Wondering how to send your next international money transfer? Not sure whether you should send a bank wire transfer, use an online money transfer app like Wise or WorldRemit or send cash through a service like Western Union?
We’ve scoured the market to find the best international money transfer services based on low fees, strong exchange rates, fast delivery and flexible options. Here’s what you need to know.
We only list licensed services that are overseen by a government regulator. Every service we compare has been assessed and reviewed by our editorial team.
An international money transfer is the process of sending money between people or financial accounts in different countries. Every day, trillions of pounds are transferred between people and businesses all over the world.
Typically, you need to give a bank or money transfer service your recipient’s details and the money you want to send. The bank or transfer service then converts your funds to the currency in which it will be received and electronically sends the payment to your recipient.
Depending on the money transfer service, you may be able to send funds online, via mobile app, over the phone or in person.
The cost of sending an international money transfer varies between service providers. Factors like the type of transfer, destination country and amount being sent can affect your total cost.
Generally, banks and money transfers services make money from international transfers in two ways:
Bear in mind that transfer fees can vary depending on how much you’re transferring, how you pay for the service, how quickly you need it actioned and how your recipient receives the funds. Cash pickup can cost more than transfers to a bank account, for example, because it can require having local branches. You’ll usually incur higher fees for larger transfers, but when it’s a percentage-based fee, services may actually slash the percentage for larger transfers.
Realistically, it can be a bit of a moving target. Exchange rates change all the time and are hard to predict. On top of this, transfer services adjust their own fees or exchange rates, meaning that even if the interbank exchange rate is fairly static, a tranfer service’s rate could still change. After all, it’s in their interests not to rush when passing on improvements in exchange rates!
To get the best deal, focus on the final amount that your transfer receipient will get, after any fees have been deducted. Companies that offer fee-free transfers may make up for it with a poor exchange rate. This is why it’s important to look at the total cost of your transfer, not just the transfer fee or exchange rate.
To manage the shifting nature of exchange rates, it’s worth running a quick comparison at the point of transfer (quotes are usually “locked in” for a specific number of minutes), but you can also set rate alerts so that your transfer is only actioned if and when a rate hits a threshold of your choosing. To do this you’ll need to first create a free account with a transfer service such as TorFX.
Not all money transfer services accept the same payment methods, but you may be able to pay by the following:
If you want to pay in cash, you’ll need to visit a bank branch or money transfer agent in person. If you transfer funds online or via mobile app, you can only pay electronically by card or bank transfer.
Again, receiving options vary between transfer services, but your recipient may be able to receive funds the following ways:
There are multiple options to consider when sending money overseas:
| Transfer method | Description | Pros | Cons |
|---|---|---|---|
| Online money transfer service | Electronic funds transfer through an online money transfer service. |
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| In-person money transfer service | Cash or electronic transfer by visiting a money transfer service location in person. |
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| Bank | Wire transfer or international money transfer through a bank. (Note: All major banks support wire transfers, but not all offer additional in-house money transfer services.) |
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| Cheque | Write a cheque and mail it to your recipient. |
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| Money order | Get a certified money order printed and mail it to your recipient. |
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While it might be easy to assume that big banks are the best way to go when sending an international money transfer, there are many reasons why an online money transfer service might be just as good if not better:
Online money transfer services are increasingly competitive with big banks, in many cases offering more flexible options and lower fees. Sending an international money transfer through an online service is simple:
Most of time, you can access your account immediately after submitting all the required information. For some services (particularly transfer services for businesses), there may be a delay while your information is reviewed and a transfer specialist is assigned to your account.
Bank transfers have long been regarded as reliable and safe. The steps for sending an international money transfer through your bank are generally as follows:
To send a bank wire transfer or money order, you need to visit your bank in person. You may also be able to get money orders at other financial institutions like post offices, credit unions, retailers and even some convenience stores and fuel stations.
Make sure you have the following on hand when sending an international money transfer.
For money transfers, you don’t need any particular documents for sending money overseas other than government-issued personal identification.
If you receive a large money transfer from abroad, then you may be required to pay tax. The UK doesn’t charge a gift tax, but it does impose inheritance taxes on large gifts. Whether you are required to pay tax depends on whether you are “domiciled” in the UK or abroad.
Looking for low fees and strong exchange rates isn’t the only way to save on your next international money transfer besides. The following tips can also help keep your costs down:
Best international money transfer apps
Get a £10 top-up plus a month of Premium free with this link
£0 fees on your first three transfers with WorldRemit
Get £10 off of your first transfer from UK
3 Months Fee-Free Transfers
Sign up for free with Currencies Direct
| Last checked | Code description | Code |
|---|---|---|
| 24 May 2022 | £0 fees on your first three transfers with WorldRemit | 3FR**** |
| 8 Jun 2022 | Get £10 off of your first transfer from UK | FIN**** |
| 14 Jun 2022 | Get a £10 top-up plus a month of Premium free with this link | ******** |
| 13 Jan 2022 | 3 Months Fee-Free Transfers | ******** |
| 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.