Transferring large amounts with First Direct
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The Cost of Sending GBP to EUR
Are you using your bank to send business payments to the Eurozone? If so, we’ve got data that shows you’re probably paying too much, including a price comparison from independent research agency, PCM.
Research methodology
The research was carried out between the 15th May and 22nd May 2017 (“Research Period”) by market research agency, PCM in conjunction with Wise. The initial phase of the project was conducted on the basis of a mystery shopping exercise contacting the major UK providers used by SMEs, Barclays, RBS, Santander, Lloyds, Natwest, Western Union, and HSBC, (“Researched Providers”). The reference to “Provider Average” in the table below refers to the average fees/charges charged by the Researched Providers.
There are two types of fee recorded for this price comparison: an upfront international money transfer fee and the mark-up all the Researched Providers added to their exchange rate. The exchange rate markup is calculated as the difference between the exchange rate offered by the relevant provider and the exchange rate listed on Reuters at the time of the phone enquiry.
Research for all the surveyed providers on a single route took place on the same day to minimise exchange rate fluctuations.
For example, for a £2,000 transfer to EUR, Wise is 7.25x cheaper than the Researched Providers.
| Amount sent | International Transfer Fee | Exchange rate mark-up in £ | Upfront fees plus exchange rate mark-up | Wise Fees | Wise is x times cheaper |
|---|---|---|---|---|---|
| £2,000.00 | £20.16 | £52.00 | £72.15 | £9.95 | 7.25 |
| £10,000.00 | £19.91 | £222.47 | £242.37 | £49.75 | 4.87 |
See the charges for HSBC, Lloyds, RBS, Santander, Barclays and Natwest and Western Union revealed in the PCM Research price comparison below.
Sending bank fees for £2000 to EUR
| Name of bank/broker | Real exchange rate | Rate from provider | % exchange rate mark-up | International Transfer Fee | Exchange rate mark-up in £ | Upfront fees plus exchange rate mark-up |
|---|---|---|---|---|---|---|
| Transferwise | 1.158 | 1.158 | 0.00% | £9.95 | £0.00 | £9.95 |
| Lloyds (Online/phone banking) | 1.158 | 1.135 | 1.99% | £15.00 | £39.72 | £54.72 |
| Lloyds (Branch banking) | 1.158 | 1.135 | 1.99% | £21.00 | £39.72 | £60.72 |
| RBS (Online/ phone/ branch banking) | 1.1566 | 1.1347 | 1.89% | £22.00 | £37.87 | £59.87 |
| Santander (Online/phone banking) | 1.1565 | 1.12 | 3.16% | £25.00 | £63.12 | £88.12 |
| Western Union (Branch banking) | 1.1626 | 1.0844 | 6.73% | £71.90 | £134.53 | £206.43 |
| Barclays (Online/phone banking) | 1.1626 | 1.1379 | 2.12% | £5.00 | £42.49 | £47.49 |
| Barclays (Branch banking) | 1.1626 | 1.1379 | 2.12% | £15.00 | £42.49 | £57.49 |
| Natwest (Online/phone banking) | 1.1626 | 1.1347 | 2.40% | £5.00 | £48.00 | £53.00 |
| Natwest (Branch banking) | 1.1626 | 1.1347 | 2.40% | £22.00 | £48.00 | £70.00 |
| HSBC (Online/ phone/ branch banking) | 1.1626 | 1.1364 | 2.25% | £9.00 | £45.07 | £54.07 |
| High Street Bank Average | 1.160325 | 1.13015 | 2.60% | £20.16 | £52.00 | £72.15 |
Sending bank fees for £10,000 to EUR
| Name of bank/broker | Real exchange rate | Rate from provider | % exchange rate mark-up | International Transfer Fee | Exchange rate mark-up in £ | Upfront fees plus exchange rate mark-up |
|---|---|---|---|---|---|---|
| Transferwise | 1.158 | 1.158 | 0.00% | £49.75 | £0.00 | £49.75 |
| Lloyds (Online/phone banking) | 1.158 | 1.135 | 1.99% | £15.00 | £198.62 | £213.62 |
| Lloyds (Branch banking) | 1.158 | 1.135 | 1.99% | £21.00 | £198.62 | £219.62 |
| RBS (Online/phone banking) | 1.1566 | 1.1347 | 1.89% | £22.00 | £189.35 | £211.35 |
| RBS (Branch banking) | 1.1566 | 1.1347 | 1.89% | £22.00 | £189.35 | £211.35 |
| Santander (Online/phone banking) | 1.1565 | 1.12 | 3.16% | £25.00 | £315.61 | £340.61 |
| Barclays (Online/phone banking) | 1.1626 | 1.1379 | 2.12% | £25.00 | £212.45 | £237.45 |
| Barclays (Branch banking) | 1.1626 | 1.1379 | 2.12% | £15.00 | £212.45 | £227.45 |
| Natwest (Online/phone banking) | 1.1626 | 1.1347 | 2.40% | £5.00 | £239.98 | £244.98 |
| Natwest (Branch banking) | 1.1626 | 1.1347 | 2.40% | £22.00 | £239.98 | £261.98 |
| HSBC (Online/phone banking) | 1.1626 | 1.1364 | 2.25% | £17.00 | £225.36 | £242.36 |
| HSBC (Branch banking) | 1.1626 | 1.1364 | 2.25% | £30.00 | £225.36 | £255.36 |
| High Street Bank Average | 1.160118182 | 1.134309091 | 2.22% | £19.91 | £222.47 | £242.37 |
Independent price comparison from PCM Research
All pricing data was obtained independently by market research company PCM Research through audit phone calls and online research. It shows the quoted overall costs of sending pounds internationally from the UK to EUR via their phone and online services.
*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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