Best UK Banks for sending money abroad 2024

If you need to send an international payment you may be considering using your normal bank as a secure and convenient option. Sending an international transfer with your bank shouldn’t be too much of a headache - but it can be quite expensive, and because third party fees may creep in, your recipient might get less than you were intending in the end.

This guide walks through the pros and cons, features and fees of sending money overseas with 6 major UK banks and neobanks.

Banks aren’t your only option for moving money overseas - an online specialist service like Wise or OFX may be able to offer a better exchange rate, a lower overall cost, and a faster delivery. We’ll touch on a few alternatives to regular banks later, to help you compare and choose.

Looking for the best UK bank for an international transfer?

Let’s start with an overview of the fees that apply to international transfers from 6 big banks and neobanks:

• Barclays - No fee for SEPA payments, or for payments to other countries and currencies made online

• RBS - No fee for standard payments made online, urgent payments made online cost 15 GBP

• Starling Bank - 0.4% currency conversion charge, plus 5.5 GBP for a SWIFT transfer, or from 0.3 GBP for international transfers through local partners

• NatWest - No fee for standard payments made online, urgent payments made online cost 15 GBP

• HSBC - No fee for SEPA payments, or for payments to other countries and currencies made in the HSBC app. 5 GBP for online payments

*Outbound transfer fees may not take into account the exchange rates charged by the banks which can include additional costs and charges.

Let’s better understand the fees for each bank - and compare them with Wise, an alternative provider for sending and receiving international transfers. We’ll look into more detail at the costs and options for sending an international payment from the UK throughout this guide.

*Numbers correct at the time of the writing - 12.09.2024

How long does an international transfer take with UK providers?

If you’re sending money overseas you don’t want to wait around unnecessarily. The delivery time for any payment will depend on a variety of factors including the destination and the bank or provider you’re using. However, non-bank providers like Wise can often be pretty speedy, with delivery in seconds in 60% of cases. Here’s a summary of the delivery times for the providers we've been looking at:

*Numbers correct at the time of the writing - 12.09.2024

Things to considering when choosing an international transfer provider

Not sure how to arrange your international transfer? Here are some factors to consider when you’re deciding:

• Costs - before you get started make sure you’ve thoroughly read the payment fee schedule. The transfer fee you pay can vary widely depending on how you structure the payment.

• Speed - international transfers commonly take 3 to 5 days to arrive in the destination account when sent with a traditional bank. Check the delivery times when you arrange your payment.

• Exchange rates - compare the exchange rate your bank offers against the mid-market rate you’ll find on Google. It’s common for banks to add extra fees here, so doing a bit of homework and looking at a few alternatives can save you money.

• Convenience - check out the options for sending your payment - while many banks let you set things up online or in an app, some still require you to head into a branch in person.

Types of Fees for International Transfer with Banks

UK banks will charge you in several different ways for an international transfer transfer:

Bank sending fee: The bank will charge a fixed fee for each international money transfer that you make. This fee can vary depending on the type of account you have, how you’re making the transfer and the currency you send.

Exchange rate markup fee: A UK bank typically offers a worse exchange rate than the base exchange rate, often between two and four percent worse than you might get elsewhere. This is a hidden fee as the bank pockets the difference.

Correspondent bank fee: Third party charges which can be called agent fees, intermediary fees, SWIFT fees or correspondent bank fees. You may not be able to see the exact cost of these charges in advance of confirming your transfer.

Receiving bank fee: Finally, the beneficiary’s bank will probably charge a fee for them to receive the money into their account.

All of these fees do add up and can mean the beneficiary ends up receiving quite a bit less than you sent them. When we’re comparing fees below, we’ve only included the bank sending fees, as most UK banks don’t share the exchange rates they use and the correspondent and receiving bank fees vary so much.

International Transfer Fees for UK Banks

Here’s an overview of the typical costs for sending an international transfer with 6 large UK banks and providers. The exact price you pay may vary based on how you set up your transfer - in branch payments are often more expensive than online transfers for example.

*Numbers correct at the time of the writing - 12.09.2024

How to avoid international transfer fees with Banks

With charges added into the exchange rates and hard to spot intermediary bank fees, international transfer transfers with traditional banks can be costly.

