International Money Transfer Comparison

Information verified correct on February 24th, 2017

Find an affordable and safe way to send money overseas from the UK

If you’re looking to send money overseas – whether to buy something, pay someone or just offer financial support to loved ones, you have a huge range of transfer options at your fingertips. As a host of online transfer companies look to challenge the banks by offering more affordable transactions, this market sector is becoming increasingly competitive.The winner of all this is the consumer, who can take advantage of fast, secure and cheap international money transfers. All you have to do is compare your options to find the transfer company that offers the best deal.

Compare international money transfers services below

Rates last updated February 24th, 2017

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Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.

With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

  • Buying property abroad
  • Emigrating
  • Regular overseas payments
  • Risk management
  • Forecasting

Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
Currencytransfer International Money Transfer
Award winning business foreign exchange ... Award winning business foreign exchange platform supported by dedicated business specialists.
GBP 5,000 1 day
OnlinePhone
Rates are always
changing, click to check
your price today
Go to site More
Azimo International Money Transfers
Transfer money faster online or ... Transfer money faster online or using the user friendly mobile app.
GBP 10 1 day
OnlineCash Transfer
Rates are always
changing, click to check
your price today
Go to site More
Frontierpay International Money Transfers
Frontierpay has a proven reputation ... Frontierpay has a proven reputation for competitive rates and a refreshingly open and honest approach to transferring money worldwide.
GBP 500 1 day
OnlinePhone
Rates are always
changing, click to check
your price today
Go to site More
Currencies Direct International Money Transfers
$0 online transfer fee that ... $0 online transfer fee that you can access 24/7.
GBP 100 1 day
OnlinePhone
Rates are always
changing, click to check
your price today
Go to site More
Halo Financial International Money Transfers
London based and operating for ... London based and operating for over 10 years so you can feel confident in the knowledge that your money is in expert hands.
GBP 5,000 Same day
OnlinePhone
Rates are always
changing, click to check
your price today
Go to site More
Moneycorp International Money Transfers
The longest standing and largest ... The longest standing and largest full service specialist currency provider in the UK.
GBP 50 1 day
OnlinePhone
Rates are always
changing, click to check
your price today
Go to site More
OFX International Money Transfer
OFX is the new UKForex... OFX is the new UKForex. Same savings, new name
GBP 100 1 day
OnlinePhone
Rates are always
changing, click to check
your price today
Go to site
World First International Money Transfers
Exclusive offer: $0 transfer fee ... Exclusive offer: $0 transfer fee for life
GBP 1,000 2 days
OnlinePhone
Rates are always
changing, click to check
your price today
Go to site More
CurrencyFair International Money Transfers
Get complete control over your ... Get complete control over your international money transfer with the world's first P2P currency exchange
GBP 2.50 2 days
Online
Rates are always
changing, click to check
your price today
Go to site More
TorFX International Money Transfers
TorFX guarantee to beat any ... TorFX guarantee to beat any competitor's exchange rate for a transaction
Conditions apply
GBP 50 1 day
OnlinePhone
Rates are always
changing, click to check
your price today
Go to site More
WorldRemit International Money Transfers
Send money online anytime Send money online anytime, anywhere.
GBP 1 2 days
Online
Rates are always
changing, click to check
your price today
Go to site More
Currency Solutions International Money Transfers
Send money overseas for a ... Send money overseas for a range of reasons, including regular payments and buying overseas property. 97% Trustpilot score.
GBP 1,500 2 days
OnlinePhone
Rates are always
changing, click to check
your price today
Go to site More
Transferwise International Money Transfers
Leading peer to peer international ... Leading peer to peer international money transfer service.
GBP 1 2 days
Online
Rates are always
changing, click to check
your price today
Go to site More
FC Exchange International Money Transfers
No transfer fee via online... No transfer fee via online, branch or phone.
GBP 3,000 1 day
OnlinePhone
Rates are always
changing, click to check
your price today
Go to site More
HiFX International Money Transfers
Transfer money between 20 currencies ... Transfer money between 20 currencies and enjoy scheduled regular transfers. No fee for transfers over £3,000.
GBP 50 2 days
OnlinePhone
Rates are always
changing, click to check
your price today
Go to site More
Western Union International Money Transfers
Send money online to friends ... Send money online to friends and family around the world with Western Union.
GBP 1 Same day
OnlinePhoneCash TransferAgent...
Rates are always
changing, click to check
your price today
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  • If the provider quotes a different rate to the one above please let us know
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What are international money transfers?

