How to Transfer Money Abroad
Knowing how to transfer money abroad is one of the most practical financial skills you can have. Whether you are an expat sending money home, a student studying overseas, or someone moving to a new country and needing to shift savings, the method you choose can make a significant difference to how much actually arrives at the other end.
Learning how to transfer money overseas does not require a financial background. The process is the same across most specialist platforms: create an account, enter the amount, add the recipient's details, and send. The important question is which service to use. Banks charge 2% to 5% in hidden exchange rate markups on top of flat fees. Specialist services charge a fraction of that and use the real mid-market rate.
This guide covers every method available to transfer money abroad, how each one works, what each one costs on a real example, and how to find the best way to transfer money abroad for your specific situation.
How to Transfer Money Abroad: Your Options
There are several ways to transfer money abroad and transfer money overseas, ranging from near-instant digital transfers to slower but sometimes necessary cash-based options. The right choice depends on the destination, the amount, and the urgency.
- Specialist money transfer services: platforms such as Wise, Remitly, and Xe built specifically to transfer money abroad cheaply. They use the mid-market exchange rate and charge a small transparent fee.
- Bank international wire transfers: most banks allow you to transfer money overseas, but the cost is high. SWIFT fees of $15 to $50 plus a 2% to 5% exchange rate markup are standard.
- Digital wallets: PayPal, Skrill, and similar services allow international transfers but carry currency conversion fees of 3% to 4% above the mid-market rate.
- Cash pickup services: Western Union and MoneyGram let you pay online and have the recipient collect cash locally. Useful where the recipient has no bank account, but more expensive than digital transfers.
- Cryptocurrency: some people transfer money abroad via crypto, converting on arrival. Rates can be competitive but volatility, regulatory uncertainty, and conversion complexity make this unsuitable for most senders.
How to Transfer Money Abroad Step by Step
Whether you need to transfer money overseas once or regularly, the same six steps apply. Specialist platforms have made the process of how to transfer money overseas as simple as any domestic bank payment, at a fraction of the cost.
Using a specialist service is the fastest and cheapest way to transfer money abroad. The steps below apply to Wise, Remitly, and Xe. The process takes under five minutes once your account is set up, and identity verification is a one-time requirement.
- Compare rates. Before committing, check the rate and total cost on at least two services. Use the comparison form below to see live rates for your exact currency pair and amount right now.
- Create your account. Registration requires a valid email address and a government-issued ID for identity verification. This is required by regulation and happens once. Verification typically takes a few minutes online.
- Enter the transfer details. Input the amount you are sending and the destination currency. The platform shows you the recipient amount, the fee, and the locked exchange rate before you commit.
- Add the recipient. Enter the recipient's full name and bank account details: IBAN for Europe, sort code and account number for UK, routing number and account number for the USA, or SWIFT and local account details for other countries.
- Choose a payment method. Pay by bank transfer or debit card for the lowest cost. Credit card payments attract a surcharge of 0.5% to 1.5% on most platforms.
- Confirm and track. Review the full transfer summary including the guaranteed recipient amount, then confirm. You receive a confirmation by email and can track the transfer in real time in the app.
Use the comparison form below to find the cheapest way to transfer money abroad for your specific corridor right now.
Best Services to Transfer Money Abroad
The three services below are consistently the best ways to transfer money abroad and transfer money overseas for most corridors. Each has a different strength. For most everyday transfers, Wise is the default recommendation. For speed, Remitly leads. For exotic currencies and large transfers, Xe is the top choice.
Wise
Wise is the best service to transfer money abroad when getting the most out of the exchange rate matters. It uses the mid-market rate with zero markup and charges a transparent fee of 0.4% to 1.5% depending on the currency pair. On a £1,000 transfer abroad, Wise typically costs under £10 in total. The same transfer through HSBC would cost around £50 to £60.
Wise supports over 80 countries and 40 currencies. The app is consistently rated one of the best for usability, and features including rate alerts, multi-currency accounts, and real-time tracking make it the top choice for regular senders. Wise is authorised by the FCA in the UK, FinCEN in the USA, and holds licences across the EU, Australia, Singapore, and Canada.
On a £1,000 transfer abroad, banks typically cost £50 to £80. Wise typically costs under £10. That saving multiplies every time you send.
