How to transfer money from the UK to buy property overseas

Buying a property overseas? Perhaps it’s a holiday home in sunny Spain or an investment opportunity in Dubai. You might even be making a permanent move abroad from the UK, and have managed to secure your dream family home.

Wherever you’re house hunting, you’ll need to know the best, cheapest and safest way to transfer money internationally. You’re likely to be sending some large sums, from the initial deposit to the outstanding balance - so security and reliability are really important factors.

In this guide, we’ll run through your options for transferring money to buy property overseas, including the pros and cons of each. We’ll look at the steps involved in setting up your transfer, and key things to consider when choosing a money transfer provider.

We’ll also introduce a reliable and cost-effective way to send large sums internationally from the money services provider Wise. Over 14.8 million people worldwide use Wise to move £36 billion every quarter.

With low, transparent fees, great mid-market exchange rates, and secure, trackable transfers, Wise makes international money transfers simple and stress-free. Plus, you’ll get dedicated support and volume discounts when sending large amounts.

Get expert support for your large transfer 📞

Transferring money to buy property overseas - what are your options?

Your two main options for sending a large sum overseas are:

• Your bank
• A specialist online money transfer provider.

Let’s take a look at some of the main pros and cons of each:

Banks

For many people, their bank will be the first option they think of for sending money abroad. There are lots of reasons why it's a good idea, including strong security. This can offer peace of mind when sending a large amount.

You’ll be familiar with your bank’s processes, including its online banking platform, and you should also be able to get assistance in setting up your transfer in a branch or over the phone.

However, banks aren’t always known for their speed or affordability when it comes to international transfers. Fees can be high, and they aren’t always easy to understand - especially when third-party costs are added on.

There’s also the exchange rate to think about, as a margin added to the mid-market exchange rate (the one close to what you can see on Google) can make a large transfer much more expensive.

You can also expect your transfer to take a few days, as it’ll be sent through the SWIFT network.

Online money transfer providers

Specialist online money transfer providers like Wise, Western Union, MoneyGram, WorldRemit and Remitly are a popular choice for people needing to send money abroad.

They offer speed and convenience, with user-friendly online platforms, transparent fees (depending on the provider) and transfer times, and the option to track your payment as it makes its way across the world. In some cases, payments can be made more quickly than a bank, as these providers use alternative methods to SWIFT for sending money abroad.

However, one potential drawback is that unlike banks, not all money transfer providers are set up to handle large transfers.

Also if you need help setting up your payment, you may not be able to get the same in-person service as you would walking into a local bank branch. Support is often only available through email, live chat, and phone.

Fees for online money transfers vary, but tend to beat banks in many cases. You’ll mostly see the exchange rate upfront, and while it may include a margin - this is typically less than banks. And if you choose a provider like Wise, there’s no margin on the mid-market exchange rate to worry about.

What to consider when choosing a money transfer provider

Here are some of the key things to bear in mind when deciding on a provider for your overseas transfer:

• Transparent fees and exchange rates - it’s important to know exactly what you’ll be paying and the rate you’ll get upfront, so you can compare providers and get the best deal
• Support for large transfers - not all providers can deal with large transfers, and they may not have the proper verification and compliance procedures in place
• Security and regulatory compliance - look for providers that are FCA regulated and provide information on how they protect your money (for example, FSCS protection or funds safeguarding)
• Customer support - given the size and importance of your transfer, you might need access to responsive support.

How to transfer money to buy property overseas - step-by-step

Now, how do you actually go about sending your large international transfer? The first thing to bear in mind is the importance of avoiding scams.

Unfortunately, overseas property sales are often targeted by fraudsters, so it’s important to take common-sense steps to protect yourself. This includes working with local experts in both countries, verifying the recipient’s identity and bank details, and never sending money until you’re absolutely sure everything is legit.

If you’ve checked and double-checked everything, here’s how to send your transfer:

1. Confirm the amount and currency needed for the property purchase
2. Choose a bank or money transfer provider - making sure to compare fees, exchange rates, limits and transfer speeds
3. Set up and secure your account with ID verification, or visit in-branch - this is usually required for large transfers
4. Add the recipient’s details - this may be the seller or their solicitor, or a notary or escrow account seller. You’ll need their account name, number and sort code, plus their IBAN and/or SWIFT/BIC code. You may also need their bank name and address.
5. Check the exchange rate, fees and overall cost
6. Fund the transfer - depending on the provider, this may be bank transfer or debit/credit card
7. Check the details carefully
8. Submit the payment
9. Track the transfer until the funds reach the recipient.
10. Get confirmation of receipt from your solicitor, estate agent or the seller.

Save on currency conversion fees with Wise when buying property abroad

Need a secure, convenient and low-cost way to send large sums of money abroad? Take a look at the Wise account from the money services provider Wise. It's not a bank account but offers some similar features and your money is safeguarded.

With Wise, you can send large amount transfers worldwide to 140+ countries for low, transparent fees and the mid-market exchange rates with no markup.

✅ Sign up with Wise for free

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