Wazuans,

Which is the best way to send money to the UK while avoiding losing so much in the currency exchange? Is there away to circumnavigate the horrible exchange rates by banks?

Try I&M Bank Multicurrency card. You load the money in convertible currencies like USD/EURO/USD and then use the card to pay the vendor directly. I have used it for fees payments and online purchases and works well. You don't need a bank account and just walk in and buy the card

I find it convenience as you only load what you need to pay. You can buy the various currencies in local bureaus and then load the currency you want.

In case you trade in a currency not in your wallet, they use good rates also

My 2 cents