Author, Andrew Gibson
Last Updated on May 8th, 2024
Need to send money abroad but unsure of where to start?
In this article, we will take an in-depth look into various ways to transfer money to a foreign bank account.
We will explain factors such as fees and exchange rates, and how to make sure you get the very best deal on your international transaction.
Whether your transfer is for personal or business purposes, it’s always a good idea to have all the information you need before sending money abroad.
What information will I need?
To transfer money to a foreign bank account, you will need to have at hand all the relevant information about your intended recipient and their bank details. This includes:
- The full name of the person receiving money.
- The name of the bank and the branch address which will receive the money.
- SWIFT code of the bank (also known as a BIC).
- Recipient’s account number or IBAN.
An IBAN is something you may not be familiar with if you never made an international transaction.
An IBAN or international bank account number, is a standard international numbering system that is used to identify an overseas bank account.
The number starts with a two-digit country code, then two numbers, followed by several more alphanumeric characters.
An IBAN number for Spain as an example will look something like this:
ES9121000418450200051332
A SWIFT code (or BIC) identifies a bank. It’s not private information.
A currency broker can help you get the IBAN you need.
How much money can I transfer to a Foreign Bank Account?
There are no legal limit on how much money you can send abroad from the UK using an international bank transfer. However, your transfer may be monitored by both HM Revenue & Customs (HMRC) and the Financial Conduct Authority (FCA) for compliance reasons, although this rarely occurs.
However, the UK’s biggest banks and some independent money transfer providers may set their own daily transfer limits.
Below are examples of daily limits some of the UK’s banks set for international money transfers.
| Bank | Daily International Transfer Limit |
| Natwest | £25,000 |
| HSBC | £50,000 |
| Barclays | £50,000 |
| Lloyds | £30,000 |
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How much do Bank’s charge for an international money transfer?
Sending money internationally will cost you different amounts depending on which bank you use.
Each bank will have flat fees and exchange rates that impact the total cost of your money transfer.
Every bank is different, but in general, you can expect them to take as much as 3-4% of your total transfer as a fee when you send money internationally. Banks tend to charge a flat fee and an exchange rate depends on the amount you transfer.
A top tip is to compare the fees and rates that your bank charges with other transfer services such as online money providers or a currency broker.
Below is a table that shows the international transfer fee costs of popular high-street banks. This doesn’t include their additional charge on the exchange rate.
| Bank | Outgoing International Transfer Fee |
| Lloyds | Up to £9.50 |
| Metro Bank | £15-£25 |
| Natwest | Up to £15 |
| RBS | Up to £15 |
Safest & best ways to transfer money to a foreign bank account
Of course, when making an international transfer you need to ensure you are following the correct safety procedures to protect both yourself and the recipient.
The most secure services to transfer money to a foreign bank account include:
- Your Bank
- Currency Brokers
- Online money transfer services
It cannot be reiterated enough the importance of double-checking the following information:
- Full name of recipient
- IBAN number
- SWIFT code
Another important factor to consider is:
Identity Theft and Fraud
This can occur when someone assumes your identify without authorisation.
Criminals can obtain your passwords and security questions to bypass login pages.
Never share personal information with individuals claiming to represent your money transfer provider unless they can verify your identity.
Transferring money within the EEA vs Outside of the EU
Sending money within the EU is smoother and cheaper because of friendly regulations.
But if you’re sending money outside the EU, you may incur extra fees and other challenges.
There are 3 main differences between transferring money to EU accounts vs non-EU accounts:
- Transfer costs.
- Transfer speeds.
- Information required.
In short, money transfers to EU are cheaper, quicker and require less information in order to be completed.
This is because most EU transfers are sent via the SEPA network.
Most SEPA transfers only have a tiny cost (under £5, sometimes free), take 1-2 days to arrive, and only an IBAN is required.
In comparison, transfers to non-EU accounts will be sent as SWIFT transfer, where you’ll be paying between £10-£40 per transfer and can take 3-5 working days to complete.
You’ll also need more information such as the recipient’s address and bank address.
Factors affecting exchanges rates (how to get the best deal!)
Fluctuating exchange rates can change the amount that the beneficiary of your transfer will receive in foreign currency.
Banks make it difficult to know what exchange rate you will receive. Often this key bit of information is held back until you almost completed your transfer.
The exchange rate charges applied by currency brokers and online money transfer services are much cheaper than high-street banks.
However, one difference of a currency broker is the support they give customers to find the best rate for your transfer to a foreign bank account.
Most customers will need to do a lot of research to monitor the rate themselves if they wish to choose another service like an online money transfer app.
With a currency broker, expert traders will support and monitor exchange rates for you.
You may also be charged a recipient fee if you make international transfers with a bank.
With so many available options for a money transfer to a foreign bank account, it is essential to explore and compare all of the services before committing.
How long will my transfer to a foreign bank account take?
If you decide to use a bank or currency broker, then your money transfer, if to a European destination will be done via an international bank transfer.
It will usually take between 1 to 3 days for your money transfer to arrive to a specified European destination, whereas transfers outside the EU can take between 3-5 days.
Online money transfer services can offer customers quicker transfer speeds to Europe.
If you use your debit or credit card for your money transfer to Europe, then this may allow the money to arrive on the same day. However, both of these methods will come at an extra cost.
This can vary depending on the processing foreign banks go through in different countries.
Alternatives to traditional bank to bank international transfers
When transferring money from the UK to a foreign bank account, there are different alternatives to traditional bank transfers that offer convenience and potential cost savings.
Online money transfer platforms are available including:
- Wise
- Revolut
- PayPal
All of these platforms can provide competitive exchange rates and transparent fees.
However, personal support and guidance can be difficult to find with these platforms. A lot of their customer communication is done via web chat.
Peer-to-peer payment apps like Venmo and Cash App might also offer options for international transfers.
Another alternative is the well-established Western Union service.
It is worth remembering that availability with all services can vary by country and could involve certain limitations and additional fees.
Currency brokers, like ourselves at Key Currency, can offer very competitive exchange rates and provide a human touch.
We do not add any transfer fees to the international transactions we make for customers to foreign bank accounts.
Process of transferring money to a foreign bank account (4 simple steps)
- Register as a client.
- Secure an exchange rate with our support.
- Send your money to us.
- We convert it and complete the transfer.
We pride ourselves on making international money transfers as easy and cost-efficient as possible for our customers.
With a 5-star rating on Trustpilot, with over 2,000 reviews; we are a money transfer company you can trust.
As an FCA-regulated company, all our international transfers are made through safeguarded client accounts, giving you peace of mind.
For a completely free quote, click the button below!
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