- Mid-market rate: no hidden markup on the exchange rate
- Transparent fee: shown upfront in full before you confirm
- 80+ countries: covers all major destinations for money transfers abroad
- Multi-currency account: hold and convert in 40+ currencies
- FCA regulated: client funds safeguarded in segregated accounts
Remitly
Remitly is the best choice when speed matters more than anything else. If you need to transfer money overseas urgently, Remitly's Express tier guarantees delivery to major corridors within hours, and in many cases within minutes. The delivery guarantee means Remitly refunds the fee if the transfer is late, which is a commitment no high-street bank makes.
Remitly covers over 170 countries and is particularly strong for transfers from Europe and the USA to Asia, Africa, and Latin America. It supports mobile wallet delivery in many countries, which matters when the recipient does not have a bank account. Remitly is authorised by the FCA in the UK and licensed by FinCEN in the USA.
Remitly's Express tier delivers to major corridors in minutes with a money-back guarantee on timing.
- Delivery guarantee: fee refunded if the transfer arrives late
- Express tier: same-day or same-hour delivery to most major corridors
- 170+ countries: one of the widest networks for international transfers
- Mobile wallet: deliver to recipients without a bank account
- 24/7 support: live chat and phone support around the clock
Xe
Xe is the best option when you need to transfer money abroad to a less common currency destination. With over 130 currencies supported, Xe reaches countries and territories that Wise and Remitly either do not cover or charge a premium to reach. Xe is part of the Euronet Worldwide group and processes over $115 billion in transfers annually.
For large transfers, Xe offers rate-lock tools that protect against exchange rate fluctuations between the time you agree a rate and the time the funds are sent. This is particularly valuable when transferring money overseas as part of a property purchase or business transaction where the amount is large and timing matters.
If your destination country is not one of the top 30 corridors, Xe is often the only service offering a competitive rate.
- 130+ currencies: the widest currency coverage for transfers abroad
- Rate-lock tools: protect large transfers against rate movements
- Large transfer specialist: better margins on amounts over $10,000
- Euronet-backed: publicly listed parent company with strong regulatory track record
- Global licences: authorised in UK, USA, Canada, Australia, EU, and Singapore
How to Transfer Money When Moving to Another Country
Moving abroad involves more than just booking flights. For most people, learning how to transfer money when moving to another country is one of the most financially significant decisions of the entire process. You may need to transfer savings, a property deposit, rental payments, or ongoing living costs. The method you choose affects how much you keep.
The most common mistake when moving abroad is using a bank for the large initial transfer. If you are moving from the UK to Spain with £50,000 in savings, a bank charging a 2.5% FX markup costs you £1,250 on that single transfer. Wise on the same amount typically costs under £500 total. For a property deposit of £200,000, the saving with a specialist is several thousand pounds. Knowing how to transfer money to overseas accounts at scale is where the real savings are made.
Large one-off transfers when relocating are where fee differences are most visible. Plan the transfer in advance rather than on moving day.
- Do not rush the big transfer: set a rate alert and transfer when the rate is favourable
- Use a specialist, not your bank: for a £50,000 transfer, the saving is often £1,000 or more
- Break up very large transfers: some countries have reporting thresholds, so splitting large amounts over several days can simplify compliance
- Xe for property deposits: Xe's rate-lock tools are designed exactly for this use case
- Set up a local account first: Wise gives you local account details in most destination countries before you arrive
How to Transfer Money Abroad Through a Bank
Every major bank allows you to transfer money overseas through online banking or in a branch. The process is straightforward, but the cost is not. Banks use SWIFT, a correspondent banking network that can route a transfer through two or three intermediary banks before it reaches the recipient. Each intermediary may deduct a fee, and the originating bank adds its own charges on top.
The exchange rate markup is the larger hidden cost. When you send £1,000 abroad through Barclays, you are offered a rate that is 2.5% to 4% below the real mid-market rate. On £1,000, that is £25 to £40 of invisible loss before the flat SWIFT fee of £20 to £30 is added. The total cost regularly reaches £50 to £70 per transfer. Wise charges around £8 for the same amount.
Method | Exchange Rate | Typical Fee | Speed |
|---|---|---|---|
Wise | Mid-market (0% markup) | 0.4% to 1.5% | Minutes to 2 days |
Remitly | Competitive (small margin) | Flat fee + small margin | Minutes to 5 days |
Xe | Competitive (small margin) | Free on larger amounts | 1 to 2 days |
UK bank SWIFT | 2% to 4% below mid-market | $20 to $50 flat | 2 to 5 days |
PayPal international | 3% to 4% below mid-market | $0 to $5 flat | Minutes |
What Does It Cost to Transfer Money Abroad?
