Check out our helpful guide to First Direct transfers for large amounts, including transfer times, limits and how to set up your first payment.
Virgin Money has over 6.6 million retail and business customers in the UK.¹ Like many banks and financial service providers, you can make an international money transfer with Virgin Money.
In this guide, we’ll walk you through the process of making an international transfer with Virgin Money, and discuss fees, exchange rates and more.
With Virgin Money, you can only make international transfers by visiting a Store.²
You have a few different payment methods available with Virgin Money:²
- CHAPS payment
- SWIFT payment
- SEPA payment
Make sure to take all the bank details needed for sending money with you as well as your account details and an ID. If you want to make a CHAPS payment, you need to pre-fill the CHAPS form before going to the Store.²
There are also cut-off times when you should make the transfer in a Store to get the same-day or next-day payments, depending on the payment method you use:²
- Same-day CHAPS payment – request made before 4.00pm
- Same-day SWIFT payment – request made before 10.30am
- Next-day SEPA payment – request made before 11.00am
|📚 Read more: CHAPS, BACS, SWIFT and Faster Payments Explained
You can make international transfers in most of the major foreign currencies:²
- Euros (EUR)
- Australian Dollar (AUD)
- Canadian Dollar (CAD)
- Japanese Yen (JPY)
- Singapore Dollar (SGD)
- United Arab Emirates Dirham (AED)
- Indian Rupee (INR)
- and more.
Since all international transfers with Virgin Money are made in a Store, there isn’t a limit on how much you can send.²
It depends on the payment method (CHAPS, SWIFT, SEPA) and if you manage to request a transfer before the cut-off time described above. In general, up to two days but some payments can arrive same-day.²
Here’s an overview of what an international transfer costs with Virgin Money:
|Virgin Money international transfer
|CHAPS – £25
SWIFT – £25
SEPA – £20
|Mid-market rate + markup
The fees are straightforward enough, but depending on the amount you’re sending, a margin of up to 2.50% applies to the mid-market exchange rate, making the payment more expensive.²
But, if you value transparent fees and want to avoid exchange rate markups, consider sending money with Wise. You’ll get a low transfer fee, no hidden costs, and the fair mid-market exchange rate.
Virgin Money adds a margin of up to 2.50% to the fair mid-market exchange rate, depending on the amount you send.²
Here’s how they explain it:²
“When you send an International payment in a different currency from your current account, a foreign exchange rate will be applied. Our standard foreign exchange rate is based on the market exchange rate, plus or minus a currency conversion cost which is detailed in the table below.”
And here you can find the table showing different markups to the mid-market rate based on the amount you’re transferring:
|Margin added for converting foreign currency
You can contact Virgin Money through your online banking or the app.
If you’d like to ask questions in person, then you can find the closest Store. Or you can call 0800 121 7365 or +44 141 951 7315 from outside the UK.³
Want low fees, great exchange rates and an easy way to send money worldwide? Open a Wise account online in just a few clicks, and you can start sending money to over 160 countries.
You can send payments worldwide for low fees and mid-market exchange rates. There’s even a Wise card for spending in over 150 countries, where your pounds are automatically converted to the local currency at a great rate.
There aren’t any monthly fees with Wise, and you can open an account for free.
Virgin’s money transfer service is provided by World First, and the product offered is much the same as World First’s own. It’s a good, quite flexible service that has some useful features like letting you lock in an exchange rate for transfers to be made in the future. What’s more, there are few fees apart from the exchange rate, and even the exchange rate should be competitive compared to that offered by other banks.
But if you want the best exchange rate of all, you’ll have to look elsewhere.
Sources last checked on date: 28-Sep-2023
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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