TSB Bank international wire transfer: Fees, rates and transfer time

With a history spanning 200 years, TSB is a major UK bank with over 5 million customers. Owned by the Spanish banking group Sabadell, TSB offers a wide range of personal and business banking accounts and services¹.

If you’ve recently opened an account with TSB, you’ll want to know how to make international transfers. This is especially important if you have friends or family living abroad, you shop internationally or you run a business with overseas clients.

In this guide, we’ll cover everything you need to know about TSB international transfers. This includes fees, exchange rates, the details you’ll need and a step-by-step guide to the process.

Before we get started though, a quick example.

Here’s a theoretical online bank transfer sending £1000 from the UK to a US dollar account in the US. Let’s do a comparison of how much this transfer will cost you using TSB, and using a money transfer specialist like Wise.

TSB’s fees are more than two times higher in this scenario.

But fees aren’t the only reason to consider an alternative transfer method. Banks often mark up their exchange rates for international transfers, converting your money at a rate poorer than the mid-market rate. Plus, there may be between 1-3 intermediary and recipient banks who each charge you fees.

You can see why the costs can really add up if you aren’t careful.

To make sure you really know what you’re getting before committing to a transfer service, compare the exchange rate you’re being offered with the mid-market rate. Use our handy online currency converter to find out how much your international transfer is really costing you.

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What are the fees for a TSB international money transfer in the UK?

The cost of sending money abroad with TSB varies depending on the transfer details, including where you’re sending your money. But here are the main fees you need to know about:

TSB Bank exchange rates

Whenever you send money overseas, it’s important to check the exchange rate for currency conversion very carefully. The upfront fee may be low, but a poor exchange rate could make your transfer very costly.

TSB’s standard exchange rate is typically above the mid-market rate³, which is the one you can find on Google or XE.com. This is because the rate includes a margin, which is how banks make their money on international transfers.

It’s crucial to compare the exchange rate you’re offered with this mid-market rate, to see exactly how much a transfer will end up costing you.

Additional fees from TSB Bank

Along with the regular fees, you may also find yourself with some extra charges to pay when you make an international transfer with TSB. This is because of something known as correspondent bank fees.

When you’re sending and receiving money from one currency to another, sometimes intermediary banks get involved. This is usually the case when the SWIFT transfer system is used.

Your money doesn’t go directly to the recipient’s bank, but through a network of intermediary banks along the way. Each of these banks may charge their own fees, which makes your transfer more expensive overall.

The total you’ll pay in correspondent bank fees depends on where you’re sending money to and how many banks are involved. It also depends on whether you decide to pay all the fees, or whether you split them with the recipient.

How do you make an international bank transfer with TSB Bank?

TSB offers a few different ways to send an international bank transfer, including⁵:

• Online - including mobile banking
• In person at a local branch
• By phone

Online

TSB’s online international payments can be done 24 hours a day⁵, on any day of the week. However, if you set up a payment outside of normal banking hours, it won’t be sent until the next working day. You can start your payment by logging into online banking at TSB, or through mobile banking. Just make sure you have all the relevant details to hand - we’ll cover the information you’ll need in just a moment.

In person at a local branch

You can also visit your local TSB branch to set up an international payment. Take a look here to find your nearest TSB store.Make sure you have all the relevant details for the transfer, and check counter services opening hours before you set off.

By phone⁶

If you’re registered for telephone banking with TSB, you can simply call 03459 758 758 to set up your transfer. An automated telephone banking service is available 24/7, but you may need to call within working hours (8am to 8pm) to set up a new international payment with a customer service agent.

What do I need in order to make an international money transfer?

You’ll need the following information to make an international transfer with TSB⁵:

• BIC/SWIFT code of the recipient’s bank - use our SWIFT/BIC finder tool
• The recipient’s IBAN (International Bank Account Number) or account number. Check the recipient’s IBAN number with our IBAN checker and we’ll tell you if it’s the right format.
• The recipient’s clearing code (for payments to Australia, New Zealand or South Africa) or routing code (for payments to the US)
• Recipient’s full name and address
• Recipient bank’s name and address.

What do I need in order to receive an international bank transfer?

To receive money from overseas into your TSB bank account, you’ll need to give the sender the following details:

• Your account number or IBAN - you can find your IBAN number on your mobile/internet banking, a recent statement or calculate your TSB IBAN number here.
• Your full name and address
• Your bank’s address
• The amount and the currency you’d like to receive the payment in
• TSB SWIFT code or BIC - use our SWIFT/BIC finder tool to find or double-check this.

How long does an international bank transfer with TSB Bank take?

The time it takes for your international transfer to arrive depends on when you send it, and the destination. Crucially, you need to set up your transfer before the cut-off time, which is 4.30pm⁵ for online international payments. If you miss this deadline, your payment will only be processed the next working day.

Here are the average wait times for TSB international transfers:

TSB international transfer limits

The last important thing you need to know about sending money abroad with TSB is the bank’s transfer limits. As we’ve seen from the fees and charges table above, the amount you send can affect the transfer fee, but there’s also a maximum transfer limit of £75,000⁷.

Need help with your transfer? Here’s how to contact TSB⁸

• Call 0345 835 3858 or +44 (0)203 284 1576 from overseas
• Pop into a TSB branch - find your local branch here
• Online chat service at tsb.co.uk
• Get help through the TSB mobile banking app.

A cheap and transparent alternative: Wise

Want to avoid exchange rate mark-ups, hidden fees and other charges? Send money internationally with Wise instead of your bank. Wise uses the real, mid-market exchange rate, and only charges tiny, transparent fees for overseas transfers. You can even receive money for free, depending on the currency.

With the Wise multi-currency account, you can manage your money in 50+ currencies - and easily send and receive money worldwide. Think of it like having local accounts in those currencies, so you can skip the transfer fees and never have to worry about fluctuating exchange rates again. There are no hidden charges and no monthly fees either.

Join Wise today

So, there you have it - everything you need to know about TSB international transfers in one handy guide. You should be all set to send money overseas, but just make sure you check and compare those all-important exchange rates first. There could be a cheaper alternative out there, like Wise.

Sources used for this article:

Sources checked on 11-Oct-2021.