The best international money transfers have the lowest fees, strongest exchange rates and offer your preferred payment and pick-up methods. First, determine the most important features for your transfer and then compare options to find the best international money transfer to fit your needs,
To help, we’ve compared 150+ international money transfer companies to find your best options.
Get bank-beating exchange rates and no fees when you transfer with TorFX.
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 can send an international money transfer in person from your nearest bank branch or via your online bank account. Sending money this way can have excess fees, and take longer, so use sparingly if possible.
The convenience of sending an international money transfer from the comfort of your sofa is hard to beat. Most online money transfer providers also have mobile apps, but not all apps are created equal.
You’ll typically secure the strongest exchange rates and the lowest fees when you send money using an online money transfer provider, so always compare this option when sending.
There are many reasons why you’d need to send an international money transfer, and learning how to do so now may save you on fees later. Some of the most common sending needs include:
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 sending 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.
The cost of an international money transfer varies because each service charges different amounts, and this can vary between currencies as well.
The average cost to send a remittance out of the UK in 2018 was 4.38% of the total transaction, according to WorldBank data.
In general, there are two ways you’re charged for international money transfers:
Other fees depend on how you’re paying for your money transfer and how you’d like your recipient to get the funds. Credit or debit card transfers are often your most expensive option, though often the fastest, while cash pickups can also increase your overall payment.
So, look at your transfer’s total cost instead of only the fees or exchange rates. Companies often try and trick you by offering “fee-free” transfers, when in reality you’re paying for that fee with a poor exchange rate. The total cost of the transfer is the easiest way to compare money transfer companies, and using a comparison table that auto calculates the cost is our recommended method.
When directly comparing one international money transfer service against another, fees and exchange rates are your go-to indicators. But when figuring out what international money transfer is best for your specific needs, there are more features you’ll want to take into consideration. Breaking these options down into sending amounts makes it easier to understand when you’ll want to use them:
While there’s no way to send an international money transfer for free, there are several ways to make it cheaper:
International money transfers can seem intimidating at first, but now that you’re armed with the necessary knowledge, the best deals are within your grasp. Remember to always look at the total transfer amount to avoid being fooled by misleading deals, and you’ll be a money transfer pro in no time.
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 credit or debit card, your money will arrive fast – 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.
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 proofs 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:
XE
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).
Last verified
Remitly
Free transfer with better exchange rate for new customers
Available for transfers to India, Philippines, Pakistan, Nigeria, Ghana, Poland, Bangladesh and Kenya.
Last verified
Frontierpay
Get a fast and free quote
Get a fast and free quote from Frontierpay when you set up a free account.
Last verified
Global Reach
Best exchange rate guarantee
Get the best exchange rate from Global Reach with the best exchange rate guarantee.
Last verified
Currencies Direct
Sign up for free with Currencies Direct
Get a free account when you sign up with Currencies Direct.
Last verified
| 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 | ******** |
| 6 Oct 2020 | Get a fast and free quote | ******** |
| 1 Nov 2019 | Best exchange rate guarantee | ******** |
| 6 Oct 2020 | Sign up for free with Currencies Direct | ******** |
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Can you help me with tracing an international payment from HSBC?
I’m afraid we are a comparison site and therefore I recommend that you contact HSBC or your bank with this query.
Hello – I am waiting for a wire transfer from HSBC in Hong Kong and it has not arrived.
I’m afraid we are a comparison site and therefore I recommend that you contact HSBC or your bank with this query.
What should I do if the company does not offer me the same rate as the one displayed above?
We actively monitor the rates to ensure they are accurate for each of the providers, however if you are quoted a different rate once you have created an account please take the following steps;
1) Exchange rates are updated in realtime so please double check the rate above again to see if the currency has moved.
2) Ask the provider to match the rate quoted above, most of the time they will, quote finder.com as the source.
3) Please do leave a comment here to let us know how you get on.