Western Union has been working since 1851 connecting people as an American telegraph company. It was twenty years later when WU started transferring money. Nowadays, the system has changed but the service remains the same so it is perfect for those who mistrust new companies and seek the safety of the known.

By registering on the Internet, you can send money everywhere. It is easy: enter the name and city of the person to whom you are sending money; call the company to confirm everything is fine; and the receiver can withdraw it at the local Western Union office. A minimum of £45 for every £1000 is the fee to transfer within Europe.

The strength of MoneyGram is its quickness. Ten minutes is all it takes to transfer the amount you decide. How? You just need to find the closest agent, fill out a form and give the receiver the reference number. For £46 for every £1000 you can send your money in the time it takes to have a coffee.

Paypal is a common method for making online payments, through sites such as eBay. It is also a good way to share your earnings with others. The only requirement is to sign up with your email and bank details. Once you open an account, you can send, share or spend your notes over the Internet, to any country. It’s going to cost you £30 pounds for each £1000. The advantage? This payment method is simple, straightforward and hassle-free.

Escape Mastercard Prepaid Card is one of the new methods and a very cost-effective way of transferring and spending money abroad. It’s a great option for newcomers to London who can’t open an account in a traditional bank. The company promises that sharing money would be as easy as a click of a button – from your computer via the internet, or your mobile via SMS.  All you have to do is to deposit money on your card for free and buy another one for your relatives. So for example, if you are in London but your sister is in New Zealand, she can withdraw money from her card at any cash point by using the card. Moreover, shopping with this card is cheaper because you can ignore the exchange rates when you are travelling and making purchases with no charges.

This short YouTube video explains the details of how to get the most of it in few easy steps. Also, Escape MasterCard Facebook Page is running a competition where you can win an Escape Card loaded with £100 to spend on whatever you’d like: www.facebook.com/pages/Escape-MasterCard .

For those who prefer traditional methods, they can use a bank transfer. But in most of cases it will cost £24 for each £1000 sent abroad. The advantage is that you can go to your high street branch and ask face to face for more information.

- Benjamin Franklin

In the UK an employee pays income tax through PAYE, which stands for Pay As You Earn, and the tax rate is based on the amount of your income. When you start working in UK for the first time, your employer needs to put you on an emergency code until HMRC (Her Majesty’s Revenue and Customs) can estimate and provide you with the correct tax rate for you. Normally it happens at the end of the financial year, so if you started working in the middle of the year you might have been paying a high tax rate. The good news is that you can easily claim your overpaid tax back.

Preparation plan:

- get your P60 handy

Action:

- dial HMRC on 08453021432

Post-action cool out:

- sit back comfortably;

- close your eyes;

- think about how you’re going to spend an unexpected few-hundred-pound bonus!

www.hmrc.gov.uk