Best international money transfer services

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EXPERT ADVICE

UPFX – Transfer money overseas at the best possible rates

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Transfer speed

Min. transfer

£5,000

Countries covered

120

Transfer fee

• Overview
• Details

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.

Available currencies include	AED, ALL, AMD, ANG, AOA, ARS, AUD, BBD, BDT, BGN, BHD, BMD, BND, BOB, BRL, BSD, BWP, CAD, CDF, CHF, CLP, CNY, CRC, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ETB, EUR, FJD, GBP, GEL, GHS, GMD, GNF, GTQ, GYD, HKD, HNL, HRK, HUF, IDR, ILS, INR, JMD, JOD, JPY, KES, KRW, KWD, KYD, KZT, LKR, LRD, LSL, MAD, MDL, MGA, MUR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PEN, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SCR, SEK, SGD, SLL, SRD, SZL, THB, TND, TRY, TTD, TWD, TZS, UAH, UGX, USD, UYU, XAF, XCD, XOF, XPF, ZAR, ZMW, STD, MRO, SSP
Transfer amounts	From £5,000
FCA reference number	900199

BUSINESS TRANSFERS

CentralFX – Managing your currency risk and international payments

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Transfer speed

Min. transfer

£2,500

Currencies available

50+

Transfer fee

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• Details

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.

Available currencies include	AUD, BBD, BGN, BHD, BRL, BWP, CAD, CHF, CNY, CZK, DKK, EUR, GBP, GHS, GMD, HKD, HRK, HUF, IDR, ILS, JOD, JPY, KES, KWD, KYD, LSL, MAD, MUR, MXN, NOK, NZD, OMR, QAR, RON, RSD, RUB, SAR, SEK, SGD, SZL, THB, TND, TRY, UGX, USD, ZAR, ZMW
Transfer amounts	From £2,500
FCA reference number	565847

SMALLER TRANSFERS

XE – International transfers direct from your bank account

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Transfer speed

Min. transfer

£1

Currencies available

60+

Transfer fee

• Overview
• Details

XE offers fast and easy online money transfers from the United Kingdom to over 130 countries. It's part of the Euronet Worldwide group of companies – the third largest money transfer business in the world. You can create your account online or over the phone, get a live bank-beating money transfer rate for your chosen currency then confirm currencies, amounts and recipient and let XE take care of the rest.

Available currencies include	AED, AMD, AUD, BAM, BBD, BDT, BGN, BHD, BND, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EUR, FJD, GBP, GEL, GTQ, HKD, HNL, HRK, HUF, IDR, ILS, JMD, JOD, JPY, KES, KRW, KWD, KZT, LKR, LSL, MAD, MKD, MUR, MWK, MXN, MYR, NAD, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SZL, THB, TND, TOP, TRY, TTD, TWD, TZS, UGX, USD, VUV, WST, XCD, XPF, ZAR
Transfer amounts	£1$500,000
FCA reference number	462444

BANK & CASH TRANSFERS

AZIMO – First two international transfers fee-free

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Transfer speed

0.1

Min. transfer

£1

Countries covered

200

Transfer fee

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• Details

With bank account transfers, cash pick-ups, airtime top-ups and mobile wallet payments, Azimo lets you choose the transfer method that's most convenient for you. Bank transfers typically take less than 24 hours, cash pick-ups can be arranged in less than 30 minutes and mobile top-ups are usually instant. Plus, although there's usually a small fee, your first two transfers are fee-free.

Available currencies include	AED, ALL, AMD, AOA, ARS, AZN, BAM, BDT, BGN, BHD, BIF, BOB, BRL, BWP, BYN, CAD, CDF, CNY, COP, CVE, CZK, DJF, DKK, DOP, EGP, ERN, ETB, EUR, FJD, GEL, GHS, GMD, GNF, GTQ, HKD, HNL, HRK, HUF, IDR, ILS, INR, JMD, JOD, KES, KGS, KMF, KWD, KZT, LKR, LSL, MAD, MDL, MGA, MRU, MXN, MYR, NGN, NIO, NOK, NPR, PEN, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SEK, SGD, SLL, THB, TJS, TRY, UAH, UGX, USD, UYU, VND, XAF, XOF, ZAR
Transfer amounts	£1 - £250,000
FCA reference number	900220

BANK & CASH TRANSFERS

World Remit – Low-cost transfers to 150 countries

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Transfer speed

0.1

Min. transfer

£1

Currencies available

90

Transfer fee

• Overview
• Details

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.

Available currencies include	AED, ALL, AMD, AOA, ARS, AUD, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BOB, BRL, BWP, BYN, CAD, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, DZD, EGP, ETB, EUR, FJD, GBP, GEL, GHS, GMD, GNF, GTQ, HKD, HNL, HRK, HTG, HUF, IDR, ILS, INR, ISK, JMD, JOD, JPY, KES, KGS, KHR, KMF, KRW, KWD, LAK, LBP, LKR, MAD, MDL, MGA, MNT, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SLL, SZL, THB, TJS, TND, TOP, TRY, TTD, TWD, TZS, UAH, UGX, USD, UYU, VEF, VND, VUV, WST, XAF, XOF, XPF, ZAR, ZMW, ZWD
Transfer amounts	£1 - £50,000
FCA reference number	900891

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.

Looking for business transfers?

How to transfer money internationally

There are two main ways to send money out of the UK: 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.

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.

Need to send cash?

What should you watch out for?

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

• How long does an international money transfer take?

  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.

  You can read more about what to expect and the different factors affecting transfer speed in our guide.

• How much does a transfer cost?

  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.

  1. Upfront fee. This is typically a flat fee or a percentage of your transfer.
  2. 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.

• Are there limits to how much I can send?

  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.

• Are there free international money transfers?

  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:

  

  Deal

  Receive a £25 Amazon voucher when you refer a friend

  Available to you and your friend when they register via your personalised referral link and transfers over £1,000 (or currency equivalent).

  Get deal

  

  Deal

  Free transfer with better exchange rate for new customers

  Available for transfers to India, Philippines, Pakistan, Nigeria, Ghana, Poland, Bangladesh and Kenya.

  Get deal

  

  Deal

  Best exchange rate guarantee

  Get the best exchange rate from Global Reach with the best exchange rate guarantee.

  Get deal

  

  Deal

  Sign up for free with Currencies Direct

  Get a free account when you sign up with Currencies Direct.

  Get deal

  Popular International Money Transfers - UK discount codes

  Last checked	Code description	Code
  30 Mar 2021	Receive a £25 Amazon voucher when you refer a friend	********
  13 Mar 2020	Free transfer with better exchange rate for new customers	********
  1 Nov 2019	Best exchange rate guarantee	********
  6 Oct 2020	Sign up for free with Currencies Direct	********