How to Transfer Money Abroad: Top Tips for Sending Money Overseas

The cheapest way to transfer money abroad is through a specialist provider such as Wise, Revolut or MoneyCorp rather than your high-street bank. Banks typically apply a mark-up of 3 to 5 per cent above the interbank exchange rate plus a fixed fee, while specialist providers often charge less than 1 per cent with no hidden margin in the rate.

Which provider offers the best exchange rate for international transfers?

Wise (formerly TransferWise) consistently rates highly in independent comparisons for transfers to popular currencies including euros, US dollars, Australian dollars and UAE dirhams. Wise charges a small transparent fee and converts at the mid-market rate with no hidden mark-up. For most transfers under £10,000, Wise is one of the cheapest options available.

For large transfers above £10,000, a broker such as MoneyCorp, Global Reach or Currency UK will often beat the rates available on consumer platforms. Brokers can also offer forward contracts, which let you lock in today's exchange rate for a transfer you plan to make in the future.

Should you open a local bank account if you are living abroad for work?

Opening a bank account in your destination country makes sense if you will be there for more than a few weeks. It allows you to receive local salary payments, pay local bills and withdraw cash without recurring fees. Banks in most European countries require proof of address in that country to open an account, so this usually works better once you have secured accommodation.

An alternative is to use a multi-currency account from Wise or Revolut before you arrive. Both allow you to hold and spend money in multiple currencies and to receive payments in local currencies through virtual account details, without needing a local bank account.

How do you set up an international money transfer?

The process with a specialist provider typically takes five to ten minutes online:

1. Create an account with your chosen provider and verify your identity (usually a passport or driving licence photo).
2. Enter the amount you want to send and the destination country.
3. Review the exchange rate, the fee and the total your recipient will receive.
4. Enter your recipient's bank account details, including their IBAN and SWIFT/BIC code for international transfers.
5. Transfer the pounds from your UK bank account to the provider.
6. Track the transfer through the provider's app or website.

Always double-check the recipient's account details before confirming. International transfers sent to incorrect account numbers are difficult to recover and may take weeks to resolve even if the error is identified quickly.

What is the risk of using an unregulated money transfer service?

Significant. Unregulated providers are not authorised by the FCA and offer no protection if the company fails or if your money does not arrive. The Payment Systems Regulator has issued warnings about fraudulent "currency exchange" services that disappear with customer funds.

Before using any provider, search their name on the FCA register at register.fca.org.uk. Legitimate providers will be listed as authorised payment institutions. If a service offers an exchange rate that looks dramatically better than market rate, treat it as a warning sign rather than a bargain.

How do exchange rates affect how much money you receive?

Exchange rates change continuously throughout each business day. The mid-market rate is the midpoint between the buying and selling price in the wholesale currency market. Banks and most transfer services add a mark-up to this rate as part of their profit.

A 3 per cent mark-up on a £5,000 transfer costs you £150 compared to the mid-market rate. A 0.5 per cent fee from a specialist provider on the same amount costs £25. Over multiple transfers, or on large sums, that difference is significant.

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Frequently Asked Questions

How long does an international bank transfer take?

Standard international transfers via SWIFT typically take two to five working days. Specialist providers such as Wise often complete transfers to major currencies in one working day. Transfers to less common currencies or to countries with additional compliance requirements can take longer. Always allow extra time around bank holidays in both the sending and receiving country.

Is Wise safe to use for large transfers?

Yes. Wise is authorised by the FCA as an electronic money institution and is used by millions of customers worldwide. It holds customer funds in segregated accounts, separate from its own operating funds, which means your money is protected even if Wise were to become insolvent. For very large sums (over £50,000), a regulated broker such as MoneyCorp or Global Reach may offer slightly better rates and dedicated account management.

Can I set up a regular international transfer each month?

Yes. Wise, Revolut and most specialist currency brokers allow you to set up recurring transfers on a fixed schedule. This is useful if you are paying rent or supporting family abroad on a regular basis. Some brokers allow you to fix the exchange rate for a series of future transfers through a regular payment plan.

What details do I need to send money internationally? You need the recipient's full name, their bank account number and sort code (for UK accounts), or their IBAN and SWIFT/BIC code for international accounts. For transfers within the EU, the IBAN is sufficient for most transfers. For the United States, you need a routing number and account number. For other countries, requirements vary, so check with your provider before sending.

What should I do if my international transfer does not arrive?

Contact your provider immediately using the transaction reference number you received when you made the transfer. Most providers have tracking tools that show you where in the process your transfer is. If the funds have left your account but not arrived, your provider must investigate within a reasonable timeframe under FCA rules. Keep a record of all correspondence in case you need to escalate the complaint.