How to Send Money Internationally from the UK Cheaply
Cheap International Transfers: What to Use
Sending money abroad from the UK has become dramatically cheaper over the past decade. Specialist services consistently undercut traditional banks by 80–90% on fees and margins. Here's how to transfer money internationally without paying over the odds.
The Services That Beat Banks
Wise
The market leader for transparent, low-cost international transfers. Uses the mid-market exchange rate and charges a small transparent fee (typically 0.3–0.7% depending on the currency pair). Available via app or web, with a borderless account option for people who transfer regularly. Highly recommended for one-off and regular transfers to most countries.
Revolut
Competitive for transfers within Revolut's supported currencies, particularly if you're within the free monthly exchange limit. Works best for moderate amounts on weekdays. Less competitive than Wise for large, high-value transfers.
OFX and Currencies Direct
Specialist currency brokers that excel for large transfers (£5,000+). They often offer personalised rates better than automated platforms, plus rate alerts and forward contracts to lock in today's rate for a future transfer.
What to Avoid
- High street bank international wires: Typically 3–5% above interbank rate plus a fixed fee of £15–£25
- Western Union and MoneyGram for larger amounts: Convenient for cash collection but expensive for bank transfers
- PayPal international transfers: Convenient but currency conversion rates are poor
Quick Check Before Transferring
Use Wise's comparison tool (wise.com) before any transfer — enter the amount and destination to see exactly what arrives net of all fees and exchange rate margin. This takes 30 seconds and often reveals significant differences between services.
