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The best UK banks for sending money abroad
Sending money internationally should be easy, right? The good news is that it can be, but it all depends on which provider you use. Unfortunately, if you use a bank for an international payment, it can sometimes be a slow, complicated and expensive process.
Of course, some banks are better than others. In this handy guide, we’ll give you the lowdown on which are the best UK banks for sending money abroad. We’ll look at a few key areas - overall cost, limits and how long an international transfer takes.
We’ll also show you a fantastic alternative from the money services provider Wise. It’s not a bank but offers an international Wise account that lets you manage your money in 40+ currencies including GBP, EUR and USD.
You can send, receive and convert money at great mid-market exchange rates and low, transparent fees starting from 0.33%*. Your money is always safeguarded and you’ll also get dedicated support when sending large amount transfers.
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Best UK banks for sending money abroad: international bank transfer fees and rates compared
When choosing a UK bank for sending your money abroad, the first thing you’ll want to know is the overall cost. So, how much do banks charge for international transfers?
First, there’s the upfront cost, or a transfer fee. Depending on the bank, currency and the destination, this can be £0 or more.
Next, you should look at the exchange rate. Compared to the mid-market exchange rate you’d see on Google or XE.com, many banks tend to set their own exchange rates. This means they likely add a mark-up or margin on top of the mid-market exchange rate.
The last thing to look at is correspondent fees. When banks send money overseas and outside of the EEA, they typically use the SWIFT network of banks. This means your money may not go directly to the recipient bank, but pass through many ‘correspondent’ banks along the way. And each of these banks may charge their own fee.
| Provider | Total cost | Fee | Exchange rate | Correspondent bank fees |
|---|---|---|---|---|
| Monzo¹ | Upfront transfer fee from 0.33% + potential correspondent bank fees | Powered by Wise: transparent fee from 0.33% | Mid-market exchange rate | Varies |
| First Direct² | £0-£5 + potential exchange rate markup + potential correspondent bank fees | £0 (euro payments within the EEA) £5 (euro payments outside the EEA and all non-euro payments) | Exchange rate + potential markup | Varies |
| Halifax³ | £0-£9.50 + up to 3.55% exchange rate markup + potential correspondent banks fees of £12-£20 | £0 (euro payments) £9.50 (other currencies) | Exchange rate + up to 3.55% markup | From £12 to £20 |
| Lloyds⁴ | £0-£9.50 + up to 3.55% exchange rate markup + potential correspondent banks fees of £12-£20 | £0 (euro payments) £9.50 (other currencies) | Exchange rate + up to 3.55% markup | From £12 to £20 |
| HSBC UK⁵ | £0-£17 + potential exchange rate markup + potential correspondent bank fees | £0 (sending euros within the EEA) £5 (all other payments) £17 (postal) | Exchange rate + potential markup | Varies |
| Nationwide⁶ | £0-£20 + 2.2% exchange rate markup + potential correspondent bank fees | £0 (sending euros to European countries) £20 (all other payments) | Exchange rate + 2.2% markup⁷ | Varies |
| TSB⁸ | £0-£20 + exchange rate markup + potential correspondent banks fees of £6 | £0 (payments in pounds or euros within the EU) to £20 (in-branch or phone payments) | Exchange rate + markup | £6 |
| Barclays⁹ | £0-£25 + exchange rate markup + potential correspondent fees | £0 (online) £25 (branch or phone) | Exchange rate + markup based on your FX price plan¹⁰ | Varies |
| Santander UK¹¹ | £0-£25 + potential exchange rate markup + potential correspondent bank fees | £0 (SEPA payment) to £25 (standard international payment) | Exchange rate + potential markup | Varies |
| Metro Bank¹² | £0.20-£25 + potential exchange rate markup + potential correspondent bank fees | £0.20-£25 | Exchange rate + potential markup | Varies |
| RBS¹³ | £0-£30 + potential exchange rate markup + potential correspondent bank fees | £0 (online) to £30 (urgent non-euro payments) | Exchange rate + potential markup | Varies |
| Co-operative Bank¹⁴ | £13-£35 + 4% exchange rate markup + potential correspondent fees | 0.25% (min. £13 to max. £35) | Exchange rate + 4% markup | Varies |
Transfer limits with UK banks for sending money abroad
Other than the fees, you should also look into transfer limits for sending money abroad. Depending on the amount you want to transfer, some banks might not be the right fit for you. There are daily and monthly limits that many banks set and some might be too low for what you need at the moment.
To help you decide, here’s a list of some UK banks and their transfer limits:
| Provider | Transfer limits |
|---|---|
| Monzo¹⁵ | Up to £10,000 before asking for an in-app increase |
| First Direct¹⁶ | Up to £50,000/day online Up to 5,000,000 USD (or currency equivalent)/day through telephone banking |
| Halifax³ | Up to £10,000/day through telephone banking Up to £10,000/day online No limit in branch |
| Lloyds⁴ | Up to £10,000/day through telephone banking Up to £10,000/day online No limit in branch |
| HSBC UK¹⁷ | Up to £10,000 (or currency equivalent) by phone Up to £50,000 (or currency equivalent) online |
| Nationwide⁶ | No limit |
| TSB¹⁸ | Up to £75,000/day |
| Barclays¹⁹ | Up to £50,000/day online |
| Santander UK²⁰ | Up to £100,000/day, more with CHAPS |
| Metro Bank | Check directly with Metro Bank |
| RBS²¹ | Up to £10,000/day |
| Co-operative Bank | Check directly with Co-operative Bank |
How long does an international transfer take with UK banks?
As well as cost, you’ll want to know which UK banks are quickest at getting your money where it needs to go. Here’s a quick look at average delivery times for sending international payments:
| Provider | Time to send an international transfer |
|---|---|
| Monzo | Up to 5 days |
| First Direct | Up to 4 working days¹⁶ |
| Halifax | Up to 5 working days³ |
| Lloyds | Up to 5 working days⁴ |
| HSBC UK | Up to 4 working days¹⁷ |
| Nationwide | Up to 4 working days⁶ |
| TSB | Up to 12 working days¹⁸ |
| Barclays | 1-4 days on average⁹ |
| Santander UK | Up to 4 days¹¹ |
| Metro Bank | Up to 5 working days¹² |
| RBS | Check with the bank directly |
| Co-operative Bank | Up to 4 working days²² |
Wise – A low-cost, transparent alternative to bank transfers
Send money internationally with Wise to 160+ countries in 40+ currencies. You’ll only pay small, transparent fees* and you’ll always get the mid-market exchange rate without a markup.
Wise is strictly regulated and uses the latest security and anti-fraud measures to keep your money safe.
Here’s an overview of the main benefits for using Wise: |
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Sources used for this article:
- Monzo - Current accounts
- First Direct - Account terms and conditions
- Halifax - International payments
- Lloyds Bank - International payments
- HSBC - Personal banking terms and conditions
- Nationwide - Payment and transfer limits
- Nationwide - Foreign exchange rates
- TSB - Banking charges brochure
- Barclays - Barclays tariff for personal customers
- Barclays - Foreign exchange
- Santander - International payments
- Metro Bank - Send money abroad with a tap
- RBS - Fee information document
- Co-operative Bank - International payments and exchange rates
- Monzo Help - Making a bank transfer
- First Direct - International payments
- HSBC - International payments
- TSB - International payments
- Barclays - Daily payment limits in online banking
- Santander - Payments and transfers
- RBS - How can I make an international payment?
- Co-operative Bank - International payments
Sources last checked on 09-Sep-2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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