Whether you’re sending money to loved ones or making an international payment, you naturally want your money to go as far as possible. Exchange rates, hidden fees, and your choice of provider all play a major role in the final cost. Here is a breakdown of the cheapest ways to send money internationally.
What are the options for cheap international money transfers?
The type of transfer you make will determine the cost. The way providers make money on a transfer is typically through an upfront transaction fee or by adding a markup to the exchange rate.
Money transfer services
How does it work? You can send money internationally using a money transfer service like Taptap Send, Wise or Remitly. These services bypass traditional banking networks and often work out cheaper as a result.
Average transfer fee. When it comes to money transfer services, some don’t charge a fee at all, while others will charge a flat fee. For those who do charge a flat fee, these tend to be between £1 and £3.
Average exchange rate markup. Digital-only money transfer services tend to either offer the mid-market rate or only apply a small FX markup, typically under 1%.
Average transfer time.How long a transfer takes will depend on the provider you use. Specialist transfer apps tend to be anywhere from less than 60 seconds to 24 hours. For example, recent data shows that 93% of Taptap Send’s global transfers are successfully delivered in under 5 minutes.
Bank transfer
How does it work? Your bank will use the global SWIFT network to move funds to an overseas bank. This is a highly secure method, but it often comes with high transfer fees and hidden exchange rate markups.
Average transfer fee. When you use a UK high street bank to make an international payment, they’ll often charge between £6 and £35 just to initiate the transfer.
Average exchange rate markup. Banks tend to add a hefty exchange rate markup of between 2% to 4%.
Average transfer time. As banks rely on the SWIFT network, transfers typically take between 1 and 5 working days.
Cash pickup
How does it work? Services like Western Union, Taptap Send and MoneyGram will allow you to send money so that your recipient can collect physical cash at a branch overseas within minutes. This transfer type is good for sending money to someone who doesn’t have a bank account, but it can cost more.
Average transfer fee. The fee will depend on whether you’re using a money transfer app or a physical branch. Fees are higher for cash-to-cash transfers, while digital-to-cash transfers tend to be very low.
Average exchange rate markup. The exchange rate markup will depend on how popular the route you’re using is. High-volume routes tend to see a markup of between 1% and 2.5%, while lower-volume routes usually see a markup of between 3% and 6%.
Average transfer time. Transfers are usually available for collection within minutes of completion, but your recipient has to physically travel to the local agent storefront to collect.
Cheapest providers for transferring money internationally
To get the best deal on an international payment, you should always look at the overall cost. Providers like Taptap Send drop traditional upfront fees entirely on their main routes and negotiate competitive rates daily, cementing their spot as one of the cheapest options on the market.
Here’s how the cheapest money transfer services stack up against the banks and the likes of Western Union.
Provider
Transfer pricing
Speed of transfer
Types of transfer
Best for
Taptap Send
No transfer fee on most major corridors.
Low FX markup (approx. 0.5% – 2%).
Instant to minutes
Digital to mobile wallet, cash pickup, or bank account.
Fast, low-cost remittance transfers to emerging markets (Africa, Asia, LATAM).
Wise
Transparent variable fee (0.1% – 1%).
Mid-market exchange rate (0% markup).
Instant to 2 business days
Bank-to-bank, debit/credit card to bank.
Mid-market rates and large bank-to-bank transfers.
Remitly
Transfer fee £0 – £3.99.
FX markup (1% – 3.5%).
Instant to 2 business days
Digital to bank, cash pickup, mobile wallet, home delivery.
Choice of delivery speeds and flexible pickup options for families abroad.
Western Union
Varying fee depending on destination, amount, payment method and collection method.
FX markup (1.5% – 6%+).
Instant to 2 business days
Digital to bank, cash pickup, bank to bank.
Sending physical cash to remote, non-banked global locations.
HSBC
Transfer fee £0 – £5.
FX markup (2.5% – 4.5%).
1 to 4 business days
Bank-to-bank.
High-value, secure institutional transfers for existing bank customers.
Barclays
Overseas bank charges £4 – £12, £3 USD cover charge, £25 for in-branch payments.
FX markup (2.5% – 4.0%).
1 to 2 business days
Bank-to-bank.
Traditional account holders who prioritise security and familiarity.
Taptap Send
Taptap Send keeps it simple when it comes to upfront costs, in that there are none. For its major currency corridors, there’s no fee, so you get to keep more of your hard-earned cash. Instead, its costs are wrapped up in its exchange rate markup.
Unlike other money transfer apps that will try to tempt you with “teaser rates”, Taptap Send offers consistent, highly competitive rates for every transfer you make. It’s a good choice if you make small to medium-sized transfers via emerging corridors, where it keeps its foreign exchange markups incredibly lean.
Wise
Wise prides itself on offering a mid-market exchange rate for each of its transfers (the rate that banks and money transfer services use to trade between themselves). Instead, it charges a variable transfer fee, depending on the size of your transfers and the destination. There’s no hiding this, though, as you can see upfront how much you’ll be charged before you commit.
As a rule of thumb, the more you send, the cheaper it’ll be. Making Wise a wise choice if you send larger amounts.