An international money transfer is when you send money overseas. Although the exact process for sending an international transfer varies depending on which company you choose to handle your transaction, you will generally send either cash or a bank account transfer to a transfer company. This will then send the money to your recipient abroad.

Did you know?

An international money transfer is also commonly referred to as an international remittance.

There are two main expenses to consider when sending money overseas, the first of which is the exchange rate you receive for converting your Pounds Sterling into another currency. The second factor to take into account is the fee that will almost always apply to your transfer, while in some cases your beneficiary might have to pay a fee when accessing the funds you send.

Although UK banks can easily send international money transfers, because banks focus on a broad range of financial products and services they usually offer lower exchange rates and higher fees than you can find elsewhere.

How do international money transfers work?

When you send money overseas you will need to send money in the form of cash or a bank account transfer to an intermediary. That intermediary could be your bank, an online money transfer provider such as TorFX or CurrencyFair, or a money transfer company with a cash pickup option such as Western Union or MoneyGram.

The bank or transfer company you choose will then convert your British Pounds into the currency of your transfer destination, for example, Australian Dollars if you’re sending funds to Australia, and then charge a transfer fee. Your funds will then be sent to your overseas recipient either as a bank account transfer or made available for cash collection from a transfer company branch.

Case Study: Suresh Sends Money to India

Suresh immigrated to the UK from India as a young boy more than 15 years ago, but he still maintains a close relationship with his grandparents in Mumbai. Whenever circumstances require it, Suresh sends his grandparents a one-off transfer of funds to help them meet unexpected expenses that may arise.

When his grandfather must pay a sizable insurance excess following a car accident, Suresh promises to transfer him £1,000. Because his grandfather needs the funds urgently, Suresh decides to send a cash pickup transfer from his nearest MoneyGram agent.

The details of his transaction are as follows:

Transfer amount: £1,000
Exchange rate:1 GBP = 100.565913 INR
Transfer fee: £15.99
Total cost of transaction: £1015.99
Amount Suresh’s grandfather receives:100,565.91 INR

The funds are available for Suresh’s grandfather to collect within 10 minutes from his closest MoneyGram location in Mumbai.

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How can I send money overseas?

You can choose from the following transfer options when you need to send money overseas:

  • Bank wire transfer

Many people opt to send an international wire transfer through their bank – after all, if you already have an account established with a financial institution this can be a convenient option. You can send this sort of transfer online, by visiting a branch or over the phone, and you’ll need to supply your recipient’s bank account details. The downside of using this transfer method is that you will usually be charged a high transfer fee (up to £25) and also receive underwhelming exchange rates.

  •  Banker’s draft

This is an old-fashioned transfer method that is gradually falling by the wayside in the UK. It involves obtaining an international guaranteed cheque from your bank and then using the postal service to send it overseas to your recipient. You will most likely have to go into your bank to get your cheque and provide details of who you’re sending the funds to and where they live. You’ll have to pay a fee to obtain the cheque and will then have to send it by post and wait for it to arrive to your recipient.

  • Money transfer service

If you choose to use a specialist money transfer service you can use either a wire transfer service or an online service. There are two transfer options available:

  • Cash-to-cash transfers

Companies such as Western Union and MoneyGram allow you to send a cash transfer through your nearest branch. The funds you send can then be collected in cash by your recipient at their nearest Western Union or MoneyGram agent in their country.

  • Bank account transfers

This option involves you sending funds from your bank account to the transfer provider’s bank account, and the company then transferring the money to your recipient’s bank account. Western Union and MoneyGram offer this service, while newer online providers such as CurrencyFair, Currency Solutions, TorFX and Azimo do as well.

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Can I send an instant transfer?

Companies that offer cash transfers usually allow an instant transfer option, which usually means your recipient can access the funds you send within around 10 minutes. Companies like Western Union, MoneyGram and Xpress Money offer this service.

However, be aware that instant transfers usually cost more to send than regular transfers, thanks to higher fees and lower exchange rates.

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What currencies can I transfer?

