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.
There are two main ways to send money out of the UK: 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.
The following steps give a good example of a typical transfer using a money transfer company.
If you choose to use a bank to carry out your transfer, the process is a little different.
While there’s no best way to transfer funds overseas, there are a few things you can do to make it cheaper.
Keep an eye out for the following when you send money overseas:
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If you’re a borderless business, you’re going to want to look into Wise’s revolutionary multi-currency accounts.
Read our review of VertoFX to see the exchange rates, fees and what your business can expect when you send a transfer.
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Spartan FX offers easy, fast and secure international transfers in 40 currencies, with a best exchange rate guarantee and no hidden fees or commission.
Paysend offers transfers to more than 70 countries through its app and online service.
Small World offers competitive rates, instant transfers and multiple payment options to send money to more than 190 countries.
Using a postal order to send money overseas? Learn about better options.
Learn how to create a custom link for your PayPal account and what you can use it for.
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