Send Money Abroad: The Best International Bank Transfer Services for UK Expats

Last updated on 19 April 2025

How can UK expats send money internationally with minimal fees and maximum security?

Whether you're paying bills, investing overseas, covering living expenses, funding education, or managing business transactions, selecting the right transfer service ensures secure, fast, and cost-effective transactions. This guide highlights the best options to help you make informed decisions.

Considerations When Choosing a Transfer Service

When selecting an international money transfer service, consider the following factors:

Exchange Rates: Look beyond advertised "fee-free" services and compare the actual exchange rates offered.

Transfer Fees: Understand all potential fees, including sending fees, receiving fees, and any intermediary bank charges.

Transfer Speed: Some services provide instant transfers, while others may take several business days.

Transfer Limits: Check for restrictions on the amount you can send, especially for larger transfers.

Currency Options: Ensure the service supports the currencies you need to transfer.

Security and Reputation: Choose a service regulated by the Financial Conduct Authority (FCA) with a strong track record.

Recipient's Preferences: Consider the preferred receiving method (bank transfer, cash pickup, mobile wallet, etc.).

Best International Bank Transfer Services for UK Expats

Online Money Transfer Services

Online money transfer services often provide more competitive rates and lower fees compared to traditional banks.

Wise (formerly TransferWise)

Wise is known for its transparent pricing and mid-market exchange rate. With fees as low as 0.1% and support for over 50 currencies, Wise offers a user-friendly platform. Transferring £1,000 from the UK to Europe typically costs £4.14.

Revolut

Revolut provides seamless international transfers at competitive rates. Sending £1,000 to Europe under the free plan incurs a small currency exchange fee on weekends, while premium and metal users benefit from better rates.

OFX

OFX specializes in large transfers, offering fee-free transactions with exchange rate margins between 0.4% and 1.5%. It's best suited for expats making high-value transactions.

WorldRemit

WorldRemit supports multiple payout options, including bank deposits, mobile wallets, and cash pickup. Fees start at around £3.99 for sending £1,000 to certain destinations.

Traditional Banks

While traditional banks offer a familiar and trusted option, they often have higher fees and less competitive exchange rates.

HSBC

HSBC provides fee-free transfers to 26 countries for Advance or Premier account holders. Standard accounts may incur fees from £0 to £5.

Barclays

Barclays offers fast transfers and comprehensive currency tools. It is the only major UK bank that doesn’t charge transfer fees for online transfers.

Other Notable Services

PayPal

While convenient, PayPal has a high markup on exchange rates, making it less cost-effective for large transfers. A £1,000 international transfer may cost between £30 and £40.

Western Union

Western Union provides a trusted global network for cash pickups. Fees vary based on the payment method and destination.

Comparison of International Money Transfer Services

Note: Fees and exchange rate margins are approximate and may vary based on transfer details, amount, and destination. Always check the latest rates before transferring.

Wise Referral Program

Among these options, Wise stands out for its transparency and low fees. Wise provides the real exchange rate with no hidden markups, making it an excellent choice for UK expats. Additionally, Wise offers a referral program where users can earn up to €90 by inviting three friends to sign up and make a transfer. Sign up here: Wise Referral Program.

Conclusion

For UK expats, the best international bank transfer service depends on individual needs, transfer frequency, and destination countries.

Wise, Revolut, and OFX offer lower fees and better exchange rates compared to traditional banks.

Consider using multiple services to optimize your transfers (e.g., Wise for regular payments, OFX for large transfers, WorldRemit for mobile money destinations).

Always compare the total cost, including fees and exchange rates, before making a transfer.

By staying informed and choosing the right service, you can reduce transfer costs and maximize your finances as a UK expat.

For more tips on traveling, studying, or working in the UK, explore our blog.

The Little Firefly