and residency documentation. For tourists, short-term visitors, and recent arrivals, this creates a significant barrier. Peanut will bypass that entirely. Recipients verify with any passport or national ID card from any country — no NIN, no UK address, no local bank account needed.
How It Will Work
- 1
Sign up and verify your identity
Create a Peanut account and complete identity verification. Submit a photo of your passport or national ID card plus a selfie — the process takes under 2 minutes for most users. No National Insurance Number required.
- 2
Deposit funds
Fund your account using the method that fits your location. European users deposit via SEPA bank transfer (free, 90% under 20 minutes). US users deposit via ACH (free, 1-3 business days) or digital dollars. Anyone can send USDC, USDT, or DAI on Solana, Arbitrum, Base, Tron, Avalanche, Polygon, or Ethereum — all deposits are free and arrive in minutes.
- 3
Send to the recipient
The recipient creates their own Peanut account and verifies with a passport or national ID card. Send them money directly — Peanut-to-Peanut transfers arrive instantly. If you are the one traveling to the UK, skip this step and spend directly from your own account.
- 4
Recipient receives money via Faster Payments
The recipient withdraws from Peanut to any UK bank account via Faster Payments. Funds arrive in seconds, 24/7/365. The money lands in their existing bank account — Barclays, HSBC, Monzo, Starling, or any Faster Payments-connected institution.
What the Recipient Will Be Able to Do
Faster Payments Transfers
Faster Payments is the UK's real-time payment system, operated by Pay.UK. It is the infrastructure behind nearly every domestic GBP bank transfer in the country. When Peanut integrates with Faster Payments, recipients will be able to:
- Receive GBP directly into any UK bank account — all major banks and digital banks support Faster Payments
- Access funds 24/7 — unlike BACS or international wire transfers, Faster Payments operates around the clock with no business-day restrictions
- Use standing orders — for recurring payments like rent, the recipient can set up automatic withdrawals from Peanut to their bank
Faster Payments processes over 5 billion transactions per year. It is the backbone of UK domestic payments. The recipient's bank sees a normal incoming transfer — no special setup required on their end.
Unlike QR payment systems in other countries, Faster Payments is account-to-account infrastructure rather than a merchant payment system. The recipient receives GBP in their bank account, which they can then spend using their existing debit card, contactless payments, Apple Pay, Google Pay, or any other method their bank supports.
SEPA Withdrawal
For EUR-denominated transfers, recipients can also withdraw via SEPA. UK banks retain SEPA membership for euro-denominated transfers even after leaving the EU.
Digital Dollar Withdrawal
Recipients who prefer to hold digital dollars can withdraw USDC, USDT, or DAI to any external wallet on supported networks. This is available today — even before the UK spending integration launches.
Key Corridors
UK to Argentina
The UK has a significant travel corridor to Argentina. Buenos Aires and Patagonia are popular destinations for British tourists and digital nomads. When you send money from the UK to Argentina, the recipient can already spend instantly via Mercado Pago at the cripto dolar rate — 5-8% better than credit cards. UK senders deposit via SEPA (for EUR) or digital dollars from a UK exchange. See the Send to Argentina guide for the full walkthrough.
UK to Brazil
British tourists visit Rio de Janeiro, Sao Paulo, and northeastern Brazil in growing numbers. UK-based senders can fund their Peanut account and have recipients in Brazil spend instantly via Pix. The Brazil corridor is particularly strong for tourists pre-loading funds before a trip.
Inbound to the UK
The UK is also a major destination for inbound remittances and transfers. Workers from around the world send money to family in the UK. When Faster Payments integration goes live, recipients will receive GBP instantly in their bank accounts — a significant improvement over the 3-5 business days typical of international wire transfers.
Deposit and Withdrawal — Available Today
While spending in the UK via Faster Payments is coming soon, deposit and withdrawal functionality is already live. Users in the UK can:
- Deposit via SEPA bank transfer (EUR-denominated, free, 90% under 20 minutes) or digital dollars on any supported network
- Withdraw via SEPA (EUR) to a compatible bank account, or to an external wallet
- Send and receive between Peanut accounts instantly
Create your account now, fund it, and hold a digital dollar balance. When Faster Payments integration launches, you will be ready to receive GBP directly into any UK bank account.
