How to transfer money overseas from a bank account

Save on fees by discovering the best way to send money worldwide from your financial institution.

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With growing competition, the best ways to transfer money overseas from a bank account may no longer be through your bank. Other traditional options, like sending cash, a cheque or even a money order are also outdated – and risky. Many money transfer services will offer a better rate than your bank, all from the convenience of your home. Discover how to transfer money internationally for less, sometimes in as little as a few minutes.

How can I transfer money internationally between banks?

There are three main ways to transfer money overseas from a bank account, and some of them offer additional options like delivery for cash pickup:

  1. International money transfers online. An online international money transfer will be made through your bank to your recipient’s bank.
  2. Online money transfer services. Services dedicated to sending money domestically and internationally can often beat the rates and fees offered by your bank.
  3. In-person international money transfers. Physically going to the bank to send your money internationally may be the least convenient option, but it’s an option nonetheless.

Making an international money transfer online from your bank

  • Pro: Convenient transfers through a bank you already trust.
  • Con: You’ll often lose money on fees and poor exchange rates.
Depending on the bank you use, you may be able to avoid visiting a branch by sending your international money transfer online. If your bank offers online transfers, follow these steps to send your international bank transfer:

  1. Go to your bank’s money transfer section. This will usually be found by visiting your bank’s main website, logging in to your account and looking at the top of the page for Money transfers, Send money, Transfer money or similar.
  2. Verify your sending limits. Banks often place limits on outgoing money transfers, so confirm that your bank’s limit is high enough for your transfer. When you need to send more than the limit, consider using a money transfer service instead.
  3. Enter your recipient’s bank information. International bank transfers usually require:
    • Name and address of your recipient’s bank
    • Recipient’s name, address and account type
    • Recipient’s account number or international bank account number (IBAN)
    • Recipient’s SWIFT or BIC code, which can be found by asking the recipient’s bank
  4. Enter sending amount and desired currency. Your bank will likely charge a currency exchange fee on top of a sending fee.
  5. Pay for the transfer and the fees. Most banks charge an outgoing money transfer fee, and your recipient’s bank will likely charge an incoming transfer fee as well.
  6. Wait for your transfer to arrive. International money transfers can take anywhere from a few business days to over a week, depending on how many banks the money has to move through to get to its destination. Check with your bank to find out the status of your transfer.

Using an online money transfer service

  • Pro: Save money by using a specialist service with bank-beating rates and fees.
  • Con: Finding the best specialist for your situation can take some research.

There’s a lot of competition between online money transfer services – which should benefit you while looking for the best deal. The majority of providers will allow you to transfer money from one bank to another, and many of them have additional sending options.

More online services to help you transfer money overseas from a bank account

Other notable mentions to help you move your money internationally include:

Compare your bank account money transfer options below

Table: sorted by promoted deals first
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
1 - 19 of 19
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
TorFX
24 hours
£0

View details
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Wise (TransferWise)
4 hours
From £3.75

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Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Central FX
24 hours
£0

View details
Central FX's dedicated team will guide you or your business from first call to final payment.
Currencies Direct
24 hours
£0

View details
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
CurrencyTransfer
24 hours
£0

View details
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Xe
Within minutes
£2
SPECIAL OFFER ✓ £25 Amazon voucher when you refer a friend

View details
Xe has fast transfers with low fees and a range of foreign currency tools.
PassTo
Within minutes
From £0.99

View details
Get the first 2 transfers for free and also £5 when you refer a friend. T&Cs apply.
PassTo specialises in remittances to bank accounts and cash pickup locations in 45+ countries.
Remitly
Within minutes
From £1.49
SPECIAL OFFER ✓ Get £10 off with code FINDER

View details
Get £10 off with code “FINDER” when you send £100 or more. New customers only. Offer expires 14/07/22.
Remitly has quick, affordable transfers around the world, with both express and economy options.
CurrencyFair
24 hours
£2.50

View details
Special offer: New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Revolut
Within minutes
From £0
SPECIAL OFFER ✓ Sign up and get a free £10 top-up plus 1 month of Revolut Premium

View details
New customers get a £10 top-up when they sign up with Finder plus a premium month for free. T&Cs apply.
Revolut is a digital bank that sends money fast to 30+ currencies, often with no fee added to the exchange rate.
WorldRemit
Within minutes
From £1.99
SPECIAL OFFER ✓ Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.

