Find the Best Way to Transfer Money Internationally

Trying to find the most appropriate international money transfer service for your needs in United Kingdom can be daunting, with so many companies advertising their services.

To make your decision easier, we've reviewed the most trusted money transfer organisations before compiling a list of the top six ways to move your money overseas from United Kingdom.

• Cheapest: Wise
• Best Exchange Rate: Wise
• Faster International Transfer Provider: Wise
• Best Rated: Currencies Direct
• Fee free: XE
• Best Transfer options: Wise

The exact steps you need to take to transfer money overseas may vary slightly depending on the payment method you choose. However, broadly, here’s what is needed for an international money transfer:

1. Create an account with the provider you’ve selected, online, by phone or in person
2. Upload or show your government issued ID and proof of address for verification
3. Set up your payment by adding your recipient’s details (more on that below)
4. Pay for your transfer - online payments can often be funded by bank transfer, credit or debit card - some providers also take cash if you visit an agent in person 
5. Get confirmation of your payment, and track its progress online or in an app

What details do I need from my recipient?

If you’re sending a payment for cash collection, you’ll probably only need your recipient’s name as shown on their government issued ID. However, if you’re transferring money to a bank account or sending an international wire, you’ll need a little more:

• Recipient’s full name
• Recipient’s bank name and address
• Recipient’s bank account number
• Recipient’s bank BIC/SWIFT code
• Sometimes other details are needed depending on the country, like a sort code for the UK or CLABE number for Mexico.

How long it takes to send money internationally depends a lot on the provider you choose, and where your payment is going.

If you send money internationally with your bank from from United Kingdom, it’ll probably be processed through the SWIFT network, which may mean a transfer time of 3 - 5 working days. International money transfers services are usually quicker. Cash collection payments can be instant, and deposits to bank accounts may be instant or arrive in just a few hours.

Providers in the table typically take:

• Wise: Instant-2 Days
• WorldRemit: 1-2 Days
• OFX: 1-3 Days
• CurrencyFair: 1-3 Days
• XE: 2-3 Days

Compare a few providers to see which has the fastest delivery time for your specific payment. Factors which can make a difference include: where you’re sending money to, the currencies involved, your own bank and the recipient’s bank processes, any public holidays in United Kingdom or recipient’s country, verification or security steps required.

Specialist international money transfer services and apps usually offer a delivery estimate before you confirm - and let you track your payment in real time.

Specialist online money transfer services and apps can often offer a better service compared with traditional banks. Specialist providers have been built specifically for online international payments, which means they’ve invested time and money in coming up with innovative approaches to move your money faster and for lower fees.

Here are some things to consider when you’re deciding between banks vs online money transfer services when sending money from United Kingdom:

• Banks may have higher upfront transfer fees, which aren’t always transparent
• Online money transfer services may offer a better exchange rate compared with banks
• Banks usually wire money through the SWIFT network, which can mean unexpected charges
• Online money transfer services often have faster delivery times and a broader variety of payout options

If you need to receive money internationally you might have the sender make a cross-border payment direct to your bank account, or use a provider which can offer cash collections locally. Both of these options can be pretty convenient - but they can also involve high fees, either for you or the person sending the money.

As an alternative, consider getting an online multi-currency account, like the Wise account. With Wise you can hold and exchange 50+ currencies, and you’ll get bank details for up to 10 major currencies, so your sender can make a local transfer right to your Wise account in the currency of their choice. It’s usually free for them to make a local payment - and entirely free for you to receive a transfer to Wise using your local bank details, from 30+ countries.

If you need to send a large sum of money to another country, you may need a few extra pieces of information or documentation, for security purposes.

Banks and money transfer services are obliged to carry out verification to comply with United Kingdom and global legislation designed to stop fraud and money laundering. That may mean you’re asked for proof of the source of the funds, details about the reason for the payment, or additional ID.

Because of these additional steps, it may take a little longer to send large amounts of money internationally.