Author, Andrew Gibson
Last Updated on August 4th, 2024
In today’s current market, there are various money transfer services available.
Finding the best one for you and your currency transfer needs depends on why you want to send money abroad and the total amount.
This could be business-related, personal transfers, or sending money to a friend or loved one.
In this guide, we look at everything you need to know about sending money abroad, the options available, how much it will cost, and making sure you choose a money transfer service that is safe and secure.
The Best Ways to send money abroad
Let’s look at the options available for making a money transfer abroad.
Money transfer services currently fall into 3 main types:
- Banks
- Currency Brokers (international money transfer specialists)
- Online Apps
All 3 have pros and cons; as mentioned previously, these will depend on why you’re looking to transfer money internationally and how much you send.
Sending large amounts of money abroad
For those looking to send large amounts abroad, anything from £2,000 or more, then your best options are to use your bank or a currency broker.
Both come with their different positives and negatives which we can look at.
Banks
A big pro for customers using banks is that they’re convenient and familiar. If you’re looking to send a one-off transfer abroad then your bank might be a suitable option.
However, it is worth noting that banks will charge transfer fees and high exchange rate costs for international bank transfers.
Most of the big banks charge a flat fee every time you transfer money abroad.
The transfer fee varies from bank to bank but is in the region of £10-£25 per transfer.
These fees are in addition to the money made from the exchange rate.
When looking at what banks will charge for exchange rate costs, we found that:
The ‘big four’ UK banks typically charge 3% to 5% when you transfer money abroad.
The exact cost of the exchange rate varies depending on the amount you are sending.
So, if you’re sending a one-off money transfer overseas and do not mind paying the extra costs of using your bank, then it is a viable option.
These fees and high charges can be avoided, however!
Summary:
| Money Service | Pros | Cons | Best for |
| Banks | Convenient and familiar | Transfer fees, high charges, not the best exchange rates | One-off payments abroad |
Currency Brokers
If you’re looking to send large, regular, currency transfers abroad, or even one-off transfers then currency brokers might be one of the best options available for you.
Often much cheaper than banks, currency brokers charge customers much less in transfer fees, and, in some cases won’t charge a transfer fee at all, like us at Key Currency.
Brokers have far lower overheads too.
Exchange rate charges with currency brokers are lower, at times this is between 60% to 70% cheaper than using a bank for sending money abroad.
The slight con that customers find with currency brokers is the need to register before sending money abroad.
However, the overall process is made very easy, and simple, and once registered, customers will not have to do so again.
The process can be broken down into 4 steps when sending money overseas with a currency broker:
- Register as a client.
- Secure an exchange rate.
- Send in your money.
- Money is converted and sent.
Summary:
| Money Transfer Service | Pros | Cons | Best for |
| Currency Broker | No fees, competitive exchange rates, personal service. | Need to register before you can use it. | Large or regular money transfers abroad. |
Sending small amounts of money abroad
For small amounts of money being sent abroad it may be better suited for you to do so through the various online, money transfer services that are available.
Online money transfer apps
Some providers of this service include:
- PayPal
- Wise
- Revolut
- CurrencyFair
A pro of these services is that they can provide quicker transfer times.
If you want your money to arrive at its international destination sooner than regular services, this might be the most suitable way.
Unlike, currency brokers, however, online apps cannot monitor the exchange rates specifically for you and there is no human contact available.
A lot of the research into finding the best rate will have to be done by you and this can be a lengthy process without expert support.
Customers should be aware that online money transfer apps may also charge transfer fees for sending money abroad.
These are commonly much cheaper than the banks though.
Summary:
| Money Transfer Service | Pros | Cons | Best for |
| Online Apps | Quick transfer times. | Transfer fees, no personal service, daily transfer limits. | Small international money transfers. |
What information will you need to send money abroad
You will need to have the details of the recipient’s bank account (where to send the money):
- Account name
- Bank name
- Swift/BIC code
- Account number
You can get all this information by looking at a bank statement, logging into your account online, or asking in a branch.
A money transfer specialist can assist you and help double-check the details before you transfer your money abroad.
How long does it take to send money abroad?
Within Europe, international money transfers are faster and typically take 1-2 working days.
Outside the European Union, an international money transfer can take 3-5 working days.
The time taken depends on the destination country.
The reason it varies is mainly due to the efficiency of the receiving bank.
As mentioned above, some online applications for money transfers may offer quicker transfer times.
Daily payment limits for sending money abroad
If you plan to send a large amount of money abroad, be aware that banks often have daily limits as do online apps.
Here are the daily payment limits of the UK’s Big Four:
- Natwest: £25,000
- HSBC: £50,000
- Barclays: £50,000
- Lloyds: £30,000
The daily limits set by banks can be a nuisance for customers sending large sums abroad.
If you use your bank, you may need to make several transfers, which could end up costing you more in transfer fees (not to mention extra time and hassle).
Some currency brokers, such as Key Currency, do not have any daily limits on sending money abroad. For large money transfers, this can save you time and money.
Make sure your money is safe when sending it abroad
A quick tip is to make sure a money transfer company is Authorised by the Financial Conduct Authority (FCA).
The reason for this is that Authorised companies must adhere to strict safety rules covering clients’ funds.
An FCA FCA-authorized money transfer company is required to keep all customer money in a safeguarded bank account.
To see whether a firm is Authorised, you can search for its name on the FCA register.
Key Takeaways
- There are three main ways to send money abroad: banks, currency brokers, and online apps.
- Banks are convenient and familiar but will charge high fees and exchange rates.
- Currency brokers offer lower fees (sometimes none) and exchange rates but require registration.
- Online apps offer quicker transfer times but will charge fees and have daily limits.
- When choosing a money transfer service, it is important to consider costs, transfer time, and convenience of the service.
- Make sure that the service you choose is authorised by the FCA.
Who are we?
Key Currency is a leading money transfer specialist.
We serve customers throughout the UK, EU, the Middle East, and Australasia and can transfer money in 39 different currencies.
Our exchange rates are highly competitive, and we don’t charge any fees.
At Key Currency, we won’t push you onto a trading platform and make you do everything yourself.
All our customers have an account manager who will help you from start to finish, as well as help you with the timing of your transfer.
We appreciate that trust and transparency go together.
The names, faces, and backgrounds of all our people are on our website.
You can read more about us here.
Key Currency is Authorised by the FCA (no.753989).
All transfers are conducted through safeguarded client accounts.
We have gained a 5-star “Excellent” customer rating on Trustpilot – which is the highest possible rating.
If you need support sending money abroad and want a free quote, click the button below!