The true cost of transferring money abroad has two parts. The first is the upfront fee, which is easy to see. The second is the exchange rate margin, which is almost always the larger of the two and is deliberately hard to spot. A service advertising zero fees almost always makes its profit on the exchange rate.
To find the real cost, compare the recipient amount rather than the advertised fee. If you send £1,000 abroad and Service A delivers $1,258 while Service B delivers $1,218, Service B has effectively charged you an extra $40 regardless of what its fee page says. The comparison form on this page shows recipient amounts from multiple services side by side.
Banks and some platforms advertise '0 fee' international transfers but add a 2% to 4% margin to the exchange rate. On a £5,000 transfer abroad, that hidden markup costs £100 to £200. Always check what the recipient actually receives.
How Long Does It Take to Transfer Money Overseas?
Transfer times vary by service, destination, and payment method. The fastest way to transfer money overseas is via specialist services using real-time payment networks in the destination country. The slowest is SWIFT bank transfers to emerging markets, which can take three to five business days. If speed is the priority, Remitly Express is the fastest way to transfer money overseas to most major destinations.
Service | Typical Delivery | Fastest Available |
|---|---|---|
Wise | 1 to 2 business days | Under 1 hour (major corridors) |
Remitly Economy | 3 to 5 business days | Same day |
Remitly Express | Minutes to hours | Under 1 hour |
Xe | 1 to 2 business days | Same day (select corridors) |
Bank SWIFT | 2 to 5 business days | Next day (priority, extra cost) |
If you need to transfer money abroad urgently, Remitly Express is the most reliable same-day option with a delivery guarantee. For non-urgent transfers, Wise offers the best combination of speed and cost on most major corridors.
What Is the Best Way to Transfer Money Abroad? Running a comparison is the most important step when deciding how to transfer money abroad.
What is the best way to transfer money abroad depends on three things: the destination, the amount, and the speed required. For the majority of everyday transfers, Wise is the best way to transfer money abroad because it uses the real exchange rate with a small transparent fee. For urgent transfers, Remitly Express delivers faster with a guarantee. For large amounts or exotic currencies, Xe provides more competitive rates and rate-lock tools. Use Xe for how to transfer money to overseas destinations with unusual currencies, and Wise or Remitly for mainstream corridors.
The single most effective step is to compare before you send. Rates vary between services and change throughout the day. A two-minute comparison before each transfer saves real money every time.
Frequently Asked Questions
How do I transfer money abroad cheaply?
To transfer money abroad cheaply, use a specialist service rather than a bank. Wise, Remitly, and Xe all charge a small transparent fee and use rates close to the mid-market rate, while banks add a 2% to 5% markup to the exchange rate on top of flat SWIFT fees. On a £1,000 transfer abroad, the difference is typically £40 to £60. Compare multiple services before sending to find the lowest cost for your specific currency pair. Anyone asking how to transfer money overseas cheaply should start with Wise, which consistently offers the best exchange rate.
What is the best way to transfer money abroad?
The best way to transfer money abroad for most people is through a specialist transfer service such as Wise, Remitly, or Xe. Wise is the top choice for exchange rate accuracy, Remitly Express is best for speed, and Xe is best for exotic currencies or large transfers. The best option for your specific transfer depends on the destination country, the amount, and how quickly the funds need to arrive.
How do I transfer money overseas to a bank account?
To transfer money overseas directly to a bank account, sign up with Wise, Remitly, or Xe and enter the recipient's bank details. For European accounts you need the IBAN. For the UK, use sort code and account number. For the USA, use routing number and account number. For most other countries, a SWIFT code and local account number are required. Most specialist platforms guide you through the exact fields needed for each destination country.
How to transfer money when moving to another country?
When moving to another country, transfer savings and large amounts using a specialist service rather than your bank. For a £50,000 transfer, using Wise instead of a bank can save over £1,000 in exchange rate markup. For property deposits or very large one-off amounts, Xe offers rate-lock tools that fix your exchange rate in advance. Set up a Wise account before you move, as Wise provides local bank account details in most destination countries so you can receive money locally from day one.
How can I transfer money to overseas without a fee?
Truly fee-free international transfers do not exist. Services advertising zero fees typically recover the cost through a less favourable exchange rate. Wise charges a small transparent fee of 0.4% to 1.5% but uses the real mid-market rate with no markup. This is the closest available to a genuinely low-cost way to transfer money to overseas destinations. For domestic transfers within the same country, many platforms including Wise offer free transfers using local payment rails.
Is it safe to transfer money abroad online?