The currencies available for you to send overseas can vary substantially depending on the company you choose to manage your transaction. Some services may only offer transfers in a selection of up to a dozen major currencies, while others will allow you to send transfers in up to 50 or even more currencies.

Commonly traded currencies include:

  • US Dollar
  • Euro
  • Singapore Dollar
  • Canadian Dollar
  • Australian Dollar
  • Swiss Franc
  • Mexican Peso
  • Philippine Peso
  • Indian Rupee
  • Japanese Yen
  • Chinese Yuan
  • Hong Kong Dollar
  • United Arab Emirates Dirham
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How can I save money when sending funds overseas?

  • Send larger amounts. There are many providers that waive their fees if you send more than a certain amount, for example £5,000. You might also find that some companies offer better exchange rates for larger transactions.
  • Take advantage of flexible transfer options. Some transfer providers will offer forward contracts, which allow you to secure the current exchange rate for a transaction that will be completed in the future. Another option is a limit order, which allows you to place a transfer request that will only be executed when your specified market conditions are met – for example, the exchange rate reaching a certain level.
  • Shop around. There are so many providers to choose from in this competitive market sector that it makes excellent financial sense to shop around to find value for money. Compare the exchange rates, fees and features of several transfer providers so that you can find one that offers safe and affordable transfers.
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How do I compare money transfer providers?

Consider the following features when choosing a money transfer provider:

  • Exchange rates. How do each company’s exchange rates compare to those of its competitors? Look for a company that regularly outperforms the rest.
  • Fees. Don’t forget that you will most likely have to pay a transfer fee whenever you send money overseas. How much is this fee and is there any way to avoid it, for example by transferring a large amount?
  • Transfer methods. Can you lodge transfers online or by visiting a branch? Are there other options available, such as phone transfers or using a dedicated mobile app?
  • Transfer options. Can you save money by placing forward contracts or limit orders? Can you save time by scheduling recurring payments in advance?
  • Receiving options. Will you recipient be able to pick up cash from an agent location or will the funds be deposited into their bank account?
  • Transfer time. How long will it take for the funds you send to reach their destination?
  • Customer service. Does the company have a good reputation for providing prompt and professional customer service? How and when is customer support offered?
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What are things to avoid when sending an international money transfer?

There are a few traps to be wary of whenever you send money overseas, including:

  • Hidden fees. Always make sure to review the details of a transaction before you send funds anywhere. Familiarise yourself with all the fees that apply to your transfer and the exchange rate so you know exactly how much it will cost before you hand over any cash.
  • Wrong rates. Many people are sucked in by advertised exchange rates that sound too good to be true. Some companies will promote mid-market rates on their websites, which are the exchange rates that banks get access to – not the rates these companies make available to their customers. Whenever you’re calculating the cost of a transaction, ensure that you do so based on the exchange rate you will receive.
  • Not shopping around. Taking just a few minutes to compare the features and costs of a few transfer companies can save you a lot of money, so don’t simply go with the first company you come across. Weigh up your options and make an informed choice.
  • Sending cash yourself. Posting cash overseas is never recommended. If your mail goes missing or the cash you send is damaged, it won’t be replaced – leaving you significantly out of pocket.

Frequently asked questions

How long will it take for my money to arrive?

This will vary depending on the transfer provider you choose, your transfer method and where you are sending the funds. Processing times range from a few minutes to several working days.

How can I track the progress of my transfer?

After paying for your transfer you will receive a transaction reference number which you can use to check on the status of your transfer. Many companies allow you to track your transfer online.

Why can’t I send funds to a particular country?

This could be because there are sanctions imposed on a particular country, for example North Korea, or because your transfer provider simply does not have its network set up in the country which you wish to send a transfer to.

How much will I have to pay to send an international money transfer?

The transfer fee you will have to pay varies depending on:

  • the amount you send
  • where you send the funds
  • the currency you send
  • your transfer method
  • the transfer provider you choose

Can I send an international money transfer through my bank?

Yes you can, but unless you’re sending funds overseas to an account with the same bank, for example Citibank, it will most likely cost you more than if you use an online money transfer company. Banks usually charge higher fees and offer lower exchange rates than these companies.

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2 Responses to International Money Transfer Comparison

  1. Default Gravatar
    Simon | February 2, 2017

    What should I do if the company does not offer me the same rate as the one displayed above?

    • Staff
      Jon | February 2, 2017

      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.

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