How to send money internationally from the UK

Options for sending money internationally from the UK include bank transfers, dedicated transfer services, and using an FX broker. Which you pick depends on the amount you’re sending, as well as the exchange rate and transfer fees (which affect the final sum that reaches your recipient). This guide explores how to send money internationally, taking into account cost-effectiveness, efficiency, and security for different types of transactions.

When sending money abroad, there are four main types of provider you can use: digital transfer services, online or high street banks, foreign exchange (FX) brokers, or in-person transfer services. The most appropriate choice will depend on how much you are sending, how quickly the funds need to arrive, the convenience of the service, and how much it will cost. 

Online platforms such as Wise, Remitly, and similar digital providers have become popular for sending money overseas. These specialist services focus entirely on international payments, and while fees may be higher, they will often offer highly competitive exchange rates that could prove more cost-effective overall. Fees are typically transparent and the service is usually efficient, with many payments arriving instantly or same day, but this will depend on the exact transaction. People often use these services for sending money on a regular basis, and for smaller amounts. 

Using your existing UK bank account can be convenient. Most major banks allow you to set up an international payment directly through your mobile app or online banking portal, meaning you don’t have to create a new account with a third-party service. However, banks may apply a markup to the standard exchange rate and might also charge higher flat fees for the transaction. The specifics will depend on the bank and its individual criteria.

If you need to transfer a larger amount of money abroad, a foreign exchange broker may be a consideration. Foreign exchange brokers specialise in large transactions, typically those over £3,000, and are frequently used for overseas property purchases or emigration. With a broker, you can lock in an exchange rate which may often be more competitive than those offered by banks, and specific tools are available to help you navigate currency market fluctuations. FX brokers may also provide you with a dedicated account manager, which is helpful for navigating more complex processes and payments.

If you want to send cash directly to someone in another country, services offered at the Post Office or physical branches like Western Union let you pay over the counter. The recipient can then collect the funds locally in their own currency. While this is useful for cash-based transactions, this method can sometimes involve higher overall costs.

When you send money overseas, the funds travel through specific financial networks. Understanding these systems can shed light on how money travels from A to B, and why some transfers take longer or cost more than others.

The main options for sending money abroad are:

• The SWIFT network. This is the most common system used for international money transfers. It stands for the Society for Worldwide Interbank Financial Telecommunication. Rather than physically moving money, SWIFT is a highly secure messaging system that sends payment instructions between banks. As they often pass through several intermediary banks before reaching their final destination, transfers can take anywhere from one to five working days and may involve higher fees. When everything works as expected, though, transactions should be near instant.
• SEPA payments. If you are sending euros to an account in Europe, your transfer will likely use the Single Euro Payments Area system, known as SEPA. Even though the UK is no longer in the European Union, UK banks remain a part of the SEPA network. SEPA transfers are designed to be as simple and cost effective as a domestic payment. They typically arrive within one working day and usually have very low fees.
• Specialist digital networks. Many modern international money transfer services use their own infrastructure to bypass traditional banking networks like SWIFT. They often hold local bank accounts in multiple countries. When you send money, you pay into their UK account, and they pay your recipient from their local account in the destination country. This method reduces the need for funds to physically cross borders, resulting in faster transfers and lower costs.

To ensure your money reaches the right destination without delay, you will need the correct details for the person or business you’re paying. The exact requirements can vary slightly depending on the  destination when you transfer money abroad, but you will generally need all or some of the following:

• Recipient name as it appears on their bank account
• Recipient’s home or business address
• International Bank Account Number (IBAN) to securely identify the specific individual account
• Bank Identifier Code (BIC) or SWIFT code to help route money through the global network
• Local routing codes, which some countries require instead of or alongside an IBAN. You may need an ABA routing number for transfers to the US, or a BSB code when sending money to Australia

If you need to send money abroad on a regular basis, (for example,  paying a mortgage on an overseas property or covering international tuition fees) you don’t need to initiate a brand new transfer every single time. Most high street banks and specialist providers allow you to schedule recurring international payments.

You’ll need to go through a process separate to setting up a domestic standing order or direct debit. Your choices are typically:

1. Accepting the exchange rate on the day of the scheduled transfer
2. Locking in a fixed exchange rate for a set period of time

Locking in a rate can give you control over transfer costs, protecting you from sudden currency fluctuations. However, if rates improve, you won’t receive this benefit. 

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