View details
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
VertoFX Business
24 hours
£0

View details
Special offer: New customers get $100 trade credit after their first transaction. T&Cs apply.
VertoFX sends money via bank transfer at competitive rates and fees in 35+ currencies.
XE Business
24 hours
£0
SPECIAL OFFER ✓ Special offer: £25 Amazon voucher when you refer a friend

View details
XE has fast transfers with no fees and a range of foreign currency tools.
TorFX Business
24 hours
£0

View details
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Currencies Direct Business
24 hours
£0
SPECIAL OFFER ✓ https://www.currenciesdirect.com/en/info/refer-a-friend

View details
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
Airwallex
Within minutes
£0

View details
Make business transfers to 130+ countries in 30+ currencies without international fees.
CurrencyFair Business
24 hours
£2.50

View details
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
WorldFirst Business
24 hours
£0

View details
WorldFirst sends 60+ currencies at competitive rates with no fees. If you find a better eligible quote, WorldFirst will beat it.
Wise (TransferWise) Business
2 days
From £3.75

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
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Compare up to 4 providers

Sending an international money transfer in person at your bank

  • Pro: In-person assistance to complete your transfer at your bank.
  • Con: Restricted to sending during banking hours while often paying higher in-person fees.

If you like to keep your business in-person, you can head to your bank to send an international money transfer through a teller.

Be sure to bring:

  • Name and address of your recipient’s bank
  • Recipient’s name, address and account type
  • Recipient’s account number or international bank account number (IBAN)
  • Recipient’s SWIFT or BIC code, which can be found by asking the recipient’s bank
  • Proof of ID

The steps for sending an international money transfer in person from your bank are similar to those for sending online:

  1. Start your transaction: Ask the teller to start an international money transfer.
  2. Prove your identity: Provide documents and identification.
  3. Double-check details: Confirm details with the teller, double-check everything before sending.
  4. Pay: Pay for your transfer using cash or your bank account balance.
  5. Get proof: Get a receipt and keep it somewhere safe.

Some banks charge more for in-person money transfers than they would for online money transfers, so make sure you ask the teller if you could save money by making the transfer online instead of in person.

How do I compare international money transfer providers to my bank?

There are several factors to consider when choosing a company to handle your next international money transfer.

  • Compare exchange rates. The better the exchange rate, the better value for money you can get on a transfer. Search for the company that offers consistently competitive exchange rates, but remember there may also be higher transfer fees attached.
  • Check transaction fees. Fees can range from £0 up to £45, so it pays to compare fees across providers. Some online transfer companies also waive their fees when you send large amounts, sometimes as high as £10,000.
  • A range of transfer destinations. Check to see whether the country you want to transfer your money to is supported by the transfer provider you select, as well as whether you can send money in the currency you want.
  • Processing times. Cash transfers are usually quicker than transferring with a bank account.
  • Transfer options. Some providers offer one-off transfers only, others allow you to place forward contracts and limit orders to lock in the exchange rate you want.
  • Reliable customer support. If you have a problem with a transfer or need help with your transfer, look for a service that offers customer support – either through its FAQs, phone, email or online chat.

Bottom line

There are many methods for transferring money overseas from your financial institution. Choosing the best option may depend on how much you’d like to send and which country you live in. To get the best deal, be aware of rates, fees and other hidden costs. Though it can be convenient to transfer money overseas from a bank account, always compare your options to ensure you get the best value.

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