The platforms shown above are promoted picks, which means they’ve been chosen from among the partners we work with and are based on factors that include special features or offers and the commission we receive. Further down the page in our table, you can compare the full range of platforms we cover on our site. Keep in mind that our promoted picks may not always be the best fit for you – it’s important to compare for yourself and find a platform that works for you.
One of the most versatile money transfer services around, World Remit offers traditional bank transfers, cash pick-ups and mobile account top-ups. Whichever method you choose, you'll benefit from a fast, simple and safe experience with low fees and competitive rates. You can even earn rewards with the refer a friend scheme.
FCA reference number
900891
CUSTOMER SERVICE
TorFX – Guarantees to beat any competitor's transaction rate
Regularly winning awards for its customer service and international transfers platform, TorFX has been helping people save time and money on currency transfers since 2004. You can arrange transfers online, in the app or over the phone with your Account Manager. You'll benefit from personal account management, award-winning support and expert insight.
FCA reference number
900706
EXPERT ADVICE
UPFX – Transfer money overseas at the best possible rates
Universal Partners FX (UPFX) has been operating for over 10 years and is one of the leading currency exchange companies in the world, employing a team of dedicated foreign exchange experts and consistently offering exchange rates better than any high street bank. Set free alerts to tell you when your target exchange rate is available and benefit from Swift Payments to ensure funds arrive the same working day.
FCA reference number
900199
BUSINESS TRANSFERS
CentralFX – Managing your currency risk and international payments
Business specialist CentralFX works with you to get your international payments right the first time and every time. Load up and pay multiple beneficiaries at once. You'll save time and energy when making multiple payments while still ensuring accuracy. All transactions go through segregated client accounts held within Tier 1 financial institutions.
FCA reference number
565847
What is an international money transfer?
An international money transfer is what happens when you send money to someone overseas. You provide funds and your recipient’s details to a bank or an independent transfer provider, which then exchanges the money into your desired currency and sends it to your recipient. You can send money over the phone, in person, through a mobile app or online.
You have options when it comes to paying, depending on what the service you choose offers:
Cash
Credit or debit card
Bank transfer
You also have options for how your recipient receives the transfer:
The two main ways you can send money out of the UK are either via a specialist money transfer service or your bank. Both banks and transfer services offer online transfers, with some offering in-branch transfers or the ability to send money over your phone via an app or calling an agent.
We’ll go through the steps each method takes if you were to send online.
A: Through a money transfer specialist
The following steps give a good example of a typical transfer using a money transfer company.
Register online with the transfer service of your choice.
Input transaction details, including the amount you want to transfer.
Get approved by the transfer company. You may need to scan or email a copy of your ID for the first transaction.
Transfer funds through your bank using the account details from your transfer company.
Get your money. Your transfer service will deposit your funds in your destination account.
For you if You want a more competitive exchange rate and lower fees than a bank transfer.
Not for you if You want the familiarity and convenience of a known bank and don’t have time to be verified.
B: Through your bank
If you choose to use a bank to carry out your transfer, the process is a little different.
Navigate to the international money transfers section of your account.
You’ll usually need to know the address of the receiving bank, the account details of the receiving account, the account name and often the receiving bank’s SWIFT code (an international bank identification system).
It’s a good idea to check with your bank about exchange rates.
You can use this method to send an international money order online to your home bank account or to a third party.
For you if You want the convenience of sending money directly from your existing bank account immediately.
Not for you if You want fewer fees and a better exchange rate.
Tips for saving on your international transfer
While there’s no best way to transfer funds overseas, there are a few things you can do to make it cheaper.
Know your transfer currency’s mid-market rate. This rate is the midpoint between worldwide supply and demand for that currency. It is the rate banks and transfer services use when they trade among themselves. Use it as a baseline to compare against the rates you’re being offered. The company that’s closest is offering you the best rate.
Send more money per transfer. Many services discount the fees or waive them altogether when you send larger amounts.
Use forward contracts and limit orders if sending money regularly. A forward contract allows you to lock in a favourable exchange rate for future transfers. This means you’ll avoid unpredictable movements in exchange rates. A limit order allows you to wait until a favourable exchange rate is found and then lock it in for your transfer.
Keep an eye out for the following when you send money overseas:
Hidden fees. No transfer is truly free. If a service is advertising “fee-free transfers”, there’s probably a larger margin added to the exchange rate. Compare the rate you get quoted against the mid-market rate (which you can find on Google) to see if you’re getting a good deal.
Fake rates. If you see a great exchange rate advertised on a provider’s website, make sure the rate you see is the rate you will actually receive. Some companies advertise the mid-market exchange rate, which is the rate at which banks purchase foreign exchange, rather than the rate they actually offer their customers.
Failing to do your research. If you want to save some money, compare several transfer providers before choosing one. Shop around for a company that offers reliable and affordable transfers, instead of just diving in head-first.
Scams. Scams cost the UK many billions of pounds each year and money-transfer scams are the biggest culprit. With this number increasing each year, it’s important to keep an eye out for the most common scams. In general, it’s best to only send money to someone you know personally.
Frequently asked questions
The length of time it takes for your money to arrive depends on the transfer service you choose and how you pay. In general, if you pay with a credit or debit card, your money will arrive quickly, often within the day. Paying by bank transfer is a lot slower and will generally take two to five days to clear.
Each service charges different amounts and this can vary between currencies as well. In general, there are two ways you’re charged for money transfers. Let’s break it down.
Upfront fee. This is typically a flat fee or a percentage of your transfer.
Exchange rate margin. This fee is a hidden mark-up on the mid-market rate, which is the rate you’ll see on Google or the news.
Nearly all services skew exchange rates for a profit and some more than others. Make sure to check the exchange rate you’re being offered against the mid-market rate to see how much you’re actually being charged.
Other fees will depend on how you’re paying for your money transfer and how you’d like your recipient to pick it up. Credit or debit card transfers are often your most expensive option, though often the fastest, while cash pick-ups can also increase what you’ll pay.
You can send as much or as little as you want, but it all depends on the service you choose. Some are aimed at bigger transfers and will have minimums that can get as high as £5,000. You can also find several that specialise in smaller transfers and have minimums as low as £1.
There are no limits in the UK to how much you can send out of the country, but the service will need to do extra verification on you to comply with the law. This could mean presenting more proof of identity or address, like utility bills, car registration or your passport.
Some services offer “first transfer free” deals for new customers and promo codes so you can get discounts on your second and third transfers. There are also services that advertise “fee-free” transfers, but you’d still be paying a hidden fee on the exchange rate mark-up.
Check out some of the latest promo codes on offer below to see if you qualify for a free first transfer.
Codeexclusive
Zero fees on your first THREE money transfers
Send money with WorldRemit using the code '3FREE' and pay no fees on your first three money transfers
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Solicitors may be keeping millions in client interest. They hold client money for inheritance and other reasons, but some firms offer minimal interest (less than 1%) while earning higher rates themselves.
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