Here are some tips on how you could keep your costs down:

• Sending money through your bank’s online or mobile banking service is almost always cheaper than visiting a branch

• If you need to send someone a lot of money, using one larger payment can be cheaper than sending several small transfers, thanks to the fixed transfer fees that apply

• If you can, use a specialist international payment provider. You’ll be able to make your payment online or in an app for convenience, and can often find lower costs and a better exchange rate compared to a regular bank

• Compare some different transfer services to make sure you get the best value for your particular payment

Which bank is best for international transfers?

The best bank for your international transfer may not be a bank at all. Specialist services can often provide lower fees and a better exchange rate compared to your bank. We’ll look at a few specialist alternatives in just a moment, but first let's see how our 6 big banks measure up against OFX and Wise on fees and exchange rates.

Alternatives to International Transfers with Banks

*Numbers correct at the time of the writing - 12.09.2024

Sending your international payment with a bank is secure and familiar. But it may also be expensive and slow. Specialist services are safe to use - they’re usually regulated in the same way your bank is - and can often offer a lower overall cost. Here are a few to consider:

• Wise: Send to 160+ countries, with the mid-market exchange rate and low, transparent fees. 60%+ of payments arrive instantly
• OFX: Make payments in 50+ currencies online, in app and by phone. There’s no transfer fee and the rates offered can beat the banks
• TorFX: Send money online or over the phone, and get award winning customer service if you want to talk through your options
• WorldRemit: Online and in app payments to a range of countries around the world, with a good range of pay out methods
• Remitly: Send digitally on popular remittance routes, with new customer offers and promotions frequently available

At the end of the day there’s no single best way to send your international payment. It depends on the transfer value and currency, so comparing a few different options is your best bet. Online providers like those we’ve detailed above can often offer lower overall costs and give you an instant quote online so you can easily see which works best for you.

Best Bank for International Transfers

We’ve looked at 6 of the most popular banks in the UK, to see how they measure up on international transfer transfers. We’ll look at the fees, rates, limits, pros and cons of each of the following:

• Barclays

• RBS

• Starling Bank

• NatWest

• HSBC UK

Barclays international transfers

Barclays customers can send international payments online, by phone and in a branch to 90+ countries, in over 60 currencies. There are a small handful of countries where it’s mandatory to visit a branch to send your money, but in most cases you’ll have the choice of sending online for a cheaper and more convenient service.

Depending on where you’re sending money to with Barclays you might have a choice to either cover all the potential costs of the transfer yourself, pass all the costs to the recipient, or share the overall fees. You’ll see your options when you set up your payment online - or a member of the bank team will talk you through your options if you’re in a branch.

There’s a comprehensive list of the costs of sending payments with Barclays, including the intermediary fees if you choose to pay them yourself, on the Barclays website. Payments on many major currency routes can arrive on the same day or the next business day if you hit the payment cut off time.

*Numbers correct at the time of the writing - 12.09.2024

Barclays transfer fees

• No fee for SEPA transfers

• No fee for many personal payments made online to other countries and currencies

• Around a 25 GBP change for payments made in branch or by phone

Barclays exchange rate

The Barclays exchange rate for your payment will be calculated by adding an FX margin to the mid-market exchange rate. The FX margin which applies can vary based on the payment type and currency, as well as your account type. To find the FX margin which applies to your payment you’ll need to ask in a branch or call Barclays directly.

Barclays international transfer limit

Online you’ll be able to send up to 50,000 GBP per day. If you need to send more than this with Barclays you’ll need to visit a branch.

RBS international transfers

RBS offers a couple of different ways to send international payments - standard transfers which can take 2 - 4 working days, or urgent transfers which can arrive in just a day or two. Urgent transfers are more expensive - in fact it’s free to send a standard payment online. If you’re sending money in euros as a SEPA payment your money is likely to arrive sooner, and you can arrange online or in a branch for no transfer fee.

RBS may apply a fee for receiving an international payment to your account - this depends on the currency being sent and the value of the transfer.

*Numbers correct at the time of the writing - 12.09.2024

RBS transfer fees

• No fee for standard transfers online

• 15 GBP for urgent transfers arranged online

• No fee for standard euro transfers arranged by phone, post or in a branch

• 20 GBP for urgent euro transfers arranged by phone, post or in a branch

• 22 GBP for standard transfers in all other currencies arranged by phone, post or in a branch

• 30 GBP for urgent transfers in all other currencies arranged by phone, post or in a branch

• Fees may apply for receiving international payments to your RBS account

RBS exchange rate

You’ll see the live RBS exchange rate when you arrange your payment. The RBS exchange rate is likely to include a markup added to the mid-market rate you’ll find on Google.

