What is the cheapest way to send money abroad from UK?

Specialist transfer services like Wise, Revolut, or OFX typically offer much better rates than banks. On a £5,000 transfer, you might save £100-200 compared to a bank. Always compare the total amount received, not just the exchange rate or fees separately.

Is Wise or Revolut better for international transfers?

Both are excellent. Wise typically has slightly better rates for larger transfers and is available to everyone. Revolut offers free transfers up to certain limits on paid plans but requires subscription. For occasional transfers, Wise is simpler. For frequent transfers, compare based on your usage.

Are bank international transfers safe?

Yes, but expensive. Banks are safe but typically charge fees of £20-40 plus poor exchange rates that can cost 3-5% of your transfer. FCA-regulated transfer services like Wise are equally safe and much cheaper. Check a provider is FCA-registered before using.

Best Money Transfer Services UK 2026 — Send Money Abroad Cheaply | PocketWise

Sending money internationally shouldn’t cost a fortune. Here’s how to find the best rates and avoid excessive fees.

The Problem with Banks

What Banks Really Charge

Bank	Transfer Fee	Exchange Rate Markup	Total Cost on £5,000
Typical UK bank	£25-40	3-5%	£175-290
Specialist service	£0-10	0.3-1%	£15-60
Potential saving			£130-250

Banks hide costs in poor exchange rates — the fee is just the start.

Best Transfer Services Compared

Service Overview

Service	Best For	Typical Cost	Speed
Wise	Most transfers	0.4-1%	1-2 days
Revolut	Small/regular transfers	0-1%	Instant-2 days
OFX	Large transfers	0.5-0.8%	1-3 days
WorldRemit	Sending to developing countries	1-2%	Same day-3 days
Western Union	Cash pickup	2-5%	Same day
PayPal	Convenience	3-4%	Instant-3 days
Bank transfer	Familiarity	3-5%	3-5 days

Cost Comparison: £2,000 to Europe

Service	Fee	Exchange Rate	Recipient Gets
Wise	£6-10	Mid-market	€2,345
Revolut (free tier)	£0 (weekend fee)	Near mid-market	€2,340
OFX	£0	Competitive	€2,335
PayPal	£0-5	Poor	€2,270
Bank	£25	Poor	€2,220

Rates fluctuate — always check at time of transfer.

Service Deep Dives

Wise (formerly TransferWise)

Pros	Cons
Mid-market exchange rate	Fees on every transfer
Transparent pricing	Slower than instant options
Multi-currency account
Highly regulated

Best for: Most international transfers, large amounts, transparency

Transfer Amount	Typical Fee	Rate Markup
£500	£3-4	0.4-0.5%
£2,000	£8-10	0.4-0.5%
£10,000	£40-50	0.4-0.5%

Revolut

Pros	Cons
Free transfers on some plans	Weekend/markup on free tier
Multi-currency	Limits on free transfers
Instant transfers	Need app/account
Card for spending abroad

Best for: Regular small transfers, travellers, app users

Plan	Free Transfer Limit	Exchange Rate
Standard (free)	£1,000/month	1% markup weekends
Plus/Premium	Higher	Better rates
Metal	Unlimited	Best rates

OFX

Pros	Cons
Good for large sums	Higher minimum (£100)
No transfer fees	Less suitable for small amounts
Dedicated dealer	Phone/web based
Rate lock available

Best for: Large transfers, regular business payments

WorldRemit

Pros	Cons
Many payout options	Fees vary by destination
Good for developing countries	Not cheapest for Europe
Mobile money options
Fast delivery

Best for: Sending to Africa, Asia, Latin America

Choosing the Right Service

By Transfer Type

If You’re	Consider
One-off transfer to Europe	Wise, Revolut
Regular payments (mortgage abroad)	Wise, OFX
Large transfer (£10k+)	OFX, Wise
Small amounts frequently	Revolut
Sending to family in developing country	WorldRemit, Wise
Need cash pickup	Western Union, WorldRemit
Business transfers	OFX, Wise Business

By Priority

Priority	Best Choice
Cheapest overall	Wise, OFX
Fastest	Revolut, WorldRemit
Easiest	Revolut (if you have account)
Largest amounts	OFX (dedicated service)

Understanding Exchange Rates

What You’re Actually Paying

Rate Type	What It Means
Mid-market rate	Real rate (Google rate)
Bank rate	Mid-market + 3-5% margin
Wise rate	Mid-market (they charge separate fee)
Card rate	Varies — check before using

How to Compare Properly

Service	Fee	Rate	Recipient Gets	True Cost %
A	£5	1.175	€1,165	1.2%
B	£0	1.160	€1,160	1.7%
C	£25	1.170	€1,140	3.2%

Always compare what the recipient actually gets — not just rates or fees.

Fees Explained

Types of Fees

Fee Type	What It Is
Transfer fee	Fixed charge per transfer
Exchange rate margin	Hidden in the rate
Receiving fees	Charged by recipient’s bank
Correspondent bank fees	Intermediary banks
Conversion fee	If converting again

Avoiding Hidden Fees

Tip	How
Compare total received	Not just exchange rate
Check for receiving fees	Ask about correspondent charges
Send in local currency	If possible
Time transfers	Weekday, not weekend

Transfer Speed

How Long Transfers Take

Service	Typical Speed	Fastest Option
Wise	1-2 days	Same day (some routes)
Revolut	Instant-1 day	Instant (same currency)
OFX	1-3 days	1 day
Bank	3-5 days	Varies
WorldRemit	Same day-3 days	Same day

Factors Affecting Speed

Factor	Impact
Currency pair	Major currencies faster
Day of week	Weekdays faster
Payment method	Bank transfer vs debit card
Verification	First transfer may be slower
Amount	Large amounts may need extra checks

Large Transfers (£10,000+)

Extra Considerations

Factor	What to Do
Rate negotiation	Ask OFX for better rate
Forward contracts	Lock in rate for future
Timing	Markets fluctuate
Verification	Extra ID checks likely
Limit orders	Set target rate

Saving on Large Transfers

Amount	Potential Saving vs Bank
£10,000	£300-500
£50,000	£1,500-2,500
£100,000	£3,000-5,000

Safety and Regulation

What to Check

Verification	Why
FCA registered	UK regulatory protection
Segregated funds	Your money separate from theirs
Reviews	Trustpilot, user experiences
Track record	Established company

FCA-Registered Services

Service	FCA Registered
Wise	✓
Revolut	✓
OFX	✓
WorldRemit	✓
Western Union	✓

Regular Payments

Setting Up Recurring Transfers

Service	Regular Payment Feature
Wise	Auto-convert, scheduled
OFX	Regular payment plan
Revolut	Scheduled transfers

Use Cases

Scenario	Best Approach
Overseas mortgage	OFX regular plan
Family support	Wise scheduled
Salary to home country	Wise or Revolut
Pension abroad	OFX (rate lock)

Key Takeaways

Avoid banks — typically 3-5% more expensive
Compare total received — not just rate or fee
Use regulated services — FCA registration is essential
Match service to need — large/regular = OFX, small = Revolut
Time matters — weekdays, avoid market volatility
Check receiving fees — the complete picture

For related content, see our travelling abroad money guide and best current accounts.