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Your local bank branch offers an easy way to send money overseas straight out of your account, but often there are high fees attached to this convenience. We’ve researched the wire transfer fees of some of the top banks in the UK to show how they compare against one another and against independent money transfer services.
The fees your bank charges depend on whether you’re sending or receiving the money, as well as whether the recipient or sender is overseas. Some banks charge more depending on how you initiate the wire transfer – for example, online or in person.
Generally, it’s much cheaper to send money domestically because fewer financial systems are involved. International transfers involve banks and wire processing services for each country – and with more banks come more fees.
Based on our research from 10 UK banks, these are the current wire transfer fees you can expect:
We’ve gathered the wire transfer fees charged by 10 major UK banks. You may also be subject to foreign transaction, minimum balance and other fees – and some banks waive or reduce fees depending on what kind of account you have.
|Bank||Incoming international||Outgoing international|
|Barclays||Up to £6||Up to £40|
|The Co-operative Bank||Up to £6||Up to £25|
|First Direct||Up to £4||Up to £9|
|HSBC||Up to £6||Up to £8|
|Lloyds||Up to £7||Up to £9.50|
|NatWest||Up to £7.50||Up to £15|
|RBS||Up to £7.50||Up to £15|
|Santander||£0||Up to £25|
|TSB||Up to £7||Up to £20|
To make your decisions a bit easier, we’ve gathered wire transfer fees for several UK banks below.
When assessing these fees, how much you’ll pay depends on where you’re sending money to and other elements like:
Many providers give a break on fees if you send more money each time you use its service. Some smaller banks even give you a break on transfers to and from student accounts. This helps parents or guardians avoid being double charged if they’re funding both accounts.
|Bank transfer||Cash pickup transfer||Money transfer service|
|Fee||£20 + bank fees||£1.90||£0|
|Exchange rate||1 GBP = 90.17 INR||1 GBP = 91.65 INR||1 GBP = 93.51 INR|
|Transfer speed||2-5 days||Minutes||1-2 days|
|Amount received||90,175 INR||91,654 INR||93,515 INR|
The bank ends up being both the slowest and most expensive option, resulting in the least amount of money delivered among the three – 3,340 INR less than if you sent the money through the online money transfer service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Banks offer a secure and familiar way to complete wire transfers with friends, family members and merchants. However, you can expect to pay high transfer fees on top of weaker exchange rates than you would get by using an online money transfer service.
There are more ways than just your bank to send money domestically and internationally, so be sure to compare your options before paying high fees.
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