Remitly
Remitly likes to shower new customers with offers, including special rates and no fees. If you want to make a one-off transfer, it would be worth checking out, as the “teaser rates” will be hard to find anywhere else. Beyond the first transaction, though, fees and rates will vary depending on destination and delivery method.
One thing that really stands out about Remitly is the range of delivery options, including bank accounts, mobile wallets and cash pickups.
Real cost comparison: Sending £1,000
To really understand the most affordable way to send money abroad, we’ve laid out how much your recipient will get with each provider when they send £1,000 via bank transfer (figures correct as of 9 June 2026).
Provider
Send to Pakistan (PKR)
Send to Colombia (COP)
Send to India (INR)
Send to Brazil (BRL)
Send to Nigeria (NGN)
Exchange rate
372,481.70
4,779,254
127,580.60
6,959.56
1,823,364
Taptap Send
371,500
4,770,000
127,750
6,730
1,841,000
Wise
370,053.17
4,691,533.96
126,982.95
6,861.09
1,829,050.25
Remitly
374,740*
4,756,330*
129,060*
7,000.30*
1,851,115*
WorldRemit
374,837*
4,674,773 (plus £1.99 fee)
126,990
6,777.44 (plus £1.99 fee)
1,836,290
Barclays
361,030 plus £6 overseas charge
Only supports USD transfers to Colombia
124,080 plus £4 overseas charge
Only supports USD transfers to Brazil
1,769,000 plus £6 overseas charge
What should you consider when comparing the cheapest ways to send money abroad?
If you’re new to sending money abroad, it can be hard to know what to look for to make sure you’re getting the best deal. Here’s a handy checklist of things to consider:
Transfer fees. Look for a provider, like Taptap Send, which on most major corridors has no transfer fees, or a provider, like Atlantic Money, which has a flat fee, so you know how much you’ll be paying.
Exchange rate markups. Banks and money transfer services tend to make their money through exchange rate markups, so make sure to compare exchange rates.
Speed. It’s not necessarily the case that the faster the transfer, the more expensive it is. App-based money transfer services like Taptap Send can deliver your money in minutes at a low cost.
Customer support. When transferring money abroad, you’ll want to know you can have support if you need it. Look for a service that offers customer service in multiple languages and via different channels.
Mid-market exchange rates vs daily negotiation rate
You’ll see some “big shot” money transfer services, like Wise, highlighting that they offer the mid-market exchange rate (the rate that banks and money transfer services use to trade between themselves). These rates are usually negotiated a week ahead, which may not actually work out the cheapest.
Instead, consider a daily negotiated rate. This is a customised rate offered by the money transfer service, and will often be fixed for a 24-hour period, so you don’t have to worry about rate fluctuations. App-based providers, like Taptap Send, negotiate their rates daily in order to give customers the best value.
Ultimately, you’ll need to compare quotes and see which one works best for you. If you’re a frequent sender, you could set up multiple money transfer accounts to see which is offering the best deal at any given point,
The exchange rate you’re charged is going to be one of the biggest factors in how cheap the transfer is. Make sure to compare more than one provider, looking at those that offer the mid-market rate and those that negotiate their rates daily.
Make sure the payment method is fee-free
The last thing you want is to have to pay a fee because of the payment method you’ve selected, as that’s money straight from your pocket. Bank transfers are usually cost-free, whereas credit card payments often have pretty punishing fees.
Take advantage of promos
Look out for any promotional codes. For example, new users making their first international transfers with Taptap Send can use the promo code FINDER10 to get £10 off in the UK when they send £20 or more.
Bottom line
Finding the right provider comes down to how – and how much – you send. For regular transfers, hunt for fee-free providers with lower exchange rate margins. Making a one-off move? Capitalise on introductory first-time discounts. Sending a massive sum? Pick a service that rewards higher volumes with lower rates. Whatever you do, take a few minutes to compare your options and skip the banks entirely, as they consistently rank as the most expensive option.
Frequently Asked Questions
Are there any free international money transfer options?
Not really. There are transfer fee-free options available, but most likely there’ll be an exchange rate markup. It’s always best to compare exchange rates to see which is offering you the best value.
Bank transfers vs international money transfer apps – which is cheaper?
There is a big difference in cost between a bank transfer and a specialised international money transfer app. As banks use the global SWIFT network, this tends to come with high fees and poor exchange rates. Specific money transfer apps, like Taptap Send, bypass this, which removes a lot of hidden fees and unpredictable costs. As a result, they’re often cheaper.
How do international money transfer apps keep costs low?
Specialised international money transfer apps bypass the SWIFT network, which frequently requires routing through different banks, all of which tend to carry a processing fee. Instead, specialised apps transfer directly from your account to a local partner account, which avoids all those additional costs.
What are some common mistakes people make when making international money transfers?
The most common and costly mistake is using your bank to make an international transfer. This is rarely the cheapest option and is usually one of the slowest. Another mistake is not to shop around. Different providers offer different exchange rates, so it’s always worth shopping around to find the best rate for your transfer
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Kate Steere is an editor and money expert at Finder, specialising in banking, savings and fintech. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run.
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