PassTo international money transfer in the UK

Need to send money overseas? Perhaps you’re sending cash to a friend or relative in another country, or covering bills for your holiday home abroad. You might even be planning an international trip and need to pay for your accommodation in advance.

Whichever is the case, you’ll be spoilt for choice when it comes to money transfer solutions. One option is the UK-based fintech company PassTo, which is regulated by the Financial Conduct Authority (FCA)¹ and offers online money transfer services.

But how exactly do international transfers work with PassTo, and how much do they cost?

We’ll cover everything you need to know here in this helpful guide. This includes fees, exchange rates, transfer times and how to get started with your first payment.

We’ll also show you a great alternative, the money services provider Wise - which lets you send money worldwide to 160+ countries for low, transparent fees and fair mid-market exchange rates.

How to make a transfer with PassTo

There are two ways you can send money internationally with PassTo. You can do it online at the PassTo website, or you can download the mobile app from the App Store or Google Play.

For both of these methods, you’ll need to create an account with PassTo and login. This is free to do though, and shouldn’t take too long. But before you can send money using the service, you’ll first need to verify your identity. This involves providing the following:²

• Your full UK address
• Your nationality
• A photo of your photo ID (such as a passport or driving licence)
• A quick selfie photo - this is so that PassTo can check it against your ID, and make sure that you are who you say you are.

Once you’ve completed the verification process, you’re all ready to transfer money.

Here’s a step-by-step guide to how it works, for both online transfers and those made via the mobile app:²

1. Head to the PassTo website or download the mobile app.
2. Sign into your account.
3. Create a new payment method. This is what you’ll use to pay for your transfer - for example, you can add bank or debit card details.
4. Add your recipient’s details (we’ll cover what you need in just a moment).
5. Choose a delivery method. You might want to speak to the recipient first, just to confirm how they’d prefer to receive the payment.
6. Enter the destination, currency and amount you’d like to transfer.
7. Check all of the details carefully, along with the fees and exchange rate.
8. Once you’re happy, click the ‘Confirm’ button at the bottom of the screen to submit your transfer.
9. You should receive a confirmation message. You can also track your transfer at any time by logging into your PassTo account online or on the app.

What payment methods and transfer types does PassTo support?

With PassTo, you can pay by either bank transfer or a debit/credit card.

In terms of transfer types, it may depend where you’re sending. Not all options will be available in every destination. But here is the full list of transfer types that PassTo supports:²

• Bank-to-bank transfers
• Bank-to-mobile wallet transfers
• Bank-to-cash pickup transfers
• Debit/credit card transfers to bank accounts
• Debit/credit card transfers to mobile wallet transfers
• Debit/credit card transfers to cash pickup locations
• Top-ups for Airtime.

What details do I need to send a transfer with PassTo?

When you start setting up your PassTo money transfer, you’ll be prompted to provide certain information for your recipient.

Here’s what is usually required for bank-to-bank transfers:

• The recipient’s full name and contact details
• The name and address of their bank
• Their bank account number or International Bank Account Number (IBAN)
• The BIC (Bank Identifier Code) or SWIFT code for their bank.

How long do PassTo transfers take to arrive?

Although transfer times may vary depending on destination or delivery method, PassTo promises fast turnaround times. In fact, it claims that many of its transfers arrive within minutes.²

Which countries can I send to?

Customers in the UK can use PassTo to send money to more than 70 countries worldwide.² This includes the following:³

• Europe, including Austria, Belgium, Denmark, France, Germany, Italy, Spain, Greece, Ireland, Portugal, Sweden, Poland, Turkey and Switzerland.
• Africa, including Cameroon, Congo, DR Congo, Ghana, Kenya, Morocco, Nigeria, Senegal, South Africa, Uganda and Zambia.
• Asia, including China, India, Pakistan, the Philippines, Sri Lanka, Thailand, Singapore and Malaysia.
• North and South America, including the USA, Colombia and Ecuador.

However, there are a few notable exceptions. At the moment, you can’t use PassTo to send money to Canada, Australia, New Zealand, Japan, the UAE, Hong Kong, Indonesia, Mexico, Vietnam or Brazil.

You can see a full list of the countries covered here.

Are there any sending limits with PassTo?

There are some limits on how much money you can send per day, month or year with PassTo.

These can vary depending on where you’re sending to, but here’s what PassTo says usually applies:²

• £5,000 per day
• £10,000 per month
• £50,000 per year.

How does the PassTo loyalty scheme work?

PassTo has a loyalty scheme to reward regular customers. This lets you earn points, which you can redeem for fee discounts on transfers in the future.

Each time you make a transfer, you’ll automatically earn 1 PassTo Plus point for every penny you spend on transfer fees.⁴

You can also earn additional points when you complete tasks and engage with the PassTo app. Tasks include making transfers, taking part in special promotions or referring friends to use the service.⁴

PassTo transfer fees

Now we come to the big question - how much does it cost to use PassTo money transfer in the UK?

When weighing up how much an international transfer will cost you, there are two important things to consider. The first is the upfront transfer fee, and the second is the exchange rate used to convert currency from your home currency (GBP) to your recipient’s currency. This can make a bigger difference to the overall cost than you might think.

Like many other money transfer services, PassTo charges fees which vary depending on where you’re sending, the amount and transfer type. These fees typically range from £1.40 to £2.50², although it could of course be more than this - especially if you’re sending a large amount.

To get a quote for your particular transfer, you can use the fee calculator on the PassTo website homepage.

It’s worth noting that at the time of writing, PassTo is offering new customers their first transfer free of charge. New customers will also get a ‘special’ exchange rate.⁵ This could be useful if you only have one transfer to make, but there may be more competitive options out there for regular transfers.

What exchange rates does PassTo use?

PassTo uses its own exchange rates for converting currency, and these can vary. The good news though is that these rates can be quite competitive. Here’s what PassTo says on its website:²

“PassTo may occasionally offer a better exchange rate than the interbank rate. Seize the opportunity when that occurs! PassTo identifies the most advantageous exchange rates for each country; however, there are variations in cost due to the fluctuating exchange rates for international money transfers.”

The ‘interbank rate’ mentioned here is the mid-market exchange rate, known to be one of the fairest you can get. It’s also the rate Wise uses for every single transfer.

Wise – a fast, secure and low-cost alternative for international transfers

If you’re looking for low fees and great exchange rates all the time, and not just for your first transfer - make sure to check out Wise.

Open a Wise account online and you can start managing your money in 40+ currencies. It’s not a bank account but offers many similar features.

With Wise, you can send payments worldwide to 160+ countries for low fees and mid-market exchange rates. All transfers are secure and trackable, and you can even send on the move using the handy Wise app.

There’s even a Wise card for spending in 150+ countries, where your pounds are automatically converted to the local currency at a great rate and a small conversion fee. This could be the ideal solution for holiday spending, wherever you’re heading.

Sign up with Wise today 💰

And that’s it - your need-to-know guide to PassTo money transfers in the UK. We’ve covered the lot, from fees and exchange rates to transfer times, limits and much more.

After reading this, you should be all set to compare PassTo to the other providers out there. It’s all to help you choose the best (and cheapest) option for your transfer.

Sources used for this article:

Sources checked on 07-Feb-2024.