Yes, it is safe to transfer money abroad using regulated services. Wise, Remitly, and Xe are authorised by the FCA in the UK, FinCEN in the USA, and equivalent regulators in every market where they operate. Client funds are held in segregated accounts separate from company funds. Always use a regulated service, enable two-factor authentication, and verify the recipient's account details carefully before confirming any transfer. Learning how to transfer money overseas safely comes down to choosing regulated services and verifying recipient details before confirming.
How long does it take to transfer money overseas?
Most specialist services deliver international transfers within one to two business days for major currency pairs. Remitly's Express tier delivers within minutes to hours for popular corridors. Bank SWIFT transfers typically take two to five business days, and can take longer to emerging market destinations. For urgent transfers, choose Remitly Express or Wise for major corridors. The exact timing is shown upfront before you confirm the transfer.
How much does it cost to transfer money abroad through a bank?
A typical bank international transfer costs $20 to $50 in SWIFT fees plus a 2% to 5% exchange rate markup. On a £1,000 transfer, total costs with a high-street bank are usually between £45 and £80. Intermediary banks in the transfer chain may also deduct additional fees before the money arrives. Specialist services such as Wise charge under £10 for the same transfer with no exchange rate markup, making them three to eight times cheaper than most banks.
Can I transfer money abroad using PayPal?
Yes, PayPal allows international transfers, but the cost is high compared to specialist services. PayPal adds a 3% to 4% currency conversion fee above the mid-market rate on international transfers, plus a sending fee depending on the funding method. On a £500 transfer abroad, PayPal can easily cost £20 to £25 in total. Wise would cost under £5 for the same amount. PayPal is convenient for small domestic payments but consistently expensive for international money transfers.
How do I transfer money abroad from my phone?
All three major specialist services have iOS and Android apps that make it straightforward to transfer money abroad from a mobile device. The Wise, Remitly, and Xe apps allow full transfers in under five minutes once your account is verified. Features include real-time tracking, saved recipients for repeat transfers, rate alerts, and biometric login. You do not need a computer at any point in the process.
What is the limit for transferring money abroad?
Transfer limits vary by service and destination country. Wise supports individual transfers up to £1 million for verified personal accounts. Remitly has per-transfer and per-day limits that vary by corridor, typically starting at $3,000 per day for new accounts and increasing after further verification. Xe handles large transfers regularly and has no stated upper limit for corporate accounts. For very large amounts such as property purchases, Xe's dedicated large transfer team can arrange bespoke pricing.
Do I need to declare money transferred abroad?
In most countries, transferring money abroad is legal and requires no declaration unless the amount exceeds reporting thresholds. In the USA, transfers over $10,000 trigger automatic reporting to FinCEN via FBAR rules. In the UK, HMRC may require you to report foreign income or gains arising from funds held abroad. Your bank or transfer service may also request the purpose of the transfer for large amounts. Tax obligations depend on your residency status and the nature of the funds, so consulting a tax adviser for large amounts is advisable.
How to transfer money to overseas accounts when the currency is unusual?
For transfers to countries with less common currencies, Xe is the most reliable specialist service. Xe supports over 130 currencies including many African, Asian, and Latin American currencies that Wise and Remitly do not support or charge a higher margin for. For very niche destinations, Western Union and MoneyGram may be necessary as they operate the widest physical agent networks in the world, though their exchange rates are typically worse than digital-first specialists.
Is it better to transfer money abroad before or after currency conversion?
Transfer money abroad using a service that handles the conversion for you, such as Wise, Remitly, or Xe. These services convert at point of transfer using a rate very close to the mid-market rate. Converting at your own bank before sending generally results in a worse rate because you pay the bank's retail rate twice: once to convert and once for the international transfer. Letting the specialist service handle both the transfer and the conversion in a single step is always cheaper.
Understanding how to transfer money abroad and how to transfer money overseas is about more than following the steps. It is about choosing the right service and knowing what to look for in the exchange rate. Whether you need to transfer money overseas for the first time or manage regular international payments, compare before you send, use a regulated specialist, and the savings accumulate every time. The tools exist to help you understand how to transfer money overseas at the lowest possible cost and get more.
Mohammad Humaid
Verified AuthorMo is the founder of MoneyTransferStore. As an expat who has experienced the challenges of sending money across borders himself, he set out to help others like him avoid hidden fees and unfair exchange rates on international transfers. With a background spanning fintech, payments, and Web3, Mo brings years of practical experience to building a platform focused on transparency and trust.
