What's the cheapest way to send money abroad?

Specialist money transfer services like Wise, Revolut, OFX, or Remitly are usually cheapest. They charge lower fees (often under £5) and offer exchange rates close to the real mid-market rate, saving 2-5% compared to banks.

How long does an international transfer take?

Specialist services often deliver in 1-2 working days, sometimes same day. Traditional bank transfers (SWIFT) typically take 3-5 working days. Express options cost more. The destination country and currency affect timing.

Is it safe to use money transfer services like Wise?

Yes — major services like Wise, OFX, and Remitly are regulated by the FCA in the UK. Your money is protected and held in safeguarded accounts. Always use FCA-authorised services and verify on the FCA register at register.fca.org.uk before sending money.

Should I use my bank to send money abroad?

Banks are usually the most expensive option due to poor exchange rates and high fees (£10-40). Use them only for very large amounts where you can negotiate, or if you need the security of your bank relationship.

What is the mid-market exchange rate and why does it matter?

The mid-market rate (also called the interbank rate) is the midpoint between the buy and sell prices for a currency — it's what you see on Google or XE. Banks and most services add a markup on top, which is their hidden profit on the exchange. Specialist services like Wise charge a small transparent fee and pass the mid-market rate on to you, which is why they're significantly cheaper than banks.

Can I lock in an exchange rate for a future transfer?

Yes — this is called a forward contract and is offered by specialist brokers including OFX, Currencies Direct, and Moneycorp. You agree a rate today for a transfer up to 12 months in the future, protecting yourself against adverse currency moves. A deposit (typically 10%) is usually required. Forward contracts are particularly useful for large planned transfers such as overseas property purchases.

How to Send Money Abroad Cheaply — UK International Transfers | PocketWise

Sending money abroad can be expensive if you use the wrong method. Here’s how to save on international transfers.

This guide is part of the payments and transactions hub, which covers all UK payment methods, transfer limits, and direct debits.

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 a broader comparison of payment apps and whether Wise, Revolut, or PayPal suits your everyday needs, see the payment apps comparison.

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

Use Comparison Tools

Tool	What It Does
Wise Compare	Shows true costs
Monito	Compares 100+ providers
ExchangeRateIQ	Real-time comparison
MoneySuperMarket	UK-focused

Service Deep Dives

Wise (Formerly TransferWise)

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

Revolut and Wise also function as digital wallets. For how digital wallets compare for day-to-day spending in the UK, see the digital wallets guide.

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

For the difference between standing orders and direct debits for recurring UK payments, see the direct debit vs standing order guide.

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

For the full range of UK payment methods and guides, see the payments and transactions hub.

How to Send Money Abroad Cheaply — UK International Transfers

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