Money & Budgeting
How to Send Money Abroad Cheaply — UK International Transfers
The cheapest ways to send money overseas from the UK. Compare banks, transfer services, and tips to save on exchange rates and fees.
Sending money abroad can be expensive if you use the wrong method. Here’s how to save on international transfers.
Why Banks Are Expensive
Hidden Costs
| Cost Type |
Banks |
Specialist Services |
| Fixed fee |
£10-40 |
£0-5 |
| Exchange rate markup |
2-5% |
0.3-1% |
| Correspondent bank fees |
£10-40 |
Often included |
| Receiving bank fees |
May apply |
Less common |
Example: Sending £1,000 to Europe
| Provider |
Fee |
Exchange Rate |
They Receive |
| High street bank |
£25 |
1.12 (2.5% markup) |
€1,092 |
| Wise |
£4.50 |
1.15 (real rate) |
€1,143 |
| Saving |
|
|
€51 (~£45) |
Best Services for Different Needs
For Regular Transfers
| Service |
Best For |
Typical Fee |
Exchange Margin |
| Wise |
Transparency |
£0-5 |
0.3-0.7% |
| Revolut |
Small amounts |
Free tier |
0-1% |
| OFX |
Large amounts |
£0 |
0.5-1% |
| World Remit |
Emerging markets |
£1-5 |
1-2% |
For Large Transfers (£10,000+)
| Service |
Benefits |
| OFX |
No fees, dedicated dealer |
| Currencies Direct |
Personalised service |
| Moneycorp |
Good for ongoing needs |
| TorFX |
Competitive large transfers |
For Sending to Family
| Service |
Best For |
| Remitly |
Cash pickup options |
| WorldRemit |
Mobile money |
| Wise |
Bank transfers |
| Western Union |
Wide network (but expensive) |
Service Comparison
Fees and Rates
| Service |
Fee (£1,000 transfer) |
Exchange Rate Type |
| Wise |
~£4-7 |
Mid-market + fee |
| Revolut |
Free/£5 |
Mid-market (limits) |
| OFX |
£0 |
Margin included |
| Remitly |
£0-3.99 |
Margin varies |
| XE |
£0 |
Margin included |
| PayPal |
2.9% of amount |
Poor rate |
| Banks |
£20-40 |
2-5% margin |
Speed
| Service |
Typical Delivery |
| Wise |
1-2 working days |
| Revolut |
Instant to hours |
| OFX |
1-3 working days |
| Banks (SWIFT) |
3-5 working days |
| Western Union |
Minutes (cash) |
How to Compare Transfer Services
True Cost Calculation
| Step |
What to Check |
| 1 |
Amount they’ll receive |
| 2 |
Upfront fee charged |
| 3 |
Exchange rate used |
| 4 |
Any additional fees |
| 5 |
Total cost = Amount sent - Amount received |
| Tool |
What It Does |
| Wise Compare |
Shows true costs |
| Monito |
Compares 100+ providers |
| ExchangeRateIQ |
Real-time comparison |
| MoneySuperMarket |
UK-focused |
Service Deep Dives
| Feature |
Details |
| Exchange rate |
True mid-market rate |
| Fee structure |
Small percentage (varies by currency) |
| Speed |
1-2 days |
| Best for |
Transparency, regular transfers |
| Multi-currency account |
Yes |
| Debit card |
Yes (great for travel) |
Revolut
| Feature |
Details |
| Exchange rate |
Mid-market (with limits) |
| Free tier |
£1,000/month at mid-market |
| Over limit |
1% fee applies |
| Weekend |
1% markup |
| Best for |
Customers already using Revolut |
OFX
| Feature |
Details |
| Fee |
No transfer fee |
| Exchange margin |
Built into rate |
| Best for |
Large transfers |
| Personal dealer |
Yes, for big amounts |
| Forward contracts |
Lock in rates |
Banks
| Feature |
Details |
| Convenience |
Integrated with your account |
| Cost |
Highest |
| Speed |
Often slowest |
| Use when |
Very large amounts (negotiate) |
Strategies to Save More
Time Your Transfer
| Strategy |
Potential Saving |
| Monitor exchange rates |
Buy when favourable |
| Avoid urgent transfers |
Express costs more |
| Weekday transfers |
Weekend markup with some |
| Set rate alerts |
Get notified of good rates |
Use Forward Contracts (Large Amounts)
| Feature |
Benefit |
| Lock in today’s rate |
For future transfer |
| Typically 6-12 months |
Ahead |
| Required deposit |
Usually 10% |
| Good for |
House purchases, regular payments |
Regular Payments
| Need |
Solution |
| Monthly transfers |
Set up recurring |
| Mortgage abroad |
Standing order |
| Family support |
Automated transfers |
| Pension abroad |
Regular schedules |
Common Destinations from UK
Europe (Euros)
| Service |
Approximate Cost (£1,000) |
| Wise |
~€1,145 |
| Revolut (under limit) |
~€1,148 |
| Banks |
~€1,095 |
| Difference |
~€50 (£43) |
USA (Dollars)
| Service |
Approximate Cost (£1,000) |
| Wise |
~$1,255 |
| Banks |
~$1,210 |
| Difference |
~$45 (£36) |
Australia (AUD)
| Service |
Approximate Cost (£1,000) |
| Wise |
~A$1,920 |
| Banks |
~A$1,850 |
| Difference |
~A$70 (£37) |
*Rates fluctuate — always check current rates.
Red Flags to Avoid
Warning Signs
| Red Flag |
Why Concerning |
| No FCA regulation |
Not protected |
| Too good to be true |
Likely scam |
| Pressure to transfer quickly |
Fraud indicator |
| Unusual payment methods |
Risk |
| Unlicenced operators |
No protection |
Always Check
| Verification |
How |
| FCA registration |
register.fca.org.uk |
| Reviews |
Trustpilot, Google |
| Company address |
UK presence |
| Contact details |
Real phone number |
Special Situations
Buying Property Abroad
| Consideration |
Advice |
| Large amount |
Use specialist broker |
| Forward contract |
Lock in rate |
| Stage payments |
Plan multiple transfers |
| Fees |
Negotiate for large amounts |
Paying Overseas Workers
| Solution |
Best For |
| Wise Business |
Multiple payees |
| Payoneer |
Freelancer payments |
| OFX |
Regular salary payments |
Receiving Money from Abroad
| Service |
Foreign currency account |
| Wise |
Multi-currency account |
| Revolut |
Receive in local currency |
| OFX |
Dedicated dealer |
| HSBC |
Multi-currency account |
Summary
| Principle |
Action |
| Avoid banks |
For most transfers |
| Compare services |
Use comparison sites |
| Check total cost |
Including rate markup |
| Use specialist services |
Wise, OFX, Revolut |
| Large amounts |
Get personalised quotes |
| Regular transfers |
Set up automated |
| Savings |
Typical Amount |
| £1,000 transfer |
Save £20-50 |
| £5,000 transfer |
Save £100-250 |
| £10,000 transfer |
Save £200-500 |
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