RBS international transfer limit

If you have registered your biometrics with RBS you can send up to 10,000 GBP per day online and in the RBS app. If not, in the app you’ll only be able to send payments of up to 750 GBP to new recipients. You can still send up to 10,000 GBP online if you have an RBS card reader to hand. Higher payments are possible by visiting your branch.

Starling Bank international transfers

Starling Bank is a challenger bank - so it’s not really surprising it takes a slightly different approach to international transfers compared to UK banks. With Starling you can send money to 34 countries in 17 currencies. Some payments can be routed through Starling’s local partners, which means much lower overall fees. If your payment route isn’t supported by this - or if you’re in a hurry - Starling Bank can also offer SWIFT payments.

Starling has a transparent pricing system, including splitting out its exchange rate markup or FX margin so you can easily see it before you make your payment.

*Numbers correct at the time of the writing - 12.09.2024

Starling Bank transfer fees

• 5.5 GBP fee to send a payment via SWIFT

• From 0.3 GBP to send an international payment through Starling’s partners (not available for all currencies)

Starling Bank exchange rate

Starling Bank uses the mid-market exchange rate with a 0.4% fee added. This is a transparent charge which helps you see exactly what you’re paying for your transfer overall.

Starling Bank international transfer limit

To check the limit on your Starling Bank international payment you’re advised to contact the Starling team through an in-app chat.

NatWest international transfers

You can send a NatWest payment by standard delivery for no fee online, or if you’re in a hurry you can pay a charge which varies based on the currency for an urgent payment. Standard payments usually take 2 - 4 working days while urgent payments may be there in 1 - 2 working days. There’s a higher fee for most payments if you make them in a branch or by phone instead of arranging the transfer online.

*Numbers correct at the time of the writing - 12.09.2024

NatWest transfer fees

• No fee for standard transfers online

• 15 GBP for urgent transfers arranged online

• No fee for standard euro transfers arranged by phone, post or in a branch

• 23 GBP for urgent euro transfers arranged by phone, post or in a branch

• 22 GBP for standard transfers in all other currencies arranged by phone, post or in a branch

• 30 GBP for urgent transfers in all other currencies arranged by phone, post or in a branch

• Fees may apply for receiving international payments to your NatWest account

NatWest exchange rate

You’ll be shown the NatWest exchange rate when you arrange your transfer. The only exception is if you’re arranging a transfer out of hours or for a future date. In this case the rate you’ll see is indicative only and your transfer will be converted at the live rate at the time the payment is processed.

NatWest international transfer limit

If you have registered your biometrics with NatWest you can send up to a daily limit of 10,000 GBP online and in the NatWest app. If not, in the app you’ll only be able to send payments of up to 750 GBP to new recipients every day. You can still send up to 10,000 GBP online if you have a security card reader to hand. Higher payments are possible by visiting your branch.

HSBC international transfers

HSBC offers a range of ways to send fee free international payments, as long as you have access to their app. If you’re sending online, in a branch or by phone you may find there’s a fee to pay. Aside from the transfer fee the HSBC exchange rate is likely to include a variable markup added to the mid-market exchange rate.

If you’re sending a payment outside the EEA, you can choose to pay all the fees or share them with the recipient.

*Numbers correct at the time of the writing - 12.09.2024

HSBC transfer fees

• No fee to send a SEPA payment
• No fee to send a payment from HSBC to HSBC
• 5 GBP fee to send all other payments aside from postal payments, which cost 17 GBP

HSBC exchange rate

You can see the live HSBC exchange rate online or in the app when you set up your payment. The rate used is likely to include a markup added to the mid-market exchange rate.

HSBC international transfer limit

For regular HSBC international transfers you’ll be able to send up to 50,000 GBP online or 10,000 GBP by phone.

Conclusion

Using banks for international transfer transfers can be convenient and secure but is also often expensive thanks to complicated fees and poor exchange rates. It’s also not often the fastest option, with bank transfers commonly taking several days to arrive, depending on the destination.

Specialist services like Wise and OFX are a good option for a faster payment which can be cheaper too. Compare a few options to see which works best for you.