If you already bank with Halifax, then you have the option of sending money abroad using its international transfer facility. It’s easy and convenient, but is unlikely to be your cheapest option.
Please note: You should always refer to quotes you receive from transfer services themselves directly for exact amounts as they may vary from our estimates.
If you are making a payment in euros, there is no fee attached to your payment. Halifax charges £9.50 on all other international payments, with the exception of payments sent to Ukraine where the bank will refund the £9.50 fee.
The fixed transfer fee is in addition to the mark-up added on the exchange rate.
If you’re arranging the transfer in a branch or over the phone, an optional “Correspondent Bank Fee” can also be paid. Paying this fee means that your recipient shouldn’t incur any costs at their end – Halifax covers it. When you don’t pay this fee, you opt to “share the payment charges with the recipient”. That means your recipient may incur a fee from their bank. When using your online banking or sending euros there’s no option to pay this fee and charges are shared by default.
The Correspondent Bank Fee is £12 for money sent to the US, Canada and European countries outside the EEA, and £20 elsewhere.
Halifax uses the live “interbank”/”mid-market” exchange rate, but with a cheeky margin added on top. The mark-up varies from 3.55% on transfers below £10,000 to 1.5% on transfers over £250,000. To view Halifax’s current exchange rate for your transfer destination, log in to your internet banking or app and enter the details of your transfer. You’ll be able to review your transaction details, including the exchange rate that will apply, before you commit to sending the transfer.
Halifax transfers in euros (and within the European Economic Area, Monaco, Switzerland and San Marino) should arrive no later than the next working day. Transfers to the US, Canada, South Africa, Australia, New Zealand, the Middle East and the Far East can take up to 4 working days. Any currency to any other country should take no longer than 5 working days.
Halifax has been around in one form or another for over 150 years. It’s part of Bank of Scotland, which in turn is part of Lloyds Banking Group.
Halifax is regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority with registration number 169628 and is covered by the Financial Ombudsman Service (FOS). Your eligible deposits with Halifax are protected by the Financial Services Compensation Scheme (FSCS) which can offer compensation if a bank goes bust. Halifax’s online services use “Enhanced Internet Authentication” (EIA), encryption and 2-factor authentication.
Note that Halifax should never ask you to move your money to a new sort code and account number.
The maximum you can transfer overseas with Halifax is £100,000 (per transaction) if you’re using your online banking, or £10,000 if you’re using telephone banking.
There’s no upper limit for transfers when you’re in a physical branch.
Halifax offers 3 transfer options when you want to send money to an overseas bank account:
In order to use Halifax’s international money transfer service you’ll need to have a Halifax bank account. If you’re set-up for online banking or use the Halifax app for most of your day-to-day banking needs, you can follow these steps to arrange your international transfer:
If you’re heading into a branch, you’ll need your passport or driving licence and a separate proof of address.
Halifax international transfers are quite easy and convenient for existing customers, plus Halifax is a well-known and trusted brand. But when compared to dedicated international money transfer services, it’s simply not competitive.
So if you’re sending a small transfer within the EEA, then you might be happy enough to swallow the poor exchange rate for the sake of ease. But because Halifax may charge both a mark-up on the exchange rate and a fixed fee on top, the potential savings you can get from looking elsewhere when transferring more, or further afield, are too good to ignore.
Although Halifax has been upping its app-game, app-first transfer specialists like Wise or WorldRemit have got the user experience down to a fine art, so it’s really not much extra hassle to use them for fast, small transfers. Meanwhile forex specialists like TorFX or Currencies Direct are fantastic at the human touch that can make a financial difference when transferring larger sums.
All things considered, you’re likely to be better off by comparing other services.
Learn about how Small World alternatives can help you send more money for less.
Revolut has made a name for itself as a favourite for frequent travellers by offering great currency services. Stick within the “fair usage” limit for your plan and the pricing can be hard to beat.
Learn about taxes on large-money transfers to the UK from abroad, including penalties and exceptions.
Xe is a leading company of currency solutions that offers competitive exchange rates, no fees and fast money transfers.
Lloyds Bank provides a range of options for sending money overseas to friends and family. See exchange rates, fees and services here and compare your options.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you – but if speed is important, consider using a money transfer service instead.
Check out our review of TorFX’s fee-free money transfers.
If you’re thinking of sending a money transfer with Western Union, read our review of its transfer speed, exchange rates and fees first.
Send an international money transfer to someone without a bank account. Get it there instantly and they can pick it up in person, in cash. Get quotes now.