Compare our latest international money transfer deals and sign up online, helping you send money abroad safely with the lowest possible fees.
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We're on a mission to improve the finances of the nation by helping you to spend wisely and save money
By Matt Fernell, Editor at Finance.co.uk.
If you're sending money abroad, you'll need to use an international money transfer. Here’s how they work and what to look for when searching for the best deal.
It’s a safe and secure way to transfer money abroad via a bank or a currency broker dealing in global money transfers.
You may want to send money overseas for a variety of reasons, such as;
Buying a property
Supporting family or friends
Paying for services or work
Educational fees
International transfers also support receiving money from abroad or international payments. Here’s everything you need to know about how international money transfers work.
To find a money transfer deal that works for you, first consider how much it will cost you to send the money.
There are two main costs to think about when searching for an international money transfer:
The exchange rate - the price of one currency against another
The transfer fee - a one-off charge for making a transfer
The higher the amount you want to send, the more important the exchange rate will be. If sending large sums, look for the deal with the best exchange rate, even if they charge a higher transfer fee.
Generally, foreign exchange (FX) companies and money transfer brokers are cheaper than high street banks, especially if you’re sending regular payments or large sums of money.
When you come to send your money transfer and agree to an exchange rate, you can choose between a spot deal and a forward contract.
A spot deal is the simplest option, where you agree on a rate with the broker at the time of the transfer.
With a forward contract, you fix a favourable exchange rate in advance and choose a future date to send the money. This is particularly useful if you’re sending a large amount, for example, buying a property abroad.
Which option is right for you will depend on how urgently you need to send the money and how you expect the exchange rate to change. For example, if the transfer isn’t urgent, and you think the exchange will weaken soon, a forward contract could be the best option.
Not all money transfer companies offer forward contracts, so factor this in when comparing the best deals.
To find the best international money transfer deal, you should:
Work out how much you need to send and how regularly you need to make payments
Compare exchange rates for where you’re sending money to - for example, UK pounds to US dollars
Factor in any other fees charged to find the cheapest deal, like transfer fees
Consider when you need the transfer to go through - some providers can do same-day transfers, but others can take a couple of days
Choose between a spot deal and a forward contract
Compare the international money transfers above - we show transfer speed, methods and fees to help you find the right deal
The best way to transfer money overseas isn’t necessarily the cheapest way to send money internationally. Sending money abroad should also be hassle-free, safe and secure.
The information provided does not constitute financial advice, it’s always important to do your own research to ensure a financial product is right for your circumstances. If you’re unsure you should contact an independent financial advisor.
The international money transfer limit will depend on where you send the money and the provider’s security limits.
It’s a good idea to read the provider’s terms and conditions to know if it’s possible to send that sum of money abroad through them or whether you need to approach a different provider.
It depends on your circumstances and what’s important to you. If you want peace of mind it’s best to stick with your bank, but if you want a cheaper or faster international money transfer it’s worth finding an online broker.
All international money transfer companies are regulated by the Financial Conduct Authority (FCA) or a foreign financial regulator. They will comply with procedures and protect your identity from theft or fraud.
If you’re making a business transaction, you can protect yourself from fraud, loss or theft by verifying the identity and registration details of the business supplier.
If you send money to an individual, never transfer funds to someone you don’t know. Whether it's a personal or business international transfer - always double-check you’re using the correct details.
International money transfers are paid directly into the recipient’s bank account, just like a bank transfer within the UK.
The international money transfer provider should give you a transaction code or reference number which you can use to track your money transfer online or over the phone.
Firstly, check the money left your bank account and ask your bank to confirm it reached the transfer provider’s account.
If it did, you’ll need to contact the transfer provider you used. They should be able to trace the payment journey and determine what happened. If it’s their mistake, they should rectify it.
If a bank or e-money institution loses your money and doesn’t resolve the problem, you can take your complaint to the Financial Ombudsman Service. It will investigate for you, and if the bank or provider is in the wrong, you should get your money back.
