Halifax international transfer: fees, rates, limits, and transfer times

If you bank in the UK with Halifax, and need to send money overseas, you’ll have to get familiar with the Halifax international transfer options and process. In this guide, we’ve got everything you need to know about how to make a transfer with Halifax, the Halifax international transfer fee involved, and how long it takes.

And as a bonus we’ll also introduce Wise - a money services provider which offers low-cost international transfers with the mid-market exchange rate, so you can compare your options and decide which is the best way to send your payment.

Learn more about the Wise account

What are the fees for an international transfer with Halifax?

When you send a payment with Halifax you may pay one or more fees, which can vary depending on the payment details, your specific Halifax account, and the value of the transfer¹. Here are the fees which may apply:

• Transfer fees - which may vary depending on the currency being sent
• Exchange rate markups - a percentage fee which is added to the rate used for currency conversion
• Correspondent bank fees - paid to intermediary banks and not always easy to see

Let’s look at an example of this in practice. Imagine you’re sending 1,000 to a friend in Germany, to be deposited in EUR. Several different costs might apply, depending on which service you select. By looking at not only the costs but the amount the recipient gets in their account in the end you can more easily split out the full cost of the transfer with each provider. Here’s how Halifax measures up against Wise - a non-bank provider of international money transfers:

*Correct at time of research 9th December 2024

As you can see, Wise charges a transfer fee while Halifax does not. But despite this, the recipient still gets more in the end with Wise. That’s because of the exchange rate which is being used to convert your pounds to euros in the first place. Because Halifax adds a markup to the exchange rate used, there’s an additional cost which you still need to factor in when you compare your options. Wise does not add a markup to their exchange rate, and so the only fee you need to worry about is the transparent transfer fee. More on that later.

Halifax international transfer fees

Before you make an international transfer with Halifax, it’s a good idea to understand the fees involved. The transfer fee charged by Halifax is pretty simple to find, and is split out from the cost of your payment. Here’s what you’ll need to pay:

*Correct at time of research - 9th December 2024

Correspondent bank fees aren’t paid to Hallifax but rather to other banks involved in processing your transfer. The amount you pay depends on the country you're sending money to. We’ll look at this in more detail in a moment.

Halifax exchange rates

Don't forget that as well as any flat fees applied, many banks add a margin or a spread to the mid-market exchange rate, which makes sending money more expensive. The mid-market exchange rate is the one you’ll usually find if you use a currency converter tool or a Google search. This is the rate which banks get when trading currencies on wholesale markets, but it’s not normally the rate that customers are offered to send a payment. Instead, banks usually add a markup to this rate, which is a fee they charge for processing your currency conversion. Markups can vary depending on the currency, the bank and the value of your payment.

The margin Halifax adds can be up to 3.55%, depending on the payment value in GBP that you’re sending. Here’s how the margin rate changes based on the amount:

*Correct at time of research - 9th December 2024

The exchange rate margin isn’t split out from the rate you’re offered - it’s already combined into the exchange rate you’ll see when you set up your payment. This can make it hard to spot - and it can be pretty costly too, particularly when sending larger value transfers.

Additional fees from Halifax

We’ve mentioned that there’s a correspondent bank fee to pay which is actually higher than the upfront transfer fee. The correspondent bank fee is paid by the recipient of the transfer if you send money online or in app - or, you can send money by phone or in a branch and arrange to pay this fee yourself. The amount you pay depends on the destination of the payment:

• Zone 1 (USA, Canada and Europe (non-EEA)) - £12
• Zone 2 (Rest of the world) - £20

You can avoid some of the costs of sending money overseas if you send money with Wise. With Wise you’ll get the mid-market exchange rate with no markup, and just a low, transparent fee for currency conversion. Wise processes payments through their own network of accounts globally, which can mean you avoid unexpected third party or correspondent bank costs, too.

How do you make an international bank transfer with Halifax?

You can make international transfers through Halifax Mobile Banking app and Online Banking. You can also make an international payment over the phone but there’s a lower limit compared to making an online payment. Finally, you can also go to a branch and talk with the teller to send your money abroad.

If you need to transfer a large amount of money, it's worth talking to a Halifax advisor in advance to agree how best to process the transaction.

Here’s a step-by-step guide on how to make an international transfer with Halifax Mobile Banking app:

1. Log in to your Mobile Banking app
2. Tap on the ‘More’ menu from the account view
3. Tap on the ‘Send money outside the UK’
4. Select between ‘Select an international recipient’ or ‘Pay someone new’
5. Insert the recipient’s country and bank details
6. Select the amount and the currency
7. Tap ‘Continue’, review the transfer details, and tap ‘Confirm Payment’

What do you need to make an international money transfer with Halifax?

Depending on the recipient’s country, here are a few key bank details for sending money abroad:

• The transfer amount
• The full name of the person you’re sending the money to, as written on their bank account and their address
• The recipient’s IBAN or international account number
• Name and address of the recipients bank
• Bank clearing code (for certain countries)
• Bank SWIFT/BIC code
• An explanation for the payment

When does the transfer arrive to the recipient’s account?

Payments in euros to accounts in the UK, an EEA country, Monaco, Switzerland or San Marino should arrive no later than the next working day, while payment in other European currencies within Europe can take up to 4 working days.

Payments in any currencies to North America, Canada, South Africa, Australia, New Zealand, Middle East and the Far East take up to 4 working days to complete. Transfers to any other countries takes up to 5 working days.

What’s the maximum transfer limit with Halifax?

With Halifax you can send up to 100,000 GBP using your online banking system. You can also send by phone, but here the limit is only 10,000 GBP. If you need to send more, or prefer a face to face service, you can visit a branch where there’s no payment limit.

How to contact Halifax?

If you have specific questions about your transfer, there are several different ways you can talk to the advisors at Halifax²:

• Log in to online or mobile banking for frequently asked questions and to chat with an advisor
• Use a Halifax branch finder to get help in person
• Call Halifax for phone support services

There are different Halifax phone numbers depending on the account you have:

• Call 0345 720 3040 8am - 6pm, seven days a week for existing customers with a standard account
• Ultimate reward current account customers can call on 0345 124 1400, Monday to Saturday 8am to 8pm, or Sunday 9am to 5pm.

Send money internationally with Wise

Before you send your payment abroad, check out Wise which offers international transfers to 160+ countries, with the mid-market exchange rate and low fees* from 0.33%³. Payments can be set up in just a few steps, online or in the Wise app, allowing you to make your transfer and pay from your bank or with your card hassle free.

You might also want to take a look at the Wise account which allows you to hold and exchange 40+ currencies, get paid by others in foreign currencies with local and SWIFT account details, and get a powerful international debit card for overseas spending and withdrawals. Make managing your money across currencies easier than ever, with Wise.

Sign up with Wise today

Sources used:

Sources last checked on date: 09